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Tesla loan comparison spreadsheet - auto updates hourly

Discussion in 'Model 3' started by T3slaMecca, Sep 5, 2018.

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  1. PNWLeccy

    PNWLeccy Member

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    Jul 11, 2019
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    Location:
    Seattle
    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...
     
  2. shiftkenny

    shiftkenny Member

    Joined:
    Oct 19, 2018
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    366
    Location:
    San Diego
    My wife is a teacher and all I know is teachers get $1k for Purchase of EV... her in San Diego
     
  3. mark_l1992

    mark_l1992 New Member

    Joined:
    Jul 18, 2019
    Messages:
    2
    Location:
    bay area
    this post is awesome... too bad at the time when I bought it, I got pissed because none of the banks would give me a loan, so I bought my P3D cash ;....(
     
  4. acarney

    acarney Member

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    Location:
    Richland, WA
    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...
     
  5. NmbrsNvrLie

    NmbrsNvrLie Member

    Joined:
    Jul 31, 2018
    Messages:
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    Location:
    Dallas, TX
    I once was told I couldn’t get less than 7% interest on a loan as I had no “auto loan credit history”. Then I took my 800+ credit score and business elsewhere and got 2.49% from another lender. Think you’re getting taken to the cleaners with some bullsh. I would shop around.
     
  6. acarney

    acarney Member

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    Jul 9, 2019
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    Location:
    Richland, WA
    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.
     
  7. PNWLeccy

    PNWLeccy Member

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    Jul 11, 2019
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    Location:
    Seattle
    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.
     
  8. acarney

    acarney Member

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    Location:
    Richland, WA
    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*
     
  9. tvguy710

    tvguy710 Member

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    Location:
    new york
  10. happyevil

    happyevil Member

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    Mar 13, 2019
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    Southern California
    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.
     
  11. hcook24

    hcook24 Member

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    Apr 1, 2019
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    Location:
    Orange County, CA
    you can always do a cash out refi
     
  12. clcsar

    clcsar Member

    Joined:
    Apr 25, 2019
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    Location:
    NA
    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)
     
  13. jennyfur

    jennyfur Member

    Joined:
    Mar 3, 2019
    Messages:
    10
    Location:
    Philadelphia
    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.
     
    • Like x 1
  14. tvguy710

    tvguy710 Member

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    Location:
    new york
    That's really good to know, thank you!!!
     
  15. jvmoore1

    jvmoore1 Member

    Joined:
    Feb 21, 2015
    Messages:
    226
    Location:
    Mobile, Al
    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.
     
  16. VQTRVA

    VQTRVA Member

    Joined:
    Mar 13, 2019
    Messages:
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    Location:
    CVA
    I'm surprised since one if their stipulation that stopped me from further investigation with them was this line on their website:
    "Please note that the Riverland Credit Union benefit is reserved for local artists and arts patrons."
     
  17. mediaboy

    mediaboy Member

    Joined:
    Apr 26, 2019
    Messages:
    47
    Location:
    Durham, NC
    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.
     
  18. shivpati

    shivpati New Member

    Joined:
    Jul 27, 2019
    Messages:
    1
    Location:
    New Brunswick
    Anyone from New Jersey? What CU or Bank you guys opted for? I am looking forward for a LR AWD, FSD.
     
  19. McMoo

    McMoo Member

    Joined:
    Nov 19, 2018
    Messages:
    58
    Location:
    St. Louis
    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.
     
  20. McMoo

    McMoo Member

    Joined:
    Nov 19, 2018
    Messages:
    58
    Location:
    St. Louis
    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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