Tesla loan comparison spreadsheet - auto updates hourly

[dncpunke]

What was your original email to them? I have 760 credit score, did you mention yours to them? Or did you leverage with another credit union rate?

I simply said that I had excellent credit (800+) and asked them to see if they could do better with the rate.

 

[bomax]

Anyone know Tesla Finance’s hours of operation? Emailed Friday mid-day (PST) and haven’t heard anything back yet.

 

[c4Lvin]

How are you guys determining your credit scores? What if you have other banks, etc? My BoFa shows 800 and Chase is 730? Sorry I'm a finance dummy

 

[brentx]

How are you guys determining your credit scores? What if you have other banks, etc? My BoFa shows 800 and Chase is 730? Sorry I'm a finance dummy

You technically have 3 different scores, one with each of the credit bureaus: Experian, Equifax, and Transunion. Not all of your credit accounts may be posted to all bureaus, which is why there may be a discrepancy. A lot of times the free scores you get with your bank or credit card / Credit Karma will only look at one of the credit scores, not all 3. I am not sure which bureau is queried by Tesla finance, it's probably dependent on the bank underwriting the loan. A lot of times with large loans (like car loans and mortgages) the bank will query all 3 scores, and take the median (middle) score. So if you have a 730, 770, and 800, the lender will use the 760 for determining your credit worthiness.

 

[c4Lvin]

You technically have 3 different scores, one with each of the credit bureaus: Experian, Equifax, and Transunion. Not all of your credit accounts may be posted to all bureaus, which is why there may be a discrepancy. A lot of times the free scores you get with your bank or credit card / Credit Karma will only look at one of the credit scores, not all 3. I am not sure which bureau is queried by Tesla finance, it's probably dependent on the bank underwriting the loan. A lot of times with large loans (like car loans and mortgages) the bank will query all 3 scores, and take the median (middle) score. So if you have a 730, 770, and 800, the lender will use the 760 for determining your credit worthiness.

Thank you Brentx!

 

[atheurer]

For those of you considering applying to CarolinaCoopCU, while they do need to send you the application, it is possible to have them send it FedEx, if you email them a FedEx label you provide. That way you can expedite the mail in both directions. I just did the FedEx Saver, which I hope will be a 2-day delivery. I am guessing USPS during this season would be 5-10 days.

 

[HDK314]

For those that got loans through CarolinaCoopCU, how has the experience and service of loan been? I know they are busy lately due to their attractive rates but it was difficult gettting responses so concerned how it would be after committing to a loan. Thanks.

 

[barronlroth]

I simply said that I had excellent credit (800+) and asked them to see if they could do better with the rate.

Tesla finance ended up giving me a 2.39% with Chase, which I am a client of. I'm happy! Worth that over establishing a new financial relationship with a random credit union for a couple points less APR.

 

[TUser173]

tesla finance only offered me the advertised 2.49 rate, i have an approved application from bank of america for 2.24.
What should i mention to tesla finance, so that they could possibly offer a better rate?

 

[contourrob]

Thanks to everyone for having this conversation. As a result I wrote a 1-line email to the financial team asking for a review and they responded in minutes with 72 month/2.29% from Chase.

 

[c4Lvin]

I just did a one line mail myself. Probably 45 minutes and still no reply yet. Got approved for 72M/2.49% via US Bank.

 

[jm9ism]

Got approved through website 2.49% @72. Sent email saying found a better rate elsewhere, they came back with 2.19% with BMO Harris. Never heard of that bank before, so went with Chase instead.

Does anybody has experience with BMO Harris?

 

[EL0NTRK]

Anyone with BoA financing can tell me how long after your loan was approved, documents uploaded that they complete processing and send you the contract to sign?

 

[Gladius]

Got approved through website 2.49% @72. Sent email saying found a better rate elsewhere, they came back with 2.19% with BMO Harris. Never heard of that bank before, so went with Chase instead.

Does anybody has experience with BMO Harris?

It is a good bank and I have banked with them for over 20 yrs. They are not as large as Chase or BoA but you will be fine.

 

[SpringfieldM3P]

Got approved through website 2.49% @72. Sent email saying found a better rate elsewhere, they came back with 2.19% with BMO Harris. Never heard of that bank before, so went with Chase instead.

Does anybody has experience with BMO Harris?

I got approved with the BMO Harris 2.19%. They beat my credit union so I went with them. Who cares what the bank is if they’re financing your purchase?

 

[c4Lvin]

Yeah i got mine from 2.49 (US BANK) changed to 2.14. I'm happy and saves me time.

 

[Angellt]

GUYS! Carolina Cooperative FCU appears to let you make your loan payment with select CREDIT CARDS. It looks like they only accept debit VISA (ugh, no Sapphire Reserve for this) and do NOT accept Amex (ugh, no platinum usage either). BUT, I just made my payment with a CITI MasterCard and I wasn’t not charged a processing or convenience fee! If this continues, it essentially means I can pay for my car with my credit card to earn miles, points, cash back! Hot damn I wish I had financed 100%, made a large payment on my first month, and considered that my down payment!

It also appears that they might accept Discover cards? I don’t actually have one to test... maybe someone else can.

My only MasterCard earns American Airlines miles... might look for something that earns cash back or better rewards but I would love if someone else could confirm if they’ve been doing monthly credit card funded payments without the credit union charging them a processing fee or being asked to stop using that method to pay.

Any update on this? If so, you could subtract your CC cashback rate from the interest rate for your total OOP interest payments.

 

[acarney]

Any update on this? If so, you could subtract your CC cashback rate from the interest rate for your total OOP interest payments.

It's not a card I normally use, so I haven't tried again.... but I did try buying some VISA debit card gift cards and see if those would work (I earn 5x at grocery stores which more than offsets the $6.95/card activation fee and a lot of times that fee is waived anyway as a promo). The debit did not work.

 

[atheurer]

I guess I'll try the credit card thing with CCFCU. My loan was just approved with 1.99% for 84 months. Hopefully my order can make some progress.

 

[Vram09]

Hello! Looking to finance with Tesla. Do I have to go through financing by accepting the first offered rate when selecting financing to complete mg profile first ? I want to ask for a lower rate as I believe I qualify. Would I email first that Tesla offered a 2.49%/72mo or accept that rate prior to emailing their finance team ?