Tesla loan comparison spreadsheet - auto updates hourly

[ConSaab]

@philaKing - To be clear, I need to open a new account the Carolina Credit Union. They require application to be completed and mailed.
They are also sending me the loan application along with checklist so I can submit (mail it back) same time.

 

[T3slaMecca]

Just wanted to let everyone know that many rates have increased today (Beginning of December) so get a quote soon before the rest of the CUs increase their rates. Many people are ordering now so if you're planning to get a Tesla, now would be a great time -- it will be more expensive next year. I was waiting for the short range model 3 but I think the mid/long range is definitely worth it. The convenience of the extra miles/less range anxiety was worth it to bite the bullet.

 

[Tuba]

The google spreadsheet is wonderful. I did use it but ended up to much work to qualify for some of the out of Massachusetts CU's

For those who are living in the Boston Massachusetts area try City of Boston Credit Union.
I ended up using them 3% for 84 months. They are kind of tricky as they will not provide preapproval (in case you are looking for unsecured loan with Lightstream.) They just called me to say I am approved and I can go in to sign (they will not even send an email)
But I am happy with their rate I wanted to reduce my monthly payments that is why I went with 84 months. Thank everyone for your input.

Hope we can add them to the spreadsheet

 

[ganzyTM3]

I've just added Total Loan Payment & Total Interest Payment calculation in Notes for each payment cell. Let me know if you'd like to see any other calculation to help make your decision.

@ganzyTM3 those rates are ridiculously high!

Tahnk you so much T3slaMecca!

 

[KeithGP]

What financing are people using from TX? Are Carolina and Sharonview viable for us? Anyone from TX try them?

I read that someone was able to e-mail Carolina and expedite things. Is that an isolated account or possible?

Thanks

 

[sharmad]

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

This is just awesome giving back to community. Very very helpful.

 

[T3slaMecca]

The google spreadsheet is wonderful. I did use it but ended up to much work to qualify for some of the out of Massachusetts CU's

For those who are living in the Boston Massachusetts area try City of Boston Credit Union.
I ended up using them 3% for 84 months. They are kind of tricky as they will not provide preapproval (in case you are looking for unsecured loan with Lightstream.) They just called me to say I am approved and I can go in to sign (they will not even send an email)
But I am happy with their rate I wanted to reduce my monthly payments that is why I went with 84 months. Thank everyone for your input.

Hope we can add them to the spreadsheet

The rates are a bit on the high end, did you try Sharonview or CarolinaCoop?

 

[tburk32]

Hi there, I'm in PA and I'm thinking about applying for the Cambell Employee's FCU, I've read mixed results on that and potential slow turn around. Has anyone here submitted an application to become a member and also been approved for a loan within a short amount of time?

Also, there are a lot of people referring to Sharonview, if you're not in NC or SC, do you join one of the listed organizations before submitting your application?

 

[sunhelm]

Hi there, I'm in PA and I'm thinking about applying for the Cambell Employee's FCU, I've read mixed results on that and potential slow turn around. Has anyone here submitted an application to become a member and also been approved for a loan within a short amount of time?

Hi. I'm from NJ and got my loan from them. Officially, they'd say 2 week turnaround but mine was done in 2 days after they process your membership. Mailing the membership application is probably more crucial as there is no online submission. Give about 3 days after mailing and call them to get your membership account number. Once you have that, fill in the online loan application. Call them a day or 2 later to get your results and have them confirm via email.

I find they were responsive both via phone and email. They are a bit old school as all the paperwork I received after the loan was funded was manually written and found it a bit charming receiving an actual loan coupon book.

But the rate they gave me was as advertised: 2.75% for 72 months up to 100% financing. YMMV.

 

[T34ME]

I expect to get my 3MR before the end of the year. I stopped by the Clearpath CU office today and filled out an auto loan application. Easy peasy, 1.49% for 48 months. To become a member you contribute $5 to their Charity Fund and open a savings account for a minimum $1. I had a 20 spot on me so $5 for the charity and $15 for my savings account. I have a 60 day lock on the loan so I am protected.

The way it works is I wire transfer my down payment to Clearpath and they deposit into their account. They then wire Tesla the total amount of the car (MSRP + taxes and fees). And, BOOM, I'm done.

Clearpath is a very small CU with only two offices, both in SoCal. I counted a total of 4 employees in the satellite office I visited (manager, receptionist, and two tellers). The main office is in Glendale, Ca. The office manager took my loan application. She said they have been deluged by people all across the US looking for Tesla loans as a result of "the forum." She said that unfortunately they only make loans to applicants in the SoCal area.

So far, so good, YMMV. The only thing I need now is that "phone call" from Tesla!

 

[sixty]

Hi there, I'm in PA and I'm thinking about applying for the Cambell Employee's FCU, I've read mixed results on that and potential slow turn around. Has anyone here submitted an application to become a member and also been approved for a loan within a short amount of time?

Also, there are a lot of people referring to Sharonview, if you're not in NC or SC, do you join one of the listed organizations before submitting your application?

I applied the loan first and once got the approval, they will instruct you to join one of the organizations. It's very easy and got 1.99% for 60 months.

 

[Cyclone]

Sharonview is very easy to work with. As a note though, they have a hard requirement that everyone on the title be on the loan. Just a heads up in case that would play a role for you.

 

[tburk32]

Sharonview is very easy to work with. As a note though, they have a hard requirement that everyone on the title be on the loan. Just a heads up in case that would play a role for you.

I submitted a loan application this morning through Sharonview, I didn't get any sort of confirmation that the loan was submitted via email. I was directed to a page that had "Return to site". Hopefully it went through

 

[gagan512]

I submitted a loan application this morning through Sharonview, I didn't get any sort of confirmation that the loan was submitted via email. I was directed to a page that had "Return to site". Hopefully it went through

i've had the same experience so far.

 

[tburk32]

I submitted a loan application this morning through Sharonview, I didn't get any sort of confirmation that the loan was submitted via email. I was directed to a page that had "Return to site". Hopefully it went through

I was approved for 3.49% with Sharonview. Unfortunately my credit score is not in the 800's so I wasn't eligible for the 1.99%. Now I need to decide if I want to cut my loses and go with Sharonview, or if I want to pursue Cambell's FCU. My delivery date is 12/14.

 

[T3slaMecca]

Just a heads up, user reported Carolina Coop CU's rate is now 3.5%. They've raised their rates twice! Once 2.25% -> 2.5% on 12/1 and now 3.5%. Too many applications So jump on these rates when it's an "Open" CU, they seem to raise their rates quickly after many loans.

 

[ConSaab]

Just a heads up, user reported Carolina Coop CU's rate is now 3.5%. They've raised their rates twice! Once 2.25% -> 2.5% on 12/1 and now 3.5%. Too many applications So jump on these rates when it's an "Open" CU, they seem to raise their rates quickly after many loans.

Really disappointed to hear that... I finally got my application on Saturday afternoon from them. It was delivered way to late for me to send it back same day. I mailed it in Monday for overnight delivery. They have not gotten a chance to process my application yet but I have a feeling they will quote me these higher rates....

I guess 3.5% isn't bad either if they offer that. what do you guys think?

 

[paraglide]

Just a heads up, user reported Carolina Coop CU's rate is now 3.5%. They've raised their rates twice! Once 2.25% -> 2.5% on 12/1 and now 3.5%. Too many applications So jump on these rates when it's an "Open" CU, they seem to raise their rates quickly after many loans.

Really disappointed to hear that... I finally got my application on Saturday afternoon from them. It was delivered way to late for me to send it back same day. I mailed it in Monday for overnight delivery. They have not gotten a chance to process my application yet but I have a feeling they will quote me these higher rates....

I guess 3.5% isn't bad either if they offer that. what do you guys think?

At 1:06 PM EST Today I got a message from them saying:

"If you do, with an auto loan our current interest rates range from 2.50% to 17.5% right now depending on your credit score. To qualify for our lowest 2.50% your credit score has to be a 700 or higher with TransUnion and you would have to have NET direct deposit from your employer (otherwise it is 3.50%)."

They also still have 2.5% on their website. Are you sure the minimum is up to 3.5? Or could it be that you don't have a NET direct deposit?

And on that note, what kind of direct deposit wouldn't be net? Not sure what she meant, I asked for clarification will find out tomorrow.

 

[ConSaab]

At 1:06 PM EST Today I got a message from them saying:

"If you do, with an auto loan our current interest rates range from 2.50% to 17.5% right now depending on your credit score. To qualify for our lowest 2.50% your credit score has to be a 700 or higher with TransUnion and you would have to have NET direct deposit from your employer (otherwise it is 3.50%)."

They also still have 2.5% on their website. Are you sure the minimum is up to 3.5? Or could it be that you don't have a NET direct deposit?

And on that note, what kind of direct deposit wouldn't be net? Not sure what she meant, I asked for clarification will find out tomorrow.

Thanks for the info. Do you mind providing an update when you get clarification? I’m anxious to find out what they will offer when they process my application. Apparently my mail never delivered today and now I find out tomorrow post office will be closed due to Trump announcing federal holiday.

 

[ganzyTM3]

is GAP insurance required for TM3?