[shubhlabh]

Looking for better option for finance @tesla Model Y. Current interest rates showing 5.34 % on Tesla App, wondering any other bank or credit union can beat this interest rate?

 

[Ed Woodrick]

In the current market, you aren't going to find great deals

 

[iChris93]

DCU has rates as low as 5.24%. You can get an additional 0.25% discount, bringing it to 4.99%, for financing a green vehicle.

 

[tstarise]

My strategy is to pay as much up front as possible and then pay extra on what's left to knock it down. I could have privately sold my 2nd ICE car, but we needed two decent cars. Since we had been saving I can put a very large down payment on a car. Even with excellent credit my rate is in the 5.3-5.6 range.
My better half thinks it is always better to finance through the bank we deal with for convenience sake which would be that 5.6. I tried to explain, but she is willing to pay a few tenths more for convenience. Some things are better just left alone.
If they don't get my car in a timely manner we might see rates climb further. Tesla financing doesn't appear to be any kind of an advantage.

 

[tivoboy]

I used a company called Xxeed (now kinecta) credit Union when I got my 2018 M3. At the time I got a 1.5% rate and knew I could at least get 30 times that with the money in four years. All went smoothly. They are west coast but don’t discriminate. I did the whole process after the fact for about 65% of the vehicle value all in.

Rate today is 4.75%.

NO affiliation and I paid off the remainder in june 2021.

 

[rremde]

Just financed our Tesla, and our loan is actually through Wells Fargo. They shop your loan, they don't write it themselves. BTW, as of this moment 5.34 is a low rate.

 

[Rub"Y"]

Is it an open loan? Where you can dump any amount on the capital.

 

[rremde]

Is it an open loan? Where you can dump any amount on the capital.

In the USA they're all open loans. I don't know what the finance regulations are in Canada.

 

[shubhlabh]

I used a company called Xxeed (now kinecta) credit Union when I got my 2018 M3. At the time I got a 1.5% rate and knew I could at least get 30 times that with the money in four years. All went smoothly. They are west coast but don’t discriminate. I did the whole process after the fact for about 65% of the vehicle value all in.

Rate today is 4.75%.

NO affiliation and I paid off the remainder in june 2021.

4.75 % is really good rate. Thanks for CU details will try that one if able to get delivery before March 2023

 

[kpanda17]

Guys, I just did DOLFCU.ORG for my MYP purchase. Up to 65 months 3.14% and 66 month plus 3.64%. Unbelievable. Be kind to them, be patient, do everything they ask, such as donation, join, etc. and you will get your rate/loan. Good luck.

 

[mpanda32]

Guys, I just did DOLFCU.ORG for my MYP purchase. Up to 65 months 3.14% and 66 month plus 3.64%. Unbelievable. Be kind to them, be patient, do everything they ask, such as donation, join, etc. and you will get your rate/loan. Good luck.

Loan Rates - Labor Credit Union does not show the rates you published. Do we have to call them to get those rates?

 

[Ed Woodrick]

Just another few cents.

Tesla loans are just too easy to do, even if they may be a little more expensive.

While other lenders are getting better, with a 3rd party loan you have to arrange to get a check at the last minute and directly carry it to Tesla. It's a fair amount of work and aggravation in some situations.

 

[kpanda17]

back to DOLFCU, call them
my experience was, i applied online, then I called, closed it quick

 

[tstarise]

I'm a little leary of giving my info out to an organization I am unfamiliar with, but that's me.

 

[kpanda17]

then dont apply, call first, they are a solid organization and not a web only fin company, they are in wash DC

 

[garsh]

I'm a little leary of giving my info out to an organization I am unfamiliar with, but that's me.

It's a Federal Credit Union. Like banks, they're strictly regulated by the government. There's no reason to fear them - at least, not any more than any other bank or credit union.

 

[shubhlabh]

back to DOLFCU, call them
my experience was, i applied online, then I called, closed it quick

Do they send check directly to Tesla or we have to get it in mail and take it to Tesla store for delivery? I am asking because it's time crunch to get delivery before Feb 2023 or you may loose $7500 tax credit.

 

[ThAbtO]

Do they send check directly to Tesla or we have to get it in mail and take it to Tesla store for delivery? I am asking because it's time crunch to get delivery before Feb 2023 or you may loose $7500 tax credit.

Get the loan check into your checking account and Tesla will deduct the cost of the Tesla from there electronically.

 

[kpanda17]

Almost every bank is processing with Tesla and its smooth....

 

[shubhlabh]

DOLFCU has way more rate than Tesla now. I checked yesterday with them 5.99 for 60 months. I am going with Tesla and will refinance within first payment with some other bank or CU.