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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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myt-e-s-l-a
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The larger the investment, the more likely a lender is to want some security to back up your loan.
You can improve your loan approval by asking your parents to co-sign your loan and encourage a lender to give you a better interest rate. It makes the loan more secure for lenders, since two or more people are responsible for payment.
You can join the north carolina consumer council for $20--that's what I did and I live in LA.
jvmoore1
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Did you ever go through the loan process with Carolina Coop FCU? I also just joined NCCC and submitted for membership to the CU. Not sure if I should go ahead and apply now or wait for the membership request to go through. Thanks.
Apply now. The process is quite slow. You'll need to submit a paper membership application and overnight it to them. You should fill out a paper loan app with it.
I’m new to the forums but as someone stretching my budget for the Model 3 I just wanted to emphasize how massive the chasm between a 72 and 84 month loan is. Even the 72 isn’t a great financial choice, but the 84 month opens the door for so many issues. I was 4 years into a 72 month luxury car loan before pulling the trigger on the Model 3, with an 84 month loan I would have been so underwater I’d have been stuck with my old vehicle most likely for the life of the loan.
It depends. I could afford to pay cash for my Model S several times over, but I'm getting a 2.99% loan rate, and my bank currently pays me 2.25% on savings, so effectively, I'm paying 0.74% a year to pay in installments rather than all up front. 0.74% a year for the flexibility and cash on hand benefits is worth it to me. The interest rate is the same for 60 months as it is for 84 months, so there's very little incentive for me to pay it off two years early. I can always pay it off early if the money I have in the bank starts generating a lower percentage of interest.
Now, if you are stretching your budget and can only afford the car with a 72 or 84-month loan, you probably want to buy something more affordable.
@roman415 Not necessarily. I actually put a lot down, and I plan to own this car for more than 8 years. My last car I owned for 12. The longer term thing only comes into play if you're one of those types that switches cars often.
Had a good result with Lightstream it looks like. I asked for a Rate Beat on a 3%, 84 month loan. They denied it for some ticky-tack reason. I sent them a scathing email and made a few phone calls yesterday, and today, I got approved at a tenth of a point less for the same loan length, but for an unsecured loan. Money should be in my account tomorrow according to their website.
If you're willing to deal with the hassle of getting approved by a CU, and then dealing with Lightstream's difficult rate beat process, AND you have excellent, top-notch credit, it's a good deal. The tenth of a point is a pretty minimal difference, but having the loan be unsecured is nice to avoid hassles later if selling the vehicle or whatnot.
If you're willing to deal with the hassle of getting approved by a CU, and then dealing with Lightstream's difficult rate beat process, AND you have excellent, top-notch credit, it's a good deal. The tenth of a point is a pretty minimal difference, but having the loan be unsecured is nice to avoid hassles later if selling the vehicle or whatnot.
0.75% from Fairwinds CU (0.89% apy) for 36mo loan.
Meanwhile I get over 2% apy on my savings account at alliant CU.
So instead of just paying cash, I put the cost of the car into my alliant savings account and scheduled a monthly transfer to Fairwinds to cover the monthly payment.
The gains from the interest rate isn't significant, but it allows me to be more flexible with the cash if I want to temporally use it for other things. Additionally, I can make use of GAP coverage on my car insurance should the car be totaled prior to me paying more into it than its worth.
Meanwhile I get over 2% apy on my savings account at alliant CU.
So instead of just paying cash, I put the cost of the car into my alliant savings account and scheduled a monthly transfer to Fairwinds to cover the monthly payment.
The gains from the interest rate isn't significant, but it allows me to be more flexible with the cash if I want to temporally use it for other things. Additionally, I can make use of GAP coverage on my car insurance should the car be totaled prior to me paying more into it than its worth.
I just got pre-approved thru LA Financial Credit Union today. My rate is 2.99 over 72 months. Note that they will require a 10% down payment based of the cash price of your car. For my example I purchased a new 2018 MS 75D. My purchase price is $63,600 (I know great deal right!!!). Since I've already given Tesla my $2500 deposit I will need to bring an additional $3800 to the deal which meets the 10% down payment requirement. I'm not sure if anyone experience the same but thought I should share.....
Sometimes, you get pleasantly surprised. Today is one of those.
I mailed in a membership form to Campbell CU on Friday, along with my initial deposit. Monday, my account was opened. Filled out the loan form yesterday, and it’s all approved and done today. Unbelievable service. Ready for delivery next Friday. As Tom Petty says .... “the waiting is the hardest part.”
I financed 72 mos @ 3%. The cash is sitting in a 2% interest bearing savings account, so the cost-of-money is only 1%. I stretched it out to 72 months to keep the payment on par with my current Cadillac lease. This improved the WAF (wife acceptance factor).
I mailed in a membership form to Campbell CU on Friday, along with my initial deposit. Monday, my account was opened. Filled out the loan form yesterday, and it’s all approved and done today. Unbelievable service. Ready for delivery next Friday. As Tom Petty says .... “the waiting is the hardest part.”
I financed 72 mos @ 3%. The cash is sitting in a 2% interest bearing savings account, so the cost-of-money is only 1%. I stretched it out to 72 months to keep the payment on par with my current Cadillac lease. This improved the WAF (wife acceptance factor).
If you want your day to get even better, let me help improve your WAF.
Your 2% interest in a savings account is compounded, thus increasing the amount you are paid that 2% on every month. Assuming $50k, that amount in a 2% savings account will become $56,308.12 after 6 years. Borrowing $50k for a car at 2.99% will cost you $4681.13 over 6 years, leaving you with a gain of $1,626.99 after 6 years. This also assumes you only make the minimum payment monthly, any additional paid on the loan will decrease the finance cost in the long run.
My WAF was very high when I told her Fairwinds is offering 0.89% loan for 3 years
Let's say you finance $50k at 3% at 60 months. You pay $3906 in interest. Let's also say your bank gives you 2.2% during those 60 months, compounded monthly. You will $5,808 in interest on that money, putting you $1900 ahead.
However, that's too optimistic a view. Your interest will be taxed at, let's say, an effective rate of 24% per year. My math is going to be a little off at this point, but that's about $1400 in taxes over the 5 year term. When you account for that, the effect of compounding significantly declines. I think you would still come out on top financing it instead of paying cash, but only by a few hundred bucks at that point.
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