Financing

[drj400m]

Hello all!

When those who have gotten a loan through Tesla, did you get a lower interest rate if you paid 10% down. I thought I read another forum say it.

Also has anyone found a better deal with going outside Tesla’s financing.

I also have State Farm and their quote was $126 more per 6 months, which I didn’t really think was too bad.

Thanks folks.

 

[JayyyDeee]

Im from Canada and my interest rate was based on the number of years I was financing my car.

 

[CBPfromTN]

Hello all!

When those who have gotten a loan through Tesla, did you get a lower interest rate if you paid 10% down. I thought I read another forum say it.

Also has anyone found a better deal with going outside Tesla’s financing.

I also have State Farm and their quote was $126 more per 6 months, which I didn’t really think was too bad.

Thanks folks.

I believe you are required to make a 10% down payment if you get financing thru Tesla. As far as I know, the interest rate right now is 2.49%, up from 1.49% last quarter, up from .9% before that. The current 2.49% is only guaranteed on loans with delivery by the end of March. After that, it could increase again but there's no way to know and really not much you can do since you have to order and you get your car when you get it. I am happy with 2.49% but I would've loved to have had even 1.49% and absolutely .9% would have been great.
As far as I have seen, the current 2.49% is about as good as it gets, compared to banks etc. In fact, OUR bank is actually our lender but the rate for auto loans directly thru my bank is approx. 3.49% right now.
Looks like Tesla has better rates still but no lower rate for paying more down unfortunately. I would have paid more down if it lowered the rate but it's still lower than investments are producing and that's the key.

 

[CBPfromTN]

Hello all!

When those who have gotten a loan through Tesla, did you get a lower interest rate if you paid 10% down. I thought I read another forum say it.

Also has anyone found a better deal with going outside Tesla’s financing.

I also have State Farm and their quote was $126 more per 6 months, which I didn’t really think was too bad.

Thanks folks.

We have been quoted $1334 a year, which is $111 a month for our Model S with Met Life.
We have also been looking at Selective Insurance and got a quote for $791 a year which is $65.92 per month for our Model S.

 

[Sandollars]

I bought (ordered) on 12 Feb and Got the 1.49% interest rate for 72 months.....

 

[CBPfromTN]

I bought (ordered) on 12 Feb and Got the 1.49% interest rate for 72 months.....

How did you get 1.49%? That's awesome but it has said on their "order now" page since January 1 that it's now 2.49%. The 1.49% ended at the end of 4th quarter 2017. Even though I ordered when it was 1.49% the percentage rate is for when the loan is applied for and that is only good for 30 days so you have to wait until you know you are less than 30 days out (for delivery.)
So, are you sure you're getting 1.49%? I hope you are and if you are, I will ask about that! Plz let me know! Thanks!

 

[Sandollars]

I just pulled it up again. It still says 1.49. THEN I changed the build to a 75D and it changes to 2.49%.

There you have it.

 

[CBPfromTN]

I just pulled it up again. It still says 1.49. THEN I changed the build to a 75D and it changes to 2.49%.

There you have it.

Ohhhhhh!!!! That must be it, Sandollars! What did you order? ((thanks for the clarification!!! I truly appreciate it because I knew you must know something or else you wouldn't have posted that!))

 

[Sandollars]

Ohhhhhh!!!! That must be it, Sandollars! What did you order? ((thanks for the clarification!!! I truly appreciate it because I knew you must know something or else you wouldn't have posted that!))

I bought a 100D. I promised myself that when Tesla got over 300 miles range that I would take a serious look. I am so glad I did. I'm soo excited for my delivery date!!! Here's to March 23rd!

 

[CBPfromTN]

I bought a 100D. I promised myself that when Tesla got over 300 miles range that I would take a serious look. I am so glad I did. I'm soo excited for my delivery date!!! Here's to March 23rd!

SO exciting! Congratulations! I only put about 4,000 miles a year on my car so I figured the 75D will work for me but if I drove a lot more, I could see doing the 100D as you have done! I know you are excited! I hope it turns out exactly as you expected and wanted! This is a fun time and I am also SO ready to get my Tesla! Keep us posted on your delivery and enjoy it! You deserve it!

 

[Roderick80]

2.25% for up to 72 months through Suncoast Credit Union if you happen to be on the west coast if Florida (0.9 LTV). That rate includes a 0.25% point credit for driving a green car.

We went with the 75D too- lots of road trips but traveling with a two year old so we will be stopping more frequently anyway. Delivery date of 3/17 can’t come soon enough!

 

[CBPfromTN]

2.25% for up to 72 months through Suncoast Credit Union if you happen to be on the west coast if Florida (0.9 LTV). That rate includes a 0.25% point credit for driving a green car.

We went with the 75D too- lots of road trips but traveling with a two year old so we will be stopping more frequently anyway. Delivery date of 3/17 can’t come soon enough!

You will LOVE IT!!! I just got mine last week (Friday) and oh wow......there is NOTHING like it! NOTHING!

 

[GatorGuy]

I just ordered on Feb 20 and got 1.49% financing. They told me that 10% down wasn't even required.

 

[dcmetro]

100D is still at 1.49 and 75D is at 2.49 with Tesla. Ofcourse local credit unions may have better rates. Mine (in VA) has 1.49 for 48 months and 1.75 for 60+ months for all cars.

 

[andrewket]

100D is still at 1.49 and 75D is at 2.49 with Tesla. Ofcourse local credit unions may have better rates. Mine (in VA) has 1.49 for 48 months and 1.75 for 60+ months for all cars.

I grabbed 1.49 for 36 from PenFed. Who is offering 1.49 for 48?

 

[dcmetro]

I grabbed 1.49 for 36 from PenFed. Who is offering 1.49 for 48?

NIHFCU for the local DC area.

 

[John E.]

A lot of good info in this thread but its now a year old. Per the Tesla website, any car loan with them requires $10,000 down and is priced at 3.75%. Anyone recently get better pricing?

 

[rplace1021]

There’s a good thread on the model 3 board about financing and rate options. Great resource.

Tesla loan comparison spreadsheet - auto updates hourly