Tesla Lending Interest Rates

[MaxPowers]

I'm confused about the interest rate you can get through Tesla Lending. The interest rate of 4.25 doesn't change when I select the terms of the loan. Usually the longer term the higher the interest rates. Where can I go to see the official interest rates?

 

[stayfocus18]

call them

 

[MaxPowers]

call them

That's so 90s. I want to do everything online.

 

[PoitNarf]

You'll probably get better rates elsewhere. Check out this huge thread on current loan interest rates from multiple lenders: Tesla loan comparison spreadsheet - auto updates hourly

 

[latimerluis]

For what it's worth, I was able to get a better rate BEFORE applying for Tesla financing, and asked them if their Best Rate Guarantee could be applied. Instead of offering to credit me with a lump sum refund - which is how the program is supposed to work - they matched the rate upfront. YMMV, so don't expect the same response.

I sent an E-Mail to [email protected] with the following info.

To whom it may concern -

I haven't yet applied for a Tesla loan. I was looking to get financing from a 3rd party. Attached is the loan approval I received from them.

Before I move forward with possibly applying for a loan with Tesla to take advantage of the Best Rate Guarantee, I wanted to first ensure that this approval letter is acceptable for a 72-month term. And if so, will you be confident that the X% rate will be matched?

I appreciate your response.

I used the other thread with updated lender/credit union rates to get the best possible rate before messaging them. Obviously, going down this route will cause your credit to be pulled twice (once by the 3rd party and another by Tesla). I landed at 2.34% over 6 years, so it was well worth the effort.

 

[MaxPowers]

For what it's worth, I was able to get a better rate BEFORE applying for Tesla financing, and asked them if their Best Rate Guarantee could be applied. Instead of offering to credit me with a lump sum refund - which is how the program is supposed to work - they matched the rate upfront. YMMV, so don't expect the same response.

Thanks for the tip. I'll give it a go.