My experience with financing for my Model 3:
I was planning to go with Tesla financing initially but wanted to do some research before. I checked our interest rates at local credit unions and they were almost half of what Tesla was offering. It didn't make any sense to go with Tesla Financing. I then applied with the CU and was approved for 1.95% for $50,000 and 60 months (but I had to move my direct deposit from current bank to the CU to get this rate). I was reading through forums and found about LightStream, I decided to apply and get the rate beat guarantee plus get the benefits of unsecured loan. LightStream rejected me! But I was still content with what my CU was offering.
20 days later, I call my CU regarding some details and the loan officer asks me for my US Visa details. I tell her I'm on an H1 and all the relevant details and she says I'm sorry we can only offer you a 24 month loan based on your Visa term. I tried explaining her how I'm eligible to stay longer with renewals but she couldn't do anything even after looking at some paperwork. I didn't know what to do! My credit score already went down because I shopped for auto loans and now I will have to apply for auto loans again
I decided to simply go with Tesla Finance and I'm glad I did that. The Credit team, and my delivery adviser were super helpful and quick. I got my loan approved with US Bank for 3.69%/$50,500/72 Months in just about 30 minutes!
Thanks Tesla Team