Rate I was offered from tesla...

Looks like the provider is Chase. Too high.

Try to reach credit unions around you. I believe they will give you a much better rate. Or you can try: Alliant Or TechCU

 

Sounds like the same rate I got from Logix Federal Credit Union with a 728 credit score. (was 2 points away from a 2.49% rate)

 

Mine was worse, Logix offered 3.49% on 60 months. They said I needed 730 or above to get the 2.75% rate so I changed to 48 months and got a 2.99% rate with my paltry 701 credit rating. Logix used Experian.

 

Rates are up!!

Today's Mortgage Rates and Refinance Rates
Product Interest Rate APR
Conforming and Government Loans
30-Year Fixed-Rate VA 4.625% 4.936%
20-Year Fixed Rate 4.625% 4.677%
15-Year Fixed Rate 4.375% 4.478%

 

Wait....they didn't allow you to put down 10k? Why not?

 

Anyone have any advice about where to go for best rates in NYC area ?
Thanks!

 

Question:

Is it better to put down' an extra 1k on an 80k loan OR keep the 1K to make the 1st payment with?

 

Are you asking $81k vs $80k loan?

It's going to depend on the loan terms and what you prefer.
$80k @ 2.49% for 72 months = $1,197.33/month, total interest of $6,207.56
$81k @ 2.49% for 72 months = $1,212.29/month, total interest of $6,285.16

 

When looking for a loan I suggest that you do this in the order listed:

1. I suggest you do whatever you can to get the best rate.

2. Get the longest term you can with the best rate that you can afford. If you get a better rate by decreasing the number of months then do the shortest you can afford. Remember, it is the interest rate you want to reduce, not monthly payment.

3. Finance as much as you can qualify and still get the best rate. Some credit unions allow over 100% financing to allow for all delivery fees and sales taxes.

Now, as any Financial Planner worth his salt will tell you, the best way to become debt free is to Max income and Min expenses. Then determine how much extra you have each month to help you get out of debt.

Sort all your debts, in the order of Highest Interest rate first, down to lowest. Do not include Home Mortgage in this list. When you make this list, use a spreadsheet program like Excel. Include: Payee, Interest Rate, Balance, Minimum monthly payment.

When sorted, Pay monthly the minimum payment plus the extra you can afford against the highest rate loan. Continue until it is paid off.

Next, Pay the next loan minimum plus the amount paid to the previous loan until it is paid off. Continue until all loans are paid off.

The point is that there is no need to pay $10,000 or more down payment on your Tesla if you have outstanding loans with a higher interest rate. Pay them off first. Eventually you will start paying a greater monthly payment to the car loan and pay it off earlier also.

jmho

 

I didn't have to do that. I actually completed my configuration yesterday. I wasn't asked that question.

 

Yes....I chose Tesla financing, however I didn't have to indicate how much I put down or any particulars at all.

 

Probably don't need a mortgage yet for a Tesla. Maybe when the Performance Y comes out?

 

FPCU is still offering 2.24% for 60 months. I closed with them today and highly recommend them.

 

You can put down however much you like if you shop around for a loan. I financed $30k (the max they were offering for the promotion) from a local CU because they were pretty much giving it away at 0.99%. I'm not sure why the loans through Tesla don't allow you to put more down. Maybe it's the agreement they have with the loaners to ensure they are not loaning out piddly amounts of money (which they will make little off).

 

How much down did you put?

 

I put $10,000 down along with the $3,500 already paid.

Financed $44,000.

I could have financed less but that rate was so good .