Tesla loan comparison spreadsheet - auto updates hourly

[NC33]

damn! Not elgible.

I’m approved with US bank 2.49% & 72 months but with 10K down.

not a fan of putting 10K down after an experience I had with with a car that was wrecked a year into ownership. Pretty much lost the 5K down payment.

anyone have any suggestions how to get 100% financing ?

From US Bank directly or through Tesla?
Tesla allows you to finance 105% of the car amount. If your loan is through them, you can probably email auto finance ask them to adjust the terms.

 

[electricak]

Northwest Federal Credit Union has 1.79 APR special for LTV of 80%.

 

[acarney]

Northwest Federal Credit Union has 1.79 APR special for LTV of 80%.

Up to 63 months. Sounds like it's pretty open to join and they have a bunch of programs that they work with, probably just make a donation to one or become a member of one and you can join the credit union... Rates above this special are just "meh" though...

 

[electricak]

Up to 63 months. Sounds like it's pretty open to join and they have a bunch of programs that they work with, probably just make a donation to one or become a member of one and you can join the credit union... Rates above this special are just "meh" though...

Yes. I can share the loan officers contact details if anyone is interested.

 

[gasisnasty]

Everyone has excellent credit for this resource. Yes, right !!! You need to add a box where you can enter your credit score which will adjust the rate accordingly. The majority of people can't get these low advertised rates because they only have a fair rating.

 

[acarney]

Everyone has excellent credit for this resource. Yes, right !!! You need to add a box where you can enter your credit score which will adjust the rate accordingly. The majority of people can't get these low advertised rates because they only have a fair rating.

You might want to rethink a $45k to $50k car with a “fair” rating...

 

[s33t33]

You might want to rethink a $45k to $50k car with a “fair” rating...

The scary thing is some people actually co-sign for someone else getting a 50k+ car loan (per youtube)

Sure some people may have that cushy 6 figure job (with shitty young person credit), but so-signing for some young person's 1k/month car loan is not going to happen (even if they are my kid)

 

[d1407]

The best rate I got was from Bank of America, 2.99 for 72 months. I shopped around a lot with different credit unions and even tesla finance, they were all in the 3.5 to 4% range.

 

[acarney]

The best rate I got was from Bank of America, 2.99 for 72 months. I shopped around a lot with different credit unions and even tesla finance, they were all in the 3.5 to 4% range.

NFCU is 2.29% for that term. Carolina Coop Fed Credit Union is 2.49% for that term...

 

[Clark_Kent]

NFCU is 2.29% for that term. Carolina Coop Fed Credit Union is 2.49% for that term...

Does that NFCU rate have a max LTV?

 

[s33t33]

Does that NFCU rate have a max LTV?

No, I don't think so, but it depends on your credit and DTI (my score is 800+ with lower than 20% DTI).

I applied for 40k 72 months and was approved for it for, I think I could've applied for more, but I just don't feel comfortable with a higher payment, I don't even think I'll use the whole 40k

good luck

 

[stlclint]

I got a call about delivery, which was a huge surprise. I called CCFCU and asked if they could expedite my approval and check. They emailed paperwork (loan amount, terms, disclosures etc.), I signed and emailed right back. They used funds out of my initial $100 deposit to pay for overnight delivery of check. That was it.

Do you recall which credit bureau Carolina Cooperative pulled?

 

[Snezz1e]

DCU is 1.99% for 65 months up to 120% value. 1.74% for fuel efficient vehicles.

I refinanced my DCU April 2018 Model 3 loan from 2.49% to 1.74%. They loan up to 100% for refinance so I was able to cash out about 3k.

gap insurance also reasonable at $295 and they cover deductible if you do use it.

 

[Levelheadsteve]

Do you recall which credit bureau Carolina Cooperative pulled?

No I don’t recall.

 

[acarney]

Do you recall which credit bureau Carolina Cooperative pulled?

I was told TransUnion back in June when I asked about a refi, I would assume a new loan would be the same...

 

[curiouscow123]

Got loan sanctioned from Pasadena Federal Credit Union for the 1.85% 60 months for the entire amount. DCU offer 1.75% but has the absurd requirement to direct deposit the entire salary into their checking account. Not sure if it's worth the hassle to try it with DCU.

 

[gasisnasty]

You might want to rethink a $45k to $50k car with a “fair” rating...

Why?
I bought a $65,000 used Model S with fair credit.
If I want a particular Tesla I will shop around until I get the best rate, Having fair credit only affects the interest rate not the ability to get a loan. Sometimes the interest rate can be lowered by submitting a higher down payment.

 

[acarney]

Why?
I bought a $65,000 used Model S with fair credit.
If I want a particular Tesla I will shop around until I get the best rate, Having fair credit only affects the interest rate not the ability to get a loan. Sometimes the interest rate can be lowered by submitting a higher down payment.

If you only have fair credit because you've been shopping around lots and just have a lot of hard pulls, that's one thing. If it's because of very high outstanding balance, maxed line(s) of credit, or missed payments, then loading up with more debt might not be the best idea. It's one thing if you NEED a car, but there are much cheaper options out there than a Tesla.

 

[MedusaManiac]

FYI for anyone in FL. I was offered 2.94 up to 84 months with Orlando Credit Union up to 125% of value. Not sure their exact qualification terms but my credit score is over 800 with low DTI. Very painless to deal with and got approved within 2 hours.

they did let me submit a rate match for the 2.49 CC offers, will see what happens with that...

 

[biscottigelato]

They do, generally most credit unions just require you to live in the state they're located in. Some are more special (armed forces, fire fighters, etc) so I wouldn't waste time on those unless you had a family member that was one of those. Figure out the term you want and then google California Credit unions or something and spend a little time looking at each. For any that don't list the actual rate with the term and instead just say "as low as 1.99%!" or something I wouldn't bother following up with, most likely that's for like a 36 month term or something, unless you plan to go that short.

If you're just happy with 2.49% you can apply directly with Tesla once you place you order, some people have even reported instant approval, then they email the finance department at Tesla and ask if they can find a lower rate. That's how they've been getting sub 2.49% with Tesla. Otherwise be on the credit union hunt... (Though do some math too, 0.25% isn't really saving all that much money over some terms so value you time, if it takes 20 hours to search for that make sure it's worth it)

How were you able to get a hold of Tesla Financial? I got conditional approval for Wells Fargo's at 3.5% instead of either BoA or Chase. Wondering if I can get them to quote both and see if that's lower?