Tesla loan comparison spreadsheet - auto updates hourly

[ishareit]

You can get pre-approved anywhere and Tesla will match. This is what I did after getting approved for 2.74% (60 months) with Pasadena CU.

Best Rate Guarantee

 

[mcap81]

You can get pre-approved anywhere and Tesla will match. This is what I did after getting approved for 2.74% (60 months) with Pasadena CU.

Best Rate Guarantee

I did not know this, thank you!!!

 

[Markrw]

You can get pre-approved anywhere and Tesla will match. This is what I did after getting approved for 2.74% (60 months) with Pasadena CU.

Best Rate Guarantee

Did you pre approved or do you have to wait till you order the car?

 

[mcorf]

Is there any advantage to having them match it? Will they run another credit check?

 

[clcsar]

If you don't mind 2 hard inquiries, I'd recommend get approved (not pre-approval) by a cu like Pasadena, then use lightstream rate beat to get 2.64% UNSECURED loan (your name on the title, not bank). The hard part is timing.

 

[ishareit]

Did you pre approved or do you have to wait till you order the car?

They pre-approved.

 

[ishareit]

If you don't mind 2 hard inquiries, I'd recommend get approved (not pre-approval) by a cu like Pasadena, then use lightstream rate beat to get 2.64% UNSECURED loan (your name on the title, not bank). The hard part is timing.

My understanding is that multiple "similar" inquiries in a short period of time (30 days?) does not impact your credit score. It is really counted as 1 inquiry. Otherwise it will be really hard for people to shop around for good car/home loan rates.

 

[ishareit]

Credit Checks: How Credit Report Inquiries Affect Your Credit Score| myFICO

"Looking for new credit can equate with higher risk, but most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores."

 

[clcsar]

Interesting... I didn't know that... when I applied for mortgage a few years ago, different banks definitely showed up as separate inquiries within 6o days period.

Credit report will be refreshed next week and I will take a look

Credit Checks: How Credit Report Inquiries Affect Your Credit Score| myFICO

"Looking for new credit can equate with higher risk, but most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores."

 

[ishareit]

Interesting... I didn't know that... when I applied for mortgage a few years ago, different banks definitely showed up as separate inquiries within 6o days period.

Credit report will be refreshed next week and I will take a look

They will still show up as separate inquiries but not impactful

 

[clcsar]

They will still show up as separate inquiries but not impactful

I see...

 

[happyevil]

You can get pre-approved anywhere and Tesla will match. This is what I did after getting approved for 2.74% (60 months) with Pasadena CU.

Best Rate Guarantee

for PFCU, the website says "All rates (APRs) shown include a 0.50% discount for Automatic Payment from a PFCU Checking Account and an additional 0.50 discount for an active PFCU Visa account.".
...did you have to do the same as well to get them to approve you for 2.74%?

 

[clcsar]

No need to apply separately. One application takes care all that including $25 donation to become a member

 

[dgraha11]

You can get pre-approved anywhere and Tesla will match. This is what I did after getting approved for 2.74% (60 months) with Pasadena CU.

Best Rate Guarantee

I got pre approved yesterday for the loan I wanted but I was told by my sales advisor it couldn't be matched until I got the final approval letter. Also the loan Tesla approved for me was short for what I had requested so still in the process of trying to lock in my loan and rates before delivery on the 18th.

 

[ishareit]

I got pre approved yesterday for the loan I wanted but I was told by my sales advisor it couldn't be matched until I got the final approval letter. Also the loan Tesla approved for me was short for what I had requested so still in the process of trying to lock in my loan and rates before delivery on the 18th.

Send an email to [email protected] with your reservation number in the subject line and the pre-approval documentation from the other bank. No need to involve your Owner Advisor or Delivery Specialist.

 

[ishareit]

for PFCU, the website says "All rates (APRs) shown include a 0.50% discount for Automatic Payment from a PFCU Checking Account and an additional 0.50 discount for an active PFCU Visa account.".
...did you have to do the same as well to get them to approve you for 2.74%?

By default, the PFCU membership requires a savings account with min $5 in it. They asked me to open a checking account and complete a visa card application before they could issue me a pre-approval certificate. I had to do that, but its a simple online process.

Btw - the additional visa card will "not" result in another inquiry on your credit report, as per the loan specialist at PFCU.

 

[Socal3XXXX]

My CU is 3.45 for 7 years

 

[Neon001]

I went rounds with Tesla finance today
1. They approved at 72 Month term but NOT a 60 month term.
2. All the banks Tesla has use Simple interest for their loans. In english there is no prepayment penalty but you will still own
72 months worth of 3.x percent interest even if you want to pay the entire loan off after the first payment.
3. Get approved by Tesla but work on getting Financed with a bank or credit union where you can prepay without penalty or interest.
The money you save could be the down payment on your next ride.

If you're saying what I think you're saying here, that means you cannot pre-pay any loan through Tesla without paying the entirety of the interest that will accrue over the normal (let's say 72 month) life of the loan? Wow, that's ridiculous. I've never heard of anything so extortionate. You're quite sure it's this way for ALL loans through Tesla?

If so, it's a shame, since I'd prefer to keep it simple and use them to avoid hassles with the payment before/during delivery.

 

[DirtnStreet]

The spreadsheet shows Allegacy Credit Union at 3.99%. They actually have 3.19% up to 66 months for good credit.

 

[T3slaMecca]

It shows 3.19 to me, probably needed to update. It updates every 4 hours.