If your GF is a teacher for a public school she may have access to a some municipal credit union that usually have the best rates. You should look into that...
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Tesla loan comparison spreadsheet - auto updates hourly
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My wife is a teacher and all I know is teachers get $1k for Purchase of EV... her in San Diego
Ugh, I got approved at 5.74% with an 825 credit score. This is my first big/long term loan so I guess that had something to do with it.
I was a little annoyed the first credit union turned me down. The second did accept me (so I’m for sure getting one! Yay!) but at a higher interest rate then they advertised as being the lowest. (5.74 vs a 3.99) That’s with an 815 credit score! But I don’t have a mortgage or even a loan term auto loan on my credit history (just a 3 year lease and a couple unsecured 24 month loans that were both paid off in 12 months and of course about 12 years of credit cards).
I’m paying taxes and fees out of pocket but only putting about 7% down on the actual sales cost of the vehicle... maybe I’ll call my CU and ask if I put a little more down if that’ll lower the rate, or if it’s just because I don’t have a history of “big” loans...
I was a little annoyed the first credit union turned me down. The second did accept me (so I’m for sure getting one! Yay!) but at a higher interest rate then they advertised as being the lowest. (5.74 vs a 3.99) That’s with an 815 credit score! But I don’t have a mortgage or even a loan term auto loan on my credit history (just a 3 year lease and a couple unsecured 24 month loans that were both paid off in 12 months and of course about 12 years of credit cards).
I’m paying taxes and fees out of pocket but only putting about 7% down on the actual sales cost of the vehicle... maybe I’ll call my CU and ask if I put a little more down if that’ll lower the rate, or if it’s just because I don’t have a history of “big” loans...
I might give it a shot. Rates around here jump up pretty quick unfortunately, I only identified two or three credit unions with real low rates, everyone else was like 4.15 and up for the “best rates.”
I wish there were some real competitive nation wide lenders but it doesn’t seem like there are as many rock bottom options as a few years ago.
I'm looking at the same situation since this is my first auto loan. I do have an 800+ CR and boatload of student loans paid off but your experience might not bode well for me. I'm looking into an option that might be able to get me down to "as low as 2.49%" but it's an employee CU so not exactly publicly available.
I’m going for a long loan term so that might hurt some as well, but they did still advertise that term as starting at 3.99.... then gave me 5.74...
I could pay more for a shorter term, but coming from a $318/mo payment I feel nervous jumping a huge amount. I feel safer paying more (extra) monthly to beat the interest vs being tied into a higher payment. I figure my job is pretty stable, but I never know now after what we saw during our last recession. I also might be trying for a house in a couple years, especially if the market cools or goes down some, so keeping a lower DTI ratio right now could allow me to qualify for more later... and of course until then I could still pay as if the loan term was a year or two shorter. Just wouldn’t be screwed if something happened down the road or miss a qualification by *just that much*
I'm trying to go through this process right now, did you have to open a checking and visa with them as well as a part of the process? i'm trying to avoid that portion of it, but maybe its inevitable.
I think it's required in order to get 2.74% from pfcu
I got them and kept the accounts open (didn't activate visa card)
jennyfur
Member
Riverland FCU is 2.24% for 60 month, that's who I used. It's on the spreadsheet now too. Dunno about 72 as I was only interested in 60.
Note that it doesn't matter where you live. Anyone can join. I'm in Philly for instance. You just need to become a member of the arts council, but the cost for that is easily made up by the thousands you'd pay in interest getting a higher rate elsewhere.
jvmoore1
Member
i have to say Andrews Federal Credit Union has been great to work with through my whole ordeal. Big thanks to Daun.
Very nice and patient with all of my questions.
Very nice and patient with all of my questions.
Applied today through Tesla Website. Got 72 month - 3.44% Chase. M3 AWD, FSD
I am surprised at this rate without using credit union. I am credit union member but new loan rates are higher.
Any one have ideas about Fed rate decision this coming week? I believe its expected to be a .25% cut.
Would an already approved loan benefit ? Its not much but maybe fed surprises with a .50% cut.
I am surprised at this rate without using credit union. I am credit union member but new loan rates are higher.
Any one have ideas about Fed rate decision this coming week? I believe its expected to be a .25% cut.
Would an already approved loan benefit ? Its not much but maybe fed surprises with a .50% cut.
Did it show 4.25% before you went through the application?
I found a local credit union that offers 1.99% but only on a refinance, which is obnoxious.
How long did it take them to process the membership application and loan? I put a deposit down Saturday and am planning to pick up Thursday...not sure if that gives me enough time.
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