Let's talk financing rates

[flashflooder]

With configuration emails finally going out to owners, I thought it might be a good time to start pooling together data points to try and find the lowest rates on car loans. I'll start by contributing the lowest rates I've come across. These are from PenFed credit union, not sure if you have to be a member to apply for a loan or not:

1.49% 36 mos
2.24% 48 mos
2.99% 60 mos
3.24% 72 mos
3.84% 84 mos

 

[Pentium2004]

I just bought a 2017 Model S and only put down $20k and I was able to finance the remaining through Wells Fargo for 60 months at 1.49%

 

[kengchang]

I just bought a 2017 Model S and only put down $20k and I was able to finance the remaining through Wells Fargo for 60 months at 1.49%

1.49% won't be available for Model 3. S/X only.

 

[Pentium2004]

Try State Farm they have some really competitive rates. The more you can put down the lower you can get the interest since there is less risk to the bank.

 

[flashflooder]

It seems that Tesla's best rate for the Model 3 is 2.75% if financing through them (is it Alliant CU handling this, like on the Model S/X?)

That's a pretty good rate if available for 60 month financing.

As it is, I'll probably go with the PenFed 1.49% for 36 months, unless I can find a better rate / longer term somewhere else.

 

[ACA Man]

We just bought a CPO MS with no money down (other than $1K deposit) and got 1.49% with our credit union.

Going with Tesla financing would be 2.29%.

 

[stevo1100]

Try UFCU (Auto Loans) for better rates on longer terms. They were the credit union I was going to sign with until Alliant had their deal on MS/MX recently.

 

[dsvick]

1.49% won't be available for Model 3. S/X only.

That's if you go through Tesla's partner for financing. If you go elsewhere you can certainly find lower rates.

 

[206er]

Can you go zero down through Tesla's financing partner?

 

[kengchang]

That's if you go through Tesla's partner for financing. If you go elsewhere you can certainly find lower rates.

Personally haven't seen anything under 2% for 72 months, any pointer?

 

[smartypnz]

Can you go zero down through Tesla's financing partner?

But you do have a 'down payment' since $1000 deposit and $2500 additional when configuring. That's at least 10% of starting price.

 

[dsvick]

Personally haven't seen anything under 2% for 72 months, any pointer?

No, I was just saying that it was only if you go through the Tesla partner that the rate jumped from 1.49% and that other lenders probably won't have the difference in rates by vehicle.

 

[flamingoezz]

my pointer would be not to take a 72 month auto loan..

Personally haven't seen anything under 2% for 72 months, any pointer?

 

[flamingoezz]

just bought a car at 2.19% for 5 years. my bank has very similar rates to what OP provided.

Not sure Telsa Financing is as willing to beat bank rates as traditional dealers are.

 

[9erDog]

Financial Partners Credit Union is offering the following to their members and they finance up to 125% (Including taxes, title, & insurance):

New Autos

Term APR as low as:
Up to 36 months 1.74%
48 to 60 months 1.99%
72 months (minimum $10,000) 2.24%
84 months (minimum ($20,000) 3.24%

New and Used Auto Loan Rates

All rates shown include a 0.25% discount for automatic payment from a Financial Partners checking or savings account.

 

[Super_Popular]

I got 84 with 2.49% Point West Credit Union. You do have to live in Portland though.

 

[Thomas Edison]

I got 84 with 2.49% Point West Credit Union. You do have to live in Portland though.

On an S? Do the suburbs count?

 

[Paladin732]

my pointer would be not to take a 72 month auto loan..

There is absolutely a reason to take it. That money is an incredibly cheap loan. You have 72 months to use whatever money you would have paid cash (or 3 yrs if you were going to do a 36mo) to invest and grow.

 

[zkmusa]

Penfed has new auto loans for:

36 months @ 1.49%
48 months @ 2.24%
60 months @ 2.99%

New Auto Loans from PenFed - Find, Compare, and Apply Today

I'm probably going to do the 36 months rate if it's still available in a few months.

 

[Nuclear Fusion]

Are there brokers for car loans?