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To finance thru tesla or find financing on your own

ACAG

Member
Aug 14, 2019
165
67
New york
Since I do not want to run multiple credit checks, are most people financing through tesla or finding a bank on their own? When tesla approves a rate, but another bank has a lower rate will tesla always match that rate with their banks or do you have to run a credit check with the other lower rate bank?

As an example, Everence offers 1.99% financing for 60 months when buying an EV. Why would I go through Tesla to finance, and if I do will they match that rate?
 

Protect1989

Member
Jul 14, 2020
376
360
Dallas, TX
Tesla is currently using Alliant Credit Union. I have Tier 1 credit and got a rate of 3.24% for 72 months. They do also offer a 2.49% rate for 60 months.

I also applied through Pasadena Credit Union. They have rates of 2.49% for 72 months and 2.84% for 84months.

Tesla loan comparison spreadsheet - auto updates hourly

Use that link for an excel sheet about all current offers that updates hourly.
 
Jul 31, 2019
165
136
Sacramento
Carolina Cooperative Federal Credit Union offers 2.49% up to 84 months with credit over 730. They will also defer the first two payments if you want. If you don’t live in North Carolina, you can join the Carolina Consumers Council online for $20 and that qualifies you for membership in CCFCU.
 
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jjs1

Member
Jun 22, 2020
141
96
Orange County, CA
Since I do not want to run multiple credit checks, are most people financing through tesla or finding a bank on their own? When tesla approves a rate, but another bank has a lower rate will tesla always match that rate with their banks or do you have to run a credit check with the other lower rate bank?

As an example, Everence offers 1.99% financing for 60 months when buying an EV. Why would I go through Tesla to finance, and if I do will they match that rate?

Tesla won't be able to offer 1.99% off the cuff. You'll need them to rate match. Follow the instructions here: Best Rate Guarantee

The benefit of going through Tesla is that you don't have to arrange a payment from the other bank to Tesla on delivery day. One less thing to worry about.

FWIW, I went through Tesla. Initially offered 2.99% and then emailed [email protected] asking for improved rate and I got 2.24% for 60 months.
 
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Reactions: Matsayz

TomServo

Active Member
Apr 10, 2014
1,534
990
Belleville IL
I went through Tesla for the convenience and it turns out they matched my military CU rate of 2.49% for 60 months. But the second reason I did that is once or twice each year my military CU offers to refi any car loan for 1% below whatever you are at and they give you $150 cash to boot. So in the next few months, I'll refi at 1.49%
 
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Reactions: Matsayz

Jmeitz

Member
Jul 8, 2020
125
93
St Louis
Tesla is currently using Alliant Credit Union. I have Tier 1 credit and got a rate of 3.24% for 72 months. They do also offer a 2.49% rate for 60 months.

I also applied through Pasadena Credit Union. They have rates of 2.49% for 72 months and 2.84% for 84months.

Tesla loan comparison spreadsheet - auto updates hourly

Use that link for an excel sheet about all current offers that updates hourly.
I just got 2.49 for 72 through Tesla via US bank last night.
 

Matsayz

Active Member
Jul 6, 2019
1,172
877
Las Vegas
I went through Tesla for the convenience and it turns out they matched my military CU rate of 2.49% for 60 months. But the second reason I did that is once or twice each year my military CU offers to refi any car loan for 1% below whatever you are at and they give you $150 cash to boot. So in the next few months, I'll refi at 1.49%

Which credit union is this? Navy Fed? My wife got 1.29 as an E-7 on active duty through Navy Fed
 

FredMertz

Supporting Member
Supporting Member
Apr 2, 2016
325
372
Westchester, NY
Car loans are treated like mortgage pulls, if there are multiple pulls within 30/45 days (depending on scoring type), it's treated as one pull because it's assumed you're shopping rates.
I know that's what they say, but whenever I check my credit score they are all individually listed and counted as hard checks.

On the other hand, the number of hard pulls has a very, very small impact on your credit score.
 
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jazz290

Member
Jun 7, 2020
28
33
New York
I know that's what they say, but whenever I check my credit score they are all individually listed and counted as hard checks.

On the other hand, the number of hard pulls has a very, very small impact on your credit score.
You'll see each hard pull on your credit report if it's reported; but the credit bureaus will adjust scoring automatically if you have multiple mortgage/car loan queries because they know you're shopping for rates.

OTOH, multiple hard pulls for credit cards are a worry b/c it means you need money, in the eyes of the credit bureaus. Hence why applying for a bunch of credit cards in a short amount of time is bad.

Hard pulls are negligible in the long term, but multiple car loan hard pulls <> multiple credit card pulls; that may have been the scenario original author was worried about.
 

Protect1989

Member
Jul 14, 2020
376
360
Dallas, TX
FYI: for Pasadena federal credit union, you need to open a checking account/have your car payments auto pay from it (.50% deduction) AND open a credit card (no annual fee, .50% deduction) to get 1% off your APR.

3.84% for 84months
2.84% for 84 months with checking acct and credit card.

this is the case for all loans. The rates they show include these discounts. It’s in the fine print.
 

ACAG

Member
Aug 14, 2019
165
67
New york
Tesla is currently using Alliant Credit Union. I have Tier 1 credit and got a rate of 3.24% for 72 months. They do also offer a 2.49% rate for 60 months.

I also applied through Pasadena Credit Union. They have rates of 2.49% for 72 months and 2.84% for 84months.

Tesla loan comparison spreadsheet - auto updates hourly

Use that link for an excel sheet about all current offers that updates hourly.
Is this spreadsheet still working? The tesla finance rate does not update and when I upload the spreadsheet I see an offline version.
 

KRG21

Member
Mar 15, 2019
208
226
Boston
FYI: for Pasadena federal credit union, you need to open a checking account/have your car payments auto pay from it (.50% deduction) AND open a credit card (no annual fee, .50% deduction) to get 1% off your APR.

3.84% for 84months
2.84% for 84 months with checking acct and credit card.

this is the case for all loans. The rates they show include these discounts. It’s in the fine print.

Mine (Navy Fed) doesn’t have any fine print that I can’t find. It’s already been processed at the expected apr and I didn’t have to do anything extra.
 

VaxAce

Member
Jul 22, 2020
250
178
New Jersey
Tesla does not mark up its financing and passes on the rate of the bank(s) they work with. They recently stopped working with Chase BTW. I have US bank at 2.49 for 60 months. Prior they gave me TD bank at 2.99.. I asked them to give me a better rate right before I was to take delivery -- that's when they offered US Bank. I couldn't find anything cheaper - even if I found 1.99 - the .50 is not significant given the low rate to begin with.
 

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