Tesla loan comparison spreadsheet - auto updates hourly

[endollan]

I hope others have better luck with finding a low rate in the SoCal area. I've looked at Pasadena FCU and opened an account to discover that I can't read because the rate of 2.74 is AFTER you have a checking account(with auto pay) and a credit card application. Without doing that they just send you a PDF of the amount they loan you, ie(You're approved for $35,000). No term or rate indicating anything.

Also applied with BoA and got 3.54% and that was easily approved. I'll fall to this rate if I can't find anywhere else.

How are everyone doing the lightstream rate beat approval especially when having them beat PFCU? Do you call them up and tell them to beat the PFCU website rate? or do you have to present the final loan amount that PFCU send you?

 

[Neon001]

What was the term for the BoA loan? 60 months?

I'm slow curious how folks are getting lightstream to match an auto loan (collateral) with a personal loan. Just looking at the website it pretty clearly states it needs to be an equivalent loan in all terms (duration, type, etc) for the match to be honored. Would love to use them again if I can, especially if it means I can avoid a lien.

 

[endollan]

What was the term for the BoA loan? 60 months?

I'm slow curious how folks are getting lightstream to match an auto loan (collateral) with a personal loan. Just looking at the website it pretty clearly states it needs to be an equivalent loan in all terms (duration, type, etc) for the match to be honored. Would love to use them again if I can, especially if it means I can avoid a lien.

The BoA loan was for 60 months at 3.49%

 

[Neon001]

I'm not sure what the protocol is about adding other banks/credit unions to the spreadsheet, so I'll just list the info here.

Freedom Federal Credit Union has the following rates for new vehicle purchases:
Up to 48 months - 2.89%
49-63 months - 3.29%
64-75 months - 3.74%
76-84 months (min $20k) - 4.65%

Stipulations: rates include a 0.25% discount for having e-statements (as opposed to paper) and automated payments

Membership qualifications: "Membership in Freedom Federal Credit Union is open to anyone who lives, works, worships, attends school, volunteers, or has family in Harford County [MD]"

Rates aren't the best out there, but they certainly beat Navy Federal, Pentagon Federal, and APG Federal for those of us in Harford County, and honestly their qualifications are so broad folks well outside of Harford could no doubt qualify.

 

[Jazz_MIII]

Wow nice, I added some local Northern CA Credit Unions, Schools FCU and SAFE!

 

[hcook24]

Got this info from my guy at my credit union; Kinecta FCU in Tustin, CA

These are the "As low as" rates for new 2019 vehicles. They assume a .25% discount for auto payments from a kinecta membership and top tier credit. Increasing the term increases the rate, and upon approval you're required to open a membership either online or in person. Membership is open to ANYONE in the US; if you don't live, or work in their select zip codes (Southern CA basically), or have a direct family member/household member that's a member, or work for one of their select employer groups (you can find those on their website www.kinecta.org) then they can qualify you through the Santa Monica Co-op, which is usually a $10 charge but they're covering it for new members right now. Anyway, here are the rates:

Up to 48 months: 3.14%
Up to 60 months: 3.64% (min. $10,000)
Up to 72 months: 3.79% (min. $15,000)
Up to 84 months: 4.09% (min. $25,000)

Here's the contact info if you have any other questions:
phone: (714)259-1354 ask for Hassan
email: [email protected]

 

[endollan]

After calling multiple credit unions got tired and went with this https://fpcu.org

They were offering 2.99% for 60 months.

 

[ntpphong]

Went with LAFCU, very smooth process. 84mo 3.24% with membership.

 

[oneplusinc]

We got a Fairwinds CU loan... 0.89% for 36mos

 

[aa007]

Went with LAFCU, very smooth process. 84mo 3.24% with membership.

Are you referring to LA FInancial CU, or LA federal CU? Can I ask what you're credit rating needed to be to get this rate?

 

[ntpphong]

LA Financial CU, my wife and I are both 800+, but according to the loan lady, they consider only the highest score if you have co-sign.

 

[aa007]

LA Financial CU, my wife and I are both 800+, but according to the loan lady, they consider only the highest score if you have co-sign.

Thanks for the clarification!

 

[clcsar]

spend the $25 and actually open an accounting and go through loan application process
you need to get formally approved by pfcu (not pre approval letter) in order to get rate beat from lightstream
here is the tricky part...in order to get final loan application from pfcu...you also need MVPA from tesla...but tesla normally won't send it to you until 2~3 days before delivery date...
so the whole process is something like
get pre approved by both pfcu and lightstream
call tesla everyday to get MVPA with pfcu financing terms (and might need to delay delivery if not enough time)
once get final loan application from pfcu...send loan disclosure page (the one with all the numbers and terms) to lightstream for rate beat (adjust your pre approved amount to match what's on pfcu term sheet)
once lightstream approves rate beat, sign the loan application online and wire the money to your account asap
call tesla to change payment to cash instead of financing
wire money from lightstream to tesla
hopefully timing works out and get unsecured loan at 2.64%

I hope others have better luck with finding a low rate in the SoCal area. I've looked at Pasadena FCU and opened an account to discover that I can't read because the rate of 2.74 is AFTER you have a checking account(with auto pay) and a credit card application. Without doing that they just send you a PDF of the amount they loan you, ie(You're approved for $35,000). No term or rate indicating anything.

Also applied with BoA and got 3.54% and that was easily approved. I'll fall to this rate if I can't find anywhere else.

How are everyone doing the lightstream rate beat approval especially when having them beat PFCU? Do you call them up and tell them to beat the PFCU website rate? or do you have to present the final loan amount that PFCU send you?

 

[James88]

Any clue if Tesla will be able to rate match an 84 month loan ?

 

[mbdionio]

UFCU in Austin, TX
2.95% for 48 months

 

[SanjayNC]

Went with LAFCU, very smooth process. 84mo 3.24% with membership.

Hi,

I live in North Carolina, when i contacted LAFCU they said i have to live / work / study / worship in state of michigan to get a loan, same with PFCU

any suggestion on getting lower rates

TIA

 

[ahfunaki]

So this just happened to me:

 

[krayons]

Hi everyone,

This community has helped me tremendously on my Model 3 ownership journey and I thought I'd give back with this spreadsheet.

This spreadsheet pulls rates directly from the credit union's website hourly, so you're always getting the latest rates, because as you know, they change quite often these days!

The loan comparison google spreadsheet: Tesla Loan Comparison Spreadsheet - Auto Update Rates

How to use the spreadsheet youtube (best viewed in 1080p): Tesla Loan Comparison Spreadsheet - Updates Hourly

Let me know if there's anything I can do to make the spreadsheet easier to use.

For now, this spreadsheet only contains US credit unions but if you know of great rates in other countries, let me know and I'll add it.

My mission is to help anyone who's interested in buying a Tesla or EVs -- let's all help each other out!

Blessings,
Khoa

Thanks for doing this I went with PasadenaFCU and save me a bunch of money

 

[krayons]

So this just happened to me:

I live in Utah and just got a loan from them, call them they seemed happy to do business.

 

[ahfunaki]

I live in Utah and just got a loan from them, call them they seemed happy to do business.

Well what’s weird is I applied online and I apparently answered the validation questions wrong. So I called in to correct it and the lady told me to try again in an hour. When I went to try again that’s what happened.

Maybe I’ll just try over the phone.