I am going to go through Navy Federal Credit Union. I have financed every car I have owned since I went active duty. I do have a question and looking for some guidance. I have always financed the OTD on all cars and made a several extra payments a year to pay down quickly. This time I can put a sizeable down payment to finance for less months w/ lower interest. My concern is getting into any accident an losing that down payment . Also, seeing how the M3 is retaining value I can easily break even with financing OTD and having a lower monthly payment and making a few extra payments a year. Which should I go for?
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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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You might want to try Carolina Cooperative. They have 2.49% for up to 84 months and 3 months first payment deferred (though I wouldn’t defer a payment even at that low rate). They’re very clear on qualifying for it too, they actually post the credit score requirement, which is really nice. They’re super small so sometimes take a little longer, but for me it was two weeks or less from not yet a customer to fully funded. Just had to send some stuff physically by mail (I opted to pay to overnight it) and then handled the rest via email. Was nice and smooth.
Loan Rates — Carolina Cooperative FCU
Does it not matter what state I live in? I was looking through some of these places before but thought I had to live in a particular state..in this case North Carolina.
Nope, just join the consumers council first and include your membership number when you apply to the credit union. I’m in WA and it worked fine...
Credit Union Eligibility
If anyone in FL needs a decent credit union Orlando Credit Union offered me 2.94 for up to 84 months w/ 60 days deferred payment. I was able to leverage this to Partners Credit Union who offered 2.29 up to 84 months and 90 days deferred payments. Not sure on exact qualification but I think it is 730 and above. Was also a “special” and was not listed on the OCU website...
For Orlando credit union, did you go in the branch and if so which one? Im in Orlando and will be looking for financing in about a month.
Did not go into a branch. I called the line and asked to have an actual loan officer call me. When they did I asked if they could offer any specials on rates beyond what was advertised. They offered the 2.94 for up to 84 months w/ credit score 730 and above. Honestly they were very painless to deal with. Would have gone with them but partners beat their rate. If you get approved with OCU the app is valid for 30 days. You just send them the purchase order from Tesla and they’ll overnight you a check to bring to delivery day.
Clark_Kent
Member
Be advised, while Carolina Cooperative FCU has excellent terms and interest rates, they do not finance taxes and registration fees for Tesla vehicles like other financial institutions.
When I was exploring different options they offered to finance up to 125% of vehicle cost when I spoke to them...
Interesting and good comments! I ended up paying taxes and fees and then put enough down to cover about 20% of the actual vehicle price. Never had any problem with them. (Was worried I might have issues with $36k finance for 84 months at the 2.49% since I know some places have minimums for terms that long but they didn't blink an eye.)
Clark_Kent
Member
As of at least today, October 14, 2020, they are financing up to 100% of vehicle cost. This percentage of financing is also listed on the website. The amount financed does not include taxes and registration fees. I spoke to the loan officer who approves the Tesla loans and that's what I was told. Had I known this, I would not have moved forward with Carolina Cooperative FCU.
I know I posted this earlier but call Orlando Credit Union. I think they may still be able to help even if not in FL. The monthly diff between 2.94 and 2.49 isn’t much and if financing literally everything is a goal and they will do that and CCFCU won’t then think of the higher interest rate as the cost for financing taxes and fees....
Clark_Kent
Member
Appreciate the recommendation. I have a local financial institution with very favorable terms and rates I will work with.
GUYS! Carolina Cooperative FCU appears to let you make your loan payment with select CREDIT CARDS. It looks like they only accept debit VISA (ugh, no Sapphire Reserve for this) and do NOT accept Amex (ugh, no platinum usage either). BUT, I just made my payment with a CITI MasterCard and I wasn’t not charged a processing or convenience fee! If this continues, it essentially means I can pay for my car with my credit card to earn miles, points, cash back! Hot damn I wish I had financed 100%, made a large payment on my first month, and considered that my down payment!
It also appears that they might accept Discover cards? I don’t actually have one to test... maybe someone else can.
My only MasterCard earns American Airlines miles... might look for something that earns cash back or better rewards but I would love if someone else could confirm if they’ve been doing monthly credit card funded payments without the credit union charging them a processing fee or being asked to stop using that method to pay.
It also appears that they might accept Discover cards? I don’t actually have one to test... maybe someone else can.
My only MasterCard earns American Airlines miles... might look for something that earns cash back or better rewards but I would love if someone else could confirm if they’ve been doing monthly credit card funded payments without the credit union charging them a processing fee or being asked to stop using that method to pay.
it sounds feasible but nobody but Tesla will be able to give you the exact amount. It depends on your DMV fees, if you transfer a plate, etc. I think for SR+, and assuming the price you quoted it’s reasonable to say 42-43 all-in out the door..
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