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Hey guys,
I'm a new graduate who very recently started working for a company making 60k. I am trying to buy the Tesla Model 3 and am having an extremely tough time finding financing for my purchase. The best I've gotten is 30k loan approval. I'm looking for at least 50k. I can make 10k down. Do you guys have any suggestions for me. Any help would be appreciated.
Tried Fairwinds - they told me to take a hike essentially. Must have just missed the cutoff based on the last page or so. Ugh...
Carolina Coop FCU sent me the following this morning:
"I have received your Online Loan Application. However, I am unable to locate your account. Are you currently a member of Carolina Cooperative Federal Credit Union?
To qualify for a loan with us, you have to first be a member.
Membership eligibility would be if you worked for a member company, had an immediate relative that has an open account with us, live/work/worship in an area of Gaston County OR if you are a member of The North Carolina Consumer Council (we will need your member number with them)."
Can anyone advise please? I live in San Diego.
ahh.. i was getting this within the design studio.
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.
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.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.
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.
I financed 72 mos @ 3%. The cash is sitting in a 2% interest bearing savings account, so the cost-of-money is only 1%...
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.
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.Are you doing compound interest on the total amount through the entire time period, or factoring in the car payments decreasing the amount remaining?
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.