Q4-17 Tesla Financing or Outside CU?

[mattack4000]

I have decided to finance my car due to the low rates. My question is do more people go with Tesla Financing or do you get better deals with outside credit union? I haven't hit the apply button yet as my car isn't in production, but I am just wondering how everything works. Does it go through an automatic credit app and tell you what rate and terms you get or do you have to call and deal with a bunch of people? What are the rates now for top tier credit holder? 1.49? Length? Downpayment?

Thanks

 

[kiwiguy]

For me it was fill in the application, and next day I got approval via email. Didn't need to talk to anyone. Accepted loan and they said all docs would be ready at delivery. Couldn't be simpler.

I entered 0% down payment, but for the maximum load amount it ended up being about 5% down, 72 months, 1.49%.
I do have 800+ credit so YMMV.

 

[mattack4000]

Do they shop multiple bank or just one, I guess just one since they all had to agree to provide 1.49%. Would the rate change at 0% or 10% or 20%? Also is that with or without sales tax.

Thanks

I was told to do mine on Monday as my car is not in production yet

 

[kiwiguy]

I think the bank is always Chase. Down payment depends on what they are willing to loan you based on your credit and income. Don't think the rate changes. Taxes and fees are all extra, less the $2,500 payment when ordering.

 

[pdx3181]

For me it was fill in the application, and next day I got approval via email. Didn't need to talk to anyone. Accepted loan and they said all docs would be ready at delivery. Couldn't be simpler.

I entered 0% down payment, but for the maximum load amount it ended up being about 5% down, 72 months, 1.49%.
I do have 800+ credit so YMMV.

Basically the same here.

Painless.

I had a about a 15% down due to a trade-in, and the ease of the process was amazing.

 

[kiwiguy]

See this thread for additional info:
Let's talk financing rates

 

[Krazaak]

I think the bank is always Chase. Down payment depends on what they are willing to loan you based on your credit and income. Don't think the rate changes. Taxes and fees are all extra, less the $2,500 payment when ordering.

Bank seems to change, but not sure if it's based on location or other factors. I bought at the end of July and got 0.99% from Tesla, financed through Wells Fargo.

 

[TGeek 8]

Tesla financing shops multiple banks. Alliant, Chase, Wells Fargo, pick best terms and present it to you via email, then you either accept or look for your own financing options.

 

[mattack4000]

Yes I applied over the weekend. They came back with 1.49% with Chase or US Bank. I already accepted.