so I just stumbled across this thread and at the perfect time. My model 3 is set to be delivered on the 5th and I want to see if I can beat the rate I have approval for already. Does anyone know of any credit unions in southern fl or willing to accept someone from south fl that has a low rate for a 72 month?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
- Start date
- Status
writeb
Member
DapperedGator
Member
Just joined and actively in the process of financing my Tesla. Just dropped in to say THANK YOU! This is amazing.
Is
Is this the lowest open account apr there is in the country? Thanks.Just wrapped up the refi process with Fairwinds --in short, loan amount is ~$40,000 with a 36-month term at a rate of 0.75%. Additionally, I got the auto refi promo they have going on: $300 cash-back with a refi of $30,000+.
Big thanks to @T3slaMecca for the spreadsheet; LMK if/when you're in Oakland --lunch is on me (or rather, on Fairwinds)
Update: Fair Winds rep told me their auto loans are only available to US citizens and green card holders
I haven't seen any CU offering balloon loans, what's the reason for this loan?
Hi,Just wrapped up the refi process with Fairwinds --in short, loan amount is ~$40,000 with a 36-month term at a rate of 0.75%. Additionally, I got the auto refi promo they have going on: $300 cash-back with a refi of $30,000+.
Big thanks to @T3slaMecca for the spreadsheet; LMK if/when you're in Oakland --lunch is on me (or rather, on Fairwinds)
Just now finished my refinance and happy with rate. Just wondering what to say to cancel the lion club.
-tessi
Okay, so my wife and I are getting ready to purchase our Model 3. We aren't fully decided but we are looking at financing options and scenarios. I have good credit at 780 and should rise to over 800 in the next month as I just paid off a card from our honeymoon from 2018. We both bring in 7300 a month combined before taxes, after taxes its about 5800 a month a have a w2 job while she has a w2 part time and a 1099 full time teaching online (she started doing this 1 year go). I am giving this info for feedback as I'd like to know if lenders would lend to us, which I think they should since we have a low DTI and I have decent credit history at 28 years along with her at 27 years old.
Our DEBT will be this when we decide to apply:
Mortgage $1,350 (15 yr )
Credit Cards monthly $100 (balance 4,000 , 2 cards)
Total Debt 1350 + 100 = 1450
Before Tesla DTI Gross 19% DTI NET = 25% (not sure if they look at Gross or NET)
Tesla Loan = $50k (I want to get the LR AWD)
Payment calculator says payments for 72month with 5k down will be $716 with 5k down (no AutoPilot) or $794 with 5k down with Auto Pilot.
The most I would like to give down is 5k though I could give 7500 tops.
So say with Tesla Loan our new DEBT would be
1450+794 (if i grab AP) = $2244 DEBT and our Income being $7300 Gross ($5800 NET)
SO DTI Gross would be 30% or 38% if they look at NET. Which do they look at when making decisions, and do they look at current DTI or the proposed DTI after loan.
We won't have any more car loans when we go with getting Tesla. My current lease will be up ($517 and my wifes car loan will be paid off since she will finish her 60 month loan in April) Which is why we would only have Mortgage and Tesla Loan and DTI would be good in my opinion but I don't know everything these banks look for. I get consistent overtime for the last 5 years so will they take the overtime and will they take all of my wife's income or just the w2 income, even if she can prove her 1099 income is consistent and paid bi-weekly?
We have 5800 NET income to play with and with Tesla our Debt would only be $2244 per month. We are simplistic couple, with no children (we won't have children for another 3-5 years) and we don't spend much on going out etc, we do like to travel 3-4 times a year which is what we use the excess monthly profits for as well as our 401ks health etc. Is it too crazy for us to think we can afford this? I mean for the last 5 years we have had 2 car payments for 330+517, combined >$800 so would a bank notice that and allow us to have a tesla loan for $700-790 as our only new loan? We have 100% payment history and both 780 and 750 score which will likely be in 800+ by the time we apply. Would we still be candidates for <4% interest? I have had 0.9% interest before on a previous car years ago before I leased my current one.
Our DEBT will be this when we decide to apply:
Mortgage $1,350 (15 yr )
Credit Cards monthly $100 (balance 4,000 , 2 cards)
Total Debt 1350 + 100 = 1450
Before Tesla DTI Gross 19% DTI NET = 25% (not sure if they look at Gross or NET)
Tesla Loan = $50k (I want to get the LR AWD)
Payment calculator says payments for 72month with 5k down will be $716 with 5k down (no AutoPilot) or $794 with 5k down with Auto Pilot.
The most I would like to give down is 5k though I could give 7500 tops.
So say with Tesla Loan our new DEBT would be
1450+794 (if i grab AP) = $2244 DEBT and our Income being $7300 Gross ($5800 NET)
SO DTI Gross would be 30% or 38% if they look at NET. Which do they look at when making decisions, and do they look at current DTI or the proposed DTI after loan.
We won't have any more car loans when we go with getting Tesla. My current lease will be up ($517 and my wifes car loan will be paid off since she will finish her 60 month loan in April) Which is why we would only have Mortgage and Tesla Loan and DTI would be good in my opinion but I don't know everything these banks look for. I get consistent overtime for the last 5 years so will they take the overtime and will they take all of my wife's income or just the w2 income, even if she can prove her 1099 income is consistent and paid bi-weekly?
We have 5800 NET income to play with and with Tesla our Debt would only be $2244 per month. We are simplistic couple, with no children (we won't have children for another 3-5 years) and we don't spend much on going out etc, we do like to travel 3-4 times a year which is what we use the excess monthly profits for as well as our 401ks health etc. Is it too crazy for us to think we can afford this? I mean for the last 5 years we have had 2 car payments for 330+517, combined >$800 so would a bank notice that and allow us to have a tesla loan for $700-790 as our only new loan? We have 100% payment history and both 780 and 750 score which will likely be in 800+ by the time we apply. Would we still be candidates for <4% interest? I have had 0.9% interest before on a previous car years ago before I leased my current one.
DurandalAI
Member
Fairwinds advised I likely cannot use them as I'm not in Florida unless I join some specific clubs/groups, so while they had better rates than USAA, it looks like I cannot utilize them, just as a warning you may want to try to see if you're eligible to be a member before applying for a loan.
Join lionnation.com club, it's free. Use the lionnation membership # when you join Fairwinds.Fairwinds advised I likely cannot use them as I'm not in Florida unless I join some specific clubs/groups, so while they had better rates than USAA, it looks like I cannot utilize them, just as a warning you may want to try to see if you're eligible to be a member before applying for a loan.
Might be best to ask this in reddit.com/r/personalfinance since that's the issue. For me though since I'm in a similar circumstance, I've had the car since 7/3/2018 and I'm able to live comfortably with ~$800 monthly payment.
DurandalAI
Member
I really wish I had done this. USAA is being a huge PITA on funding this loan. They're completely dependent on their dealer loan funding form, and if you want to deviate from that, they become a huge pain. I won't use USAA in the future for any Tesla purchases, that's for sure.
I took delivery of my second 3 a few days ago. The sales rep told me to take advantage of the Tesla Rate Match to lock in the vehicle immediately. My credit union has pre-approved me for 3.25% vs Tesla's 3.75% over 60 months. I plan to refinance with my credit union once I get my title in (at 2.99% over 59 months). Is there any point in claiming the rate match refund from Tesla?
Last edited:
voip-ninja
Give me some sugar baby
Someone else hit it on the head that this is a better question in the personal finance realm rather than in a thread about interest rates. Generally speaking lenders will consider your OT income if it can be substantiated over a long enough period of time with appropriate documentation.
I would say that it's not a great idea to count on OT income in order to avoid a car that is a substantial % of your monthly income, especially when you are carrying CC debt. You should probably start off by asking yourself if an $800 a month car payment would become uncomfortable if you were forced to cut back on overtime or your wife was not able to reliably earn her part time teaching income.
Any ways, best of luck to you.
MY wife works 2 part time jobs that equal more than most full time jobs plus offers flexibility to work from home, if she wanted to she can easily get a normal job and earn a bit more but she would lose the flexibility we have of her working from home half of the time and calling her schedule. As far as over time it is not a ton its only 200-300 extra per month so even without overtime our base salary together would be 6800-6900 per month together gross. As I mentioned our debt obligations would be just 1350 per month mortgage and the "$700-750" tesla cost. Its actually much better than most people who have the same income but have a 2,000-2200 mortgage in California, NYC, etc. Basically for the amount we have in a cheap 15 year mortgage in Midwest we can afford a Model 3 vs living somewhere else. This wasn't really if I should get the car, I absolute understand it may not be the smartest decision but I believe we are pretty stable been spending the same amount last 4 years on 2 vehicles. Now we will just have 1 vehicle loan (Tesla) for same cost.
The question was more regarding the banks if they would give financing for 5k down with 750-820 credit score with earnings around 7000-7500 gross and only 1350 in mortgage and 100 bucks a month in credit card payments which I can just pay off immediately but those are at 0% so why pay the credit cards off if they are 0% and I can use cash for other things like investments, more 401k etc.
Has anyone gotten a 60 or 72 month loan with fairwinds at a good rate?
They currently offer 1.87 for 48months but really don’t want to take on a high monthly payment.
Also, what’s the best way to apply for fairwinds? Do I need to become a member before applying for the auto loan?
Whats lion nation?
Thanks for your help
They currently offer 1.87 for 48months but really don’t want to take on a high monthly payment.
Also, what’s the best way to apply for fairwinds? Do I need to become a member before applying for the auto loan?
Whats lion nation?
Thanks for your help
- Status
Similar threads
