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Rate I was offered from tesla...

Discussion in 'Model 3: Ordering, Production, Delivery' started by firelegend, May 24, 2018.

  1. firelegend

    firelegend Member

    Joined:
    Mar 10, 2018
    Messages:
    127
    Location:
    Richmond, Virginia
    Approved loan amount $43,050.00
    Amount due at delivery $8,248.50
    Monthly Payment $779
    APR% 3.24%
    Term 60 months

    I have an 801 credit score. I actually wanted to put down 10k but they didn't let me input that they had me put in % which was annoying.

    ($3,500 already put down as well as required at this point) this happened this morning.
     
    • Informative x 1
  2. r0xx0r

    r0xx0r Member

    Joined:
    Jul 9, 2016
    Messages:
    243
    Location:
    CA
    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
     
    • Informative x 1
  3. Pkmmte

    Pkmmte Le meow

    Joined:
    Sep 19, 2017
    Messages:
    477
    Location:
    Los Angeles, California
    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)
     
  4. nutmeg2000

    nutmeg2000 New Member

    Joined:
    May 17, 2018
    Messages:
    4
    Location:
    Pleasanton, CA
    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.
     
  5. Lloyd

    Lloyd Well-Known Member

    Joined:
    Jan 12, 2011
    Messages:
    5,861
    Location:
    San Luis Obispo, CA
    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%
     
    • Helpful x 1
  6. Garlan Garner

    Garlan Garner Well-Known Member

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    Mar 31, 2016
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    Location:
    Chicagoland
    Wait....they didn't allow you to put down 10k? Why not?
     
  7. Nathan

    Nathan Member

    Joined:
    Mar 19, 2016
    Messages:
    40
    Location:
    Brooklyn, New York
    Anyone have any advice about where to go for best rates in NYC area ?
    Thanks!
     
  8. Garlan Garner

    Garlan Garner Well-Known Member

    Joined:
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    8,730
    Location:
    Chicagoland
    Question:

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

    SD_Engnr Member

    Joined:
    Mar 24, 2016
    Messages:
    953
    Location:
    San Diego
    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
     
    • Informative x 1
  10. Graffi

    Graffi Member

    Joined:
    Apr 30, 2017
    Messages:
    676
    Location:
    San Diego, CA
    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
     
    • Like x 3
    • Helpful x 1
    • Informative x 1
  11. firelegend

    firelegend Member

    Joined:
    Mar 10, 2018
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    Location:
    Richmond, Virginia
    they make you input % and I am bad at math hahaha. It would be like a decimal to get exactly 10k anyway.
     
  12. firelegend

    firelegend Member

    Joined:
    Mar 10, 2018
    Messages:
    127
    Location:
    Richmond, Virginia
    I don't carry debt. I have $700 on a credit card. I have no other debt besides my house so I will do whatever I can to keep the payment low so I have cash for my kids braces, vacations and un-expected bills (new AC Coil for example, New Washing Machine I will need soon etc). Wish I could put 20k down!!!
     
  13. Garlan Garner

    Garlan Garner Well-Known Member

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

    firelegend Member

    Joined:
    Mar 10, 2018
    Messages:
    127
    Location:
    Richmond, Virginia
    I chose Tesla financing. this was last night I did it.
     
  15. Garlan Garner

    Garlan Garner Well-Known Member

    Joined:
    Mar 31, 2016
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    Location:
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    Yes....I chose Tesla financing, however I didn't have to indicate how much I put down or any particulars at all.
     
  16. MarkBrokeIt

    MarkBrokeIt Supporting Member

    Joined:
    Apr 21, 2018
    Messages:
    154
    Location:
    Seattle
    Probably don't need a mortgage yet for a Tesla. Maybe when the Performance Y comes out?
     
  17. ryanakata

    ryanakata Member

    Joined:
    Jun 25, 2015
    Messages:
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    Location:
    West Monroe, LA
    #17 ryanakata, May 24, 2018
    Last edited: May 24, 2018
    FPCU is still offering 2.24% for 60 months. I closed with them today and highly recommend them.
     
  18. scrapps

    scrapps Member

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    Jan 10, 2016
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    Location:
    Norwalk, CT
    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).
     
    • Like x 1
  19. superh0

    superh0 Member

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    May 5, 2018
    Messages:
    44
    Location:
    San Jose
    How much down did you put?
     
  20. ryanakata

    ryanakata Member

    Joined:
    Jun 25, 2015
    Messages:
    122
    Location:
    West Monroe, LA
    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 .
     
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