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Rate I was offered from tesla...

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.

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

SD_Engnr

Active Member
Mar 24, 2016
1,836
1,524
San Diego
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
 
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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
 
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 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!!!
 
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!!!
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).
 
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