Want to buy a new Tesla 3. Best auto loan rates??

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wikiradio
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Want to buy a new Tesla 3. Best auto loan rates??

Post by wikiradio » Thu Oct 17, 2019 5:43 pm

Hey y’all, I live in Texas and I’m interested in purchasing a new Tesla 3. I am shopping around for auto loans and the best I can find is 2.7% for 60 months at synergy federal credit union.

Looking for a lower rate! And possibly some incentives. Please recommend to a fellow Bogler!

sport
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by sport » Thu Oct 17, 2019 6:21 pm

Many Bogleheads will tell you that if you have to borrow to buy such an expensive car, it is not a suitable purchase.

Topic Author
wikiradio
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by wikiradio » Thu Oct 17, 2019 6:41 pm

I’ve already made the decision to buy it and via a low interest loan. Sure I could easily pay it all upfront but I’m not choosing to.

That being said, I would like to finance it as cheap as I possibly can.

meercatter
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by meercatter » Thu Oct 17, 2019 6:42 pm

You may not have much luck finding low interest loans for a Tesla or any other car that is in high demand. I've found that those low interest loans are used as incentive to get people to buy cars. However since the demand for Tesla is already high I doubt they would offer them. I went through a similar situation with my non-Tesla EV. You could either wait for more favorable rates or pay cash if you can.

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whodidntante
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by whodidntante » Thu Oct 17, 2019 6:49 pm

meercatter wrote:
Thu Oct 17, 2019 6:42 pm
You may not have much luck finding low interest loans for a Tesla or any other car that is in high demand. I've found that those low interest loans are used as incentive to get people to buy cars. However since the demand for Tesla is already high I doubt they would offer them. I went through a similar situation with my non-Tesla EV. You could either wait for more favorable rates or pay cash if you can.
I bought a car with considerable demand. The manufacturer wasn't offering good financing deals. Rather than paying a big capital gain tax bill I financed through a credit union at 1.89%. That is approximately 0% real. I have seen similar rates advertised recently.

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RickBoglehead
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by RickBoglehead » Thu Oct 17, 2019 6:52 pm

2.7 is a good rate.
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chitownguy
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by chitownguy » Thu Oct 17, 2019 6:59 pm

When I bought a Tesla Model S two years ago I got .99% from Tesla. Not sure if they still are offering that though.

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wikiradio
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by wikiradio » Thu Oct 17, 2019 10:03 pm

Looks like the current Tesla offered rate is 3.99% for 60 months.

MotoTrojan
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by MotoTrojan » Thu Oct 17, 2019 10:12 pm

wikiradio wrote:
Thu Oct 17, 2019 10:03 pm
Looks like the current Tesla offered rate is 3.99% for 60 months.
0.99% to the bank, 3% to keep Tesla alive :).

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whodidntante
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by whodidntante » Thu Oct 17, 2019 10:22 pm

MotoTrojan wrote:
Thu Oct 17, 2019 10:12 pm
wikiradio wrote:
Thu Oct 17, 2019 10:03 pm
Looks like the current Tesla offered rate is 3.99% for 60 months.
0.99% to the bank, 3% to keep Tesla alive :).
At this point, Tesla has to pay a lot more than 3.99% for capital. They aren't good for it.

MotoTrojan
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by MotoTrojan » Thu Oct 17, 2019 10:28 pm

whodidntante wrote:
Thu Oct 17, 2019 10:22 pm
MotoTrojan wrote:
Thu Oct 17, 2019 10:12 pm
wikiradio wrote:
Thu Oct 17, 2019 10:03 pm
Looks like the current Tesla offered rate is 3.99% for 60 months.
0.99% to the bank, 3% to keep Tesla alive :).
At this point, Tesla has to pay a lot more than 3.99% for capital. They aren't good for it.
Good point. Not quite at WeWork bond levels but still startling.

Big Dog
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by Big Dog » Thu Oct 17, 2019 11:00 pm

Prolly your best bet is a local credit union.

HEDGEFUNDIE
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by HEDGEFUNDIE » Fri Oct 18, 2019 12:12 am

2.7% is probably the best rate you will find.

Another option is to open up some 0% credit cards with zero fee balance transfers and transfer a portion of that debt to the cards. And open up new cards as the 0% expires. I have done this with great success. Not to mention, if disaster strikes and you can’t afford the payments, the credit card company can’t repossess your car.

fareastwarriors
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by fareastwarriors » Fri Oct 18, 2019 12:55 am

Keep shopping around.

jpelder
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by jpelder » Fri Oct 18, 2019 5:08 am

That sounds like a pretty good rate to me.

Some estimates have the 5-year cost of ownership for a Model 3 as similar to a Toyota Camry. The lack of fluid changes and similar maintenance items makes a big difference, as does the low cost of electric "fuel"

https://cleantechnica.com/2018/10/07/te ... ushing-it/

RJC
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by RJC » Fri Oct 18, 2019 6:09 am

Can't wait until the Model Y. Hopefully the quality and service will improve by then.

greenbldg2
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Re: Want to buy a new Tesla 3. Best auto loan rates??

Post by greenbldg2 » Fri Oct 18, 2019 6:51 am

Check the latest Tesla auto loan spreadsheet:

bit.ly/TeslaLoans

Also a link to the forum post of the spreadsheet:
https://teslamotorsclub.com/tmc/threads ... ly.127779/

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