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What company are you going to finance with?

Discussion in 'Reserving, Ordering, Production, Delivery' started by ng0, Sep 11, 2017.

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  1. ng0

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    Hope this isn't a duplicate topic, but figured I'd ask the question. Someone in another thread mentioned how they're going to be financing with a Alliant credit union at a slightly lower rate than the 2.74% rate that is reported to be the interest rate that Tesla will be charging. After a little research I found that other credit unions have rates as low as 1.75% for 60 months and even lower for 48 months. Do you guys feel there's any benefits to financing with the company Tesla is using? Do you plan to go with a 3rd party company? Would be nice if Tesla gave the same interest rate as their Model S/X, but I know that's asking too much. Any thoughts?
     
  2. SoFlaModel3

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    It's still a bit too early to say.

    When financing $50k (round number to make it easy) over 60 months.

    2.74% interest will yield a monthly payment of $893 and $3,560 total interest over 5 years.
    1.75% interest will yield a monthly payment of $871 and $2,256 total interest over 5 years.

    I guess where I'm going with that is that I'm not going to kill myself over $20/month. I'll shop it for sure, but if I don't do any better 2.74% is still pretty solid.
     
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    • ng0

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      Great point. Sounds a little more significant when you consider it's over $1k difference over the course of the 5 years. :) That'll pay for the difference in my FSD when I need to activate it. :p
       
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      • Steam613

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        Credit Unions rock. Or small local bank.I have no love for large banks but that's a thread for an entirely different website.
         
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        • rareohs

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          If Tesla has a good lease, I'll do that.

          Otherwise finance through USAA @ 2.49%
           
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          • SoFlaModel3

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            It doesn’t look like they’re offering a lease on Model 3 ... well at least not yet with the employee cars.
             
          • plankeye

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            Paying cash. :)
             
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            • Matthew Morgan

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              That's very un-American of you :)
               
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              • Neiko

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                Navy Federal Credit Union is offering 2.39% for 60 months.
                 
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                • SoFlaModel3

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                  That’s a good rate. We’ve seen Tesla sitting at 2.74% so anything I get below that will be good by me.
                   
                • John

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                  Tech CU is < 2%, I believe.
                   
                • plankeye

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                  Yeah, right? But then again, so is being vegan. ;)
                   
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                  • TesLou

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                    I'll go wherever I can get the best rate, naturally. I fear the longer I have to wait for the car, the slimmer my chances of staying below 3% APR.
                     
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                    • JWardell

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                      It's pointless to look at rates so many months before delivery, but I always have my two credit unions to choose from in addition to whatever deal the car manufacturer has. With traditional car brands that want to make the sale, their promotion usually beats the banks. Of course Tesla doesn't need to do this.
                      A 60 month loan at my two credit unions are currently 2.24% and 2.94%
                      I strongly recommend anyone who doesn't have a credit union to do some research and find one in your area to join. Sometimes it takes a phone call to ask for an unpublished way to join. They save you a ton of money on not just car loans but I've used them many times for home equity loans, heat loans, etc, and they always beat the regular banks.
                       
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                      • Derik

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                        My credit union has 1.99% for 5 years and 2.19% for 6. My current 3 year loan though them is at 1.49%.
                        Credit unions seem to be the way to go if you have a good one you can join.
                         
                      • SoFlaModel3

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                        This is a completely ignorant question but here it goes...

                        What do you mean by join a credit union? Is that another way of saying open an account or am I missing something?
                         
                      • OneSixtyToOne

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                        #17 OneSixtyToOne, Sep 18, 2017 at 11:20 AM
                        Last edited: Sep 18, 2017 at 11:35 AM
                        Credit Unions are not banks. They are member owned financial institutions. They return profits back to the members by way of lower loan rates, fee free services, and higher interest on accounts. They are not-for-profit institutions.

                        When you "open an account" you are really becoming a member. Banks can loan money to anyone, credit unions can only loan money to members.

                        Typically you can become a member by "opening an account" for as little as $5. It's one of the best deals on the planet.
                         
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                        • SoFlaModel3

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                          Thanks!!
                           
                        • JWardell

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                          Yes, open an account, but credit unions are not usually open to anyone, and only open to those who qualify for whatever they are formed for. Military service, work place, etc. Once you have an account you can stay a member once you leave your qualifying job etc as long as you keep your account active. But yes the important part is they are non-profit banks.
                           
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                          • Mark C

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                            I'm going with my local credit union. I like walking in and paying whatever amount I want each month (understanding that I mean regular payment or greater, not a lesser amount). My last car loan was for 42 months and I made the last payment on it at 32 months. I plan to borrow for no longer than 48 months. If I can't feel good about the payments on a 48 month note, I don't need the car.
                             

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