I just got approved for 2.49% for 60 months term in Tesla's website then applied to PenFed and got approved for 1.99% for 60 months. I emailed [email protected] to get a better rate. After following this thread it looks like I should have emailed [email protected]. Did I make a mistake here? Should I also email [email protected] or wait for a response first? Thanks.
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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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Need some help. I accepted a 2.49% through Wells Fargo. I found this forum today and emailed [email protected]. Within 15 minutes I got an email saying I had a new offer to review. The email has a button that directs me to my Tesla Account, but when I click on it I can't find where to review the offer, it just sends me to my car info that displays the Wells Fargo info. I don't even know what my new rate is.
Go to Completed Tasks. Click on Show Details under the car price. Your APR should show under Financing Details.
Ribeyesteak
Member
I applied online and it was "processing" for about 20 seconds until it was approved.
Got offered 2.49 from Tesla. I emailed them to have them drop the rates but they said that is currently floor rate, which they cannot beat. Has anyone else gotten this response. I said other banks offer a better rate but they are requesting me to send them their offer. Didn’t want to keep running my credit but is there anyway around it? Thanks in advance!
temptingtime
Blue Model 3 SR+
I e-mailed the other day and they said they would drop the rate they just need me to provide information that I can get it lower elsewhere. I know most of the information I had read before mentioned that they will just lower it, but seems like they are pushing back a bit on that now.
I got a loan approval from Carolina Cooperative. I have Fair credit and it is good enough for me. So anyone else with fair credit, do not be discouraged. My advice would be to apply anyways. You may be surprised at what you can get. I am still going to shop around for better rates, but I am perfectly ok with what Carolina Cooperative offered me as it fits within my budget.
I got the same offer, but they lowered to 1.99 when I followed up about a lower rate. That was a few weeks ago. Have you tried a local credit union? Mine was offering a lower rate than 2.49, but still was a bit hight than 1.99%...
Ace777
Member
Hi Coder,
What info would I need to send to [email protected] to ask to match PenFed's offer?
I was approved thought Tesla Finance for 60 months @ 2.49% with Wells Fargo, then applied with PenFed and got 1.99%.
Thank you!
Out of curiosity is there any benefit for taking the loan through Tesla vs. PENFED?
I was also planning on apply to both in the next week or so to get a rate around 1.99%; I understand going through Tesla would remove the need to bring a big check but ultimately it would transfer to another bank to do the servicing. Have there been issues with PENFED or other credit unions servicing loans? (I doubt it, just wondering). Is something just easier to take the loan through Tesla?
I was also planning on apply to both in the next week or so to get a rate around 1.99%; I understand going through Tesla would remove the need to bring a big check but ultimately it would transfer to another bank to do the servicing. Have there been issues with PENFED or other credit unions servicing loans? (I doubt it, just wondering). Is something just easier to take the loan through Tesla?
travis3000
Member
I got 96 months at 2.79% with Scotia Bank in Canada. Anytime I buy new cars I always stretch it out the longest possible , to keep my monthly payments as low as possible. Im in sales so my business is up and down. I can't count on weekly cheques and stability so these high payments don't make sense for me. When I do get my commission payments I just throw a large sum down on the loan. I usually pay the entire car off in 2-3 years though anyway and my plan for my Tesla is the same. I just figure why add insult to injury every month on top of my mortgage, groceries, utility bills, insurance, property taxes, cell phone, etc. If I can take a $750/month payment and shrink it to $550/month , that will help me manage my other expenses. I know I'll have the car paid off anyway way earlier than the maturity date. So the extra interest is really irrelevant.
I also like to stretch out my loan. Everyone has their reasons for doing so. I know that it means you essentially pay more for the car... but I am like you, I generally pay more each month than what is required. It is nice having that small piece of mind though.
Ribeyesteak
Member
There's nothing wrong with stretching out the loan. Yes, over the life of the loan you will pay more but every month that you pay, you are paying a lower rate "against" your finances/income and if the interest rate is low enough, you are also beating inflation and minimizing loss of liquidity.
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