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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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Maximus-MX
Member
You are right. I called them today and they said that they serve only CA residents (car should be registered in CA).
Not sure about IL, but Colorado credit unions seem to have higher rates than Tesla Financing of 3.5%.
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Just got approved for 1.99% at eecu. Has anyone recently been able to take advantage of lightstream’s rate beat offer?
I know people in the past have been able to get approved with eecu then go over to lightstream at get an unsecured loan at 0.1% less. But I read in the terms that it excludes secured loans (which I believe the eecu loan is), so I wonder if this would still work.
I know people in the past have been able to get approved with eecu then go over to lightstream at get an unsecured loan at 0.1% less. But I read in the terms that it excludes secured loans (which I believe the eecu loan is), so I wonder if this would still work.
GoodFella2K
Member
I got approved with EECU at 1.99 yesterday. I live in San Diego area. They said a simple $10 donation to their local PTA qualifies for a membership.
What’s the benefit of getting rate match with Tesla as opposed to sticking with credit union? I believe with Tesla you have to pay the taxes and fees upfront but with CU you can finance the entire total and at 1.99% it’s almost free money.
What’s the benefit of getting rate match with Tesla as opposed to sticking with credit union? I believe with Tesla you have to pay the taxes and fees upfront but with CU you can finance the entire total and at 1.99% it’s almost free money.
Also for those who were approved by EECU and did the rate match through Tesla, did the approval letter EECU initially provides to you suffice, or do you have to submit the physical application packet forms along with the $10 payment to join the PTA first? I noticed that the initial approval letter includes the rate and amount, but not the length of the loan.
I signed up with LA Financial Credit Union at 2.74%. Just researched EECU after reading the latest posts here, and while I can do it for 1.99% I still ended up staying with LA Financial Credit Union at 2.74% on the count that they don’t require the first payment for 3 months.
If you’re like me, live in Los Angeles, and tend to pay off loans ahead of time, this is a better deal in my opinion, and doesn’t require a checking or additional money, or autopay to sign up, only a savings acct that you pay the loan from.
You’ll only recoup the benefit of the 0.73% difference by taking the 1.99% loan to term.
So for me, financing $20k saves $396 over 5 years if I went with EECU, but that’s vs delaying $357 payments for three months with LAFCU on a loan I’ll probably pay off in 4 years or less. If I’m paying down the loan in 4 years the savings with EECU will be less, than having $1071 extra up front.
TL;DR if you live in Los Angeles and tend to pay your loans down faster than your term, LA Financial Credit Union might be a better bet.
If you’re like me, live in Los Angeles, and tend to pay off loans ahead of time, this is a better deal in my opinion, and doesn’t require a checking or additional money, or autopay to sign up, only a savings acct that you pay the loan from.
You’ll only recoup the benefit of the 0.73% difference by taking the 1.99% loan to term.
So for me, financing $20k saves $396 over 5 years if I went with EECU, but that’s vs delaying $357 payments for three months with LAFCU on a loan I’ll probably pay off in 4 years or less. If I’m paying down the loan in 4 years the savings with EECU will be less, than having $1071 extra up front.
TL;DR if you live in Los Angeles and tend to pay your loans down faster than your term, LA Financial Credit Union might be a better bet.
“extra” up front meaning cash flow not savings.
Yes you do save more with EECU but the delayed payment frees up $1071up front vs savings of $7/month for my $20k example.
Something strange. I was approved for a loan with US bank tesla. Financing team said it was complete and I checked for a vin today and see the rates are different and from a different bank. I removed the trade-in because im selling it privately and now my credit application is in progress again? This is extremely frustrating. Not only did my SA give me bad advice when I ordered on 10/31 to apply for credit. I had to get my application refreshed again after jumping through hoops and now this mess. If I haven't been waiting 5 weeks already I might've just another route.
You're in CA. EECU
enjoy 1.99 and toss Tesla's bank relationships. I applied yesterday and got an approval call this morning. Sending stubs and other information today.
You do have to donate 15 bucks and have a checkings account (no fees). Just link the checkings account to your main bank account and have it draft the payment from there and you should be good. They also allow a 15 day grace period without late fees.
Turlejay
Member
The more I look around the more it looks like I'm going to be stuck at 3.19. New York credit unions haven't joined the holiday loan sale party yet. I'm hoping the ones around here do soon, but it doesn't look like it.
George702
Member
bensch
ben98209
christian community credit union
2.74 for new members up to 72 mos.
DOES NOT require automatic transfer to qualify for this rate. I've financed my last 3 vehicles with them.
if you're a member of a christian church or christian school, you can join this credit union.
Sorry that it doesn't apply to everybody here, but just thought I'd share the information.
2.74 for new members up to 72 mos.
DOES NOT require automatic transfer to qualify for this rate. I've financed my last 3 vehicles with them.
if you're a member of a christian church or christian school, you can join this credit union.
Sorry that it doesn't apply to everybody here, but just thought I'd share the information.
Thanks, just got my rate match approved with Tesla/US Bank for 1.99% over 72 months.
I realized that I had made a mistake on the membership card with EECU, and they note in their letter that NO CORRECTIONS to the membership card can be made, so they would have to mail me a new one... not sure why I couldn't just do this online. Would have liked to give them my business, but the hassle wasn't worth it. Happy with the rate match!
I take everything positive I said about using Insight Credit Union here in Florida back just avoid these people. Loan rates are decent however branch staff that I've dealt with are at best condescending. Forget about getting anyone on the phone, when you do after calling 14 times and being disconnected they act like they are doing you a favor.
After my experience today and being this close to delivery I'll be using another financial institution from here on out.
After my experience today and being this close to delivery I'll be using another financial institution from here on out.
Turlejay
Member
If anyone in New York has had any luck with a credit union offering 1.99 or better please let me know. I am supposed to be getting the call shortly for delivery and would like to get a rate match.
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