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Tesla Financing vs Self Arranged?
- Thread starter PizzaDispenser
- Start date
That just depends on what it takes to get the loan through BECU (their process), and whether they need things like vin numbers first to process a loan, etc vs that $2 a month.
$2 a month is $24 a year (or a couple fast food meals), yet over 5 years thats $120. How much is $120 over 5 years worth it to you, to deal with having to negotiate getting figuring out what BECU needs to execute your deal vs it all being handled without your intervention?
$2 a month is $24 a year (or a couple fast food meals), yet over 5 years thats $120. How much is $120 over 5 years worth it to you, to deal with having to negotiate getting figuring out what BECU needs to execute your deal vs it all being handled without your intervention?
To me, a bank with a good website for auto pay/ straight forward billing is important.
I got stuck with a small bank for my tesla and it was a pain to set up auto pay.
I dont know the format of US bank vs BECU, but just being lazy, id spend the 120 over 5 yrs.
I got stuck with a small bank for my tesla and it was a pain to set up auto pay.
I dont know the format of US bank vs BECU, but just being lazy, id spend the 120 over 5 yrs.
Why not initiate a "per approval" with the credit union. It won't cost you anything to see what "hoops" they want you to jump.
A good banking relationship is always good to have. I've been with my credit union for 50 years, thru all types of financial issues. They didn't even blink when told them, "I want to buy a Tesla"
To a bank, you are just another account number.
A good banking relationship is always good to have. I've been with my credit union for 50 years, thru all types of financial issues. They didn't even blink when told them, "I want to buy a Tesla"
To a bank, you are just another account number.
BigNick
Infamous Fat Sweaty Guy
And here I thought being with my CU since 2004 was a long time! They have financed my two previous used Teslas.
Gimmethecash
Member
Are they not doing the rate match any more? They matched the rate I got through USAA in May for my June delivery.
I’m sorry but it 120 is anything to you over 5 years you shouldn’t be buying a Tesla or any new car for that matter.
Never leave money on the table.
Have you looked at PenFed rates?
1.79% APR for 36 months.
1.99% for 60 months.
Shopping around not only got me a good rate but a better bank.
What Tesla offered was higher than my credit union but another credit union beat them both and, aside from the paper check hassles back in 2018, was mostly smooth sailing. After that, I looked at their other products and realized the lender offered a better dividend and bill pay system so moved all my money to the new credit union. I kept the old one open as a back up (and for a few special projects) which turned out to be advantageous when they offered a super low mortgage rate I was able to refinance into this last spring.
Suffice to say, find the sweet spot and don’t close doors you can comfortably keep open.
What Tesla offered was higher than my credit union but another credit union beat them both and, aside from the paper check hassles back in 2018, was mostly smooth sailing. After that, I looked at their other products and realized the lender offered a better dividend and bill pay system so moved all my money to the new credit union. I kept the old one open as a back up (and for a few special projects) which turned out to be advantageous when they offered a super low mortgage rate I was able to refinance into this last spring.
Suffice to say, find the sweet spot and don’t close doors you can comfortably keep open.
BigNick
Infamous Fat Sweaty Guy
US Bank didn’t approve my loan quickly enough so Tesla removed the VIN from my account.
If the Tesla online loan approval process experiences any kind of hitch, don’t expect any help. Calling US Bank was useless, they couldn’t see my loan application. Tesla doesn’t respond to texts except when they feel like it.
If the Tesla online loan approval process experiences any kind of hitch, don’t expect any help. Calling US Bank was useless, they couldn’t see my loan application. Tesla doesn’t respond to texts except when they feel like it.
I second penfed. i got the 1.99 rate for my m3 coming next month. easy process to apply too.
BigNick
Infamous Fat Sweaty Guy
PenFed is 2.39% for 72 months, still beats Tesla's rate, will save you a half a Starbuck per month or so.
And if there's an issue (e.g., they need documentation such as pay stubs, previous loan payoff documents, etc.), you're likely to get more help thru them than Tesla.
