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Re: Financing. How again do I get 2.49% reduced?

Johnstac

Member
Oct 24, 2018
271
292
California
I know I read somewhere that some that went with Tesla's financing were able to further reduce their rate from 2.49% down another .10-.15%. I just don't remember who they called or spoke to. Anyone have that experience?
 

Carbonfiber

Member
Aug 2, 2020
178
41
Los Angeles
There was someone on this forum who created a spread sheet with most banks and has the interest rates. Lowest I’ve seen recently was 1.85% and that’s usually with a credit union bank.
 

yellowr6

Member
Sep 13, 2020
27
16
Bay Area, ca
Here's my exp on how I got 1.86%.

I ordered MY late July 2020. Tesla offered me 2.5% and I accept it from Wells Fargo. A couple weeks later, Watching some youtube videos on MY. This couple mention about EECU and they were offering 1.86% for a new auto loan. So I email my SA and she said, just get a full approval by them and Tesla will match it. Ok, I google EECU and went on their site. I called them and apply. They submit my info and got approved for 1.86. They mail me a membership package and I need to return it for a $5 Check (Checking account deposit) and another $10 donation fee to be a member. Then I had to email them my pay stub, current mortgage info and Tesla invoice. After I did all they ask me to do, they email me my pre approval letter stating 1.86% and I met all requirement. I email my SA that info and a day later on my Tesla account, 2.5% drop to 1.86 from Wells Fargo. Took a good week to finish the process but I got it to 1.86.

FYI, 1.86 is aug rate. SEPT rate is 1.99. If you willing to go thru these trouble. GL. I tried emailing my SA but she told me this is the only way for Wells to match it. Maybe your SA is more willing to help and not needing u go do what I did.

hope this help.
 
  • Informative
Reactions: allen514

steve86

Member
Jun 4, 2020
95
31
SoCal
just emailed asking them to check other banks. No additional credit inquiry required. I believe they work with 5 different banks.
 

M0del Yada

Member
Jun 23, 2020
58
18
Florida
just emailed asking them to check other banks. No additional credit inquiry required. I believe they work with 5 different banks.

Not saying you are wrong, but hmm that's interesting since the credit inquiry is bank specific (or at least it was for me). For example, my inquiry reflects on my equifax report as "Wells Fargo Auto Finance".

Assuming that I declined that rate offer from WF or asked tesla finance to check with another lender, I would assume that the next bank would perform a credit inquiry of their own for underwriting.
 

M3BlueGeorgia

Active Member
Dec 10, 2018
1,384
1,087
Atlanta, GA
I asked for a lower rate (received 2.49) and was told no lower options. Going to check with other banks while waiting.

Tesla don't seem to care where you finance the purchase.

Shop around. Usually Credit Unions have the best rates and if you aren't already banking at a CU, this is a good time to switch.
 

steve86

Member
Jun 4, 2020
95
31
SoCal
Not saying you are wrong, but hmm that's interesting since the credit inquiry is bank specific (or at least it was for me). For example, my inquiry reflects on my equifax report as "Wells Fargo Auto Finance".

Assuming that I declined that rate offer from WF or asked tesla finance to check with another lender, I would assume that the next bank would perform a credit inquiry of their own for underwriting.

When i asked tesla if it would require another credit pull, they said they could use the first pull with other banks so no additional pulls are needed. They checked 3 banks for me and only 1 pull showed up on my credit report.
 

Mightybhwk

Member
Aug 6, 2020
56
23
Northwest Indiana
I originally had 2.49% (Wells Fargo) then I email them asking them if they could check Chase since I had excellent credit and it took them 6 days but came back with 2.24% So it doesn't hurt to ask. I think my monthly payment went down ~$4. Anything is better than nothing.
 

M0del Yada

Member
Jun 23, 2020
58
18
Florida
When i asked tesla if it would require another credit pull, they said they could use the first pull with other banks so no additional pulls are needed. They checked 3 banks for me and only 1 pull showed up on my credit report.

Great information. Thank you for sharing. Definitely a unique process tesla has compared to traditional lending practices where your credit gets ran a number of times through different lenders by the dealer.
 

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