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Best way to get a car loan for Tesla 3

Primer AI Primate69
Jan 12

What’s the best way to get a car loan for a Tesla 3?

The APR is 3.75 on their website. Looking at the best way to get a cheaper rate. Looking to make a bigger downpayment to reduce the loan amount and it doesn’t need to be over 72 months.

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  • Microsoft tingtang
    I went through my credit union. I got 3.4% over 84 months. My wife didn’t want the Tesla unfortunately so she picked another car but we used the same rate and term.
    Jan 1217
    • Oath / MgmtAtinlay
      Good for you! You’re supposed to!
      Jan 12
    • Microsoft tingtang
      Yep! And I don’t need advice on what I should or shouldn’t be doing. This is a free country.
      Jan 12
    • Oath / MgmtAtinlay
      You’re free to waste your own money
      Jan 12
    • Microsoft tingtang
      Thanks man! I appreciate you telling me that. And you are free to continue to tell people what they should do with theirs just be advised that people don’t have to give two shits about what you say
      Jan 12
    • Intel Appm$$/
      Better question is why wouldn’t you borrow the money for 84 months at barely above inflation? I was car shopping last weekend and the APR actually went down the more months you went out. Thanks Fed!
      Jan 12
    • Pinger / Engcreate💻
      With an 84 month loan you might find yourself underwater on the loan for years.
      Jan 12
    • Microsoft tingtang
      @Pinger who cares? Not planning on selling the car anyways.
      Jan 12
    • Intel Appm$$/
      Or if you are, just hand the keys back.
      Jan 13
    • Pinger / Engcreate💻
      @Appm$$/ you can't if you're underwater. Unless you have enough $$ in the bank.
      Jan 13
    • Intel Appm$$/
      Sorry, not sure what you mean. If you owe more than the loan, they will repossess your car. The differential in being underwater isn’t significant enough for them to do much else.
      Jan 13
  • Amazon jefe_bezos
    I don’t understand the fascination for the 3. Exterior like a Mazda, a Camry interior is much nicer (the Model 3 has the ugliest steering wheel known to man), the same range as a Bolt, the reliability of a Wrangler, and premium repair costs. Oh. Remember conditioning yourself to look down at a speedometer your entire life? Let’s change that up fam and look at the tablet to your right.

    You literally get nothing but the ability to say you own a Tesla as if anyone gives a shit. At least the CLAs look nice.
    Jan 129
    • Tesla / Mgmt
      t3$l@

      TeslaMgmt

      PRE
      Tesla Motors
      t3$l@more
      You probably have never driven 1
      Jan 12
    • Intel Appm$$/
      Bingo
      Jan 12
    • Bank of The West
      GSW

      Bank of The West

      PRE
      Cisco, eBay, NetApp, VMware
      GSWmore
      Laughing on “same range as bolt”. When did bolt range go up to 310 miles ??
      Jan 12
    • Intel Appm$$/
      Well, I’d imagine Bolt has the weight advantage of having chopped off your penis/balls to extend the range.
      Jan 12
    • New eNBa60
      Some guy on YouTube has a video comparing his BMW M3 to the Tesla Model 3 Performance. He got out of the M3 lease and got the Tesla. They seemed pretty comparable. Tesla does 0-60 in 3.3 seconds which is pretty awesome!
      Jan 12
    • Amazon jefe_bezos
      RWD, 264mi range, 5.6 0-60: 44k
      AWD, 310 range, 4.5s 0-60: 51k
      AWD+, 310 range, 3.3s 0-60: 62k

      Want it red? +$2500
      White interior? +$1000
      Autopilot? +$5000

      Gov. Incentive: -$3750
      Tax: 10%
      Total: $73,435 before any misc fees

      Fuck that. Yes I have driven it. Aside from the immediacy of an electric drivetrain and decent visibility, for the money they demand, it has nothing going for it. The exterior is average. The interior is ugly. The ride quality is poor. It’s boggling that they took UX cues from a damn Mini Cooper and make me look at my center stack to see my speed.
      Jan 12
    • Tesla / Mgmt
      t3$l@

      TeslaMgmt

      PRE
      Tesla Motors
      t3$l@more
      Ok then don't buy 1. I own one and would never ever go back. Safe fun relaxing to me it is a lot better than anything in the price range.
      Jan 12
    • Google Woopsy
      Troll
      Jan 12
    • Tesla / QA
      Le Tigre

      TeslaQA

      PRE
      Apple
      Le Tigremore
      I really hate the front of the vehicle, interior is sexy tho
      Jan 13
  • Oath / MgmtAtinlay
    Don’t go 72 months. That’s part of your problem. If it takes you 6 years to pay for a car, you can’t afford it.
    Jan 1216
    • Oath / MgmtAtinlay
      .25% on an 80k car is still 2k!
      Jan 12
    • Microsoft A🌹forEmily
      Why would you drop 80K on model 3. For that price you can get Model S.
      Jan 12
    • Microsoft tingtang
      Sure, but if you put the money in an index fund it helps with cash flow in general. And if in 2 years I total the car with GAP insurance I will have paid less into it in general.
      Jan 12
    • Oath / MgmtAtinlay
      But the thing will be a old clunker by the time you pay it off.
      Jan 12
    • Microsoft tingtang
      So I’m planning on keeping the car for 10+ years anyways. I’m not wanting to get resale value out of it. Not sure what OPs plans are.
      Jan 12
    • Oath / MgmtAtinlay
      Still dumb
      Jan 12
    • Microsoft tingtang
      Says the guy who works at Oath 😂😂😂. Shitty advice from a shitty company.
      Jan 12
    • Bank of The West
      GSW

      Bank of The West

      PRE
      Cisco, eBay, NetApp, VMware
      GSWmore
      Loan means a lot of different things for different people so you cant have “one size fits all” as some smarta$$ is suggesting above.

      Second if someone wants to buy a tesla or any other premium car keep it for 10 years its a good decision. Car isn’t an investment but some people are cheap and even when they have $ they always drive a beaten up old car. If one has enough resources and cant spend
      On self I just Pity such people as they don’t “live” but just “exist”

      They know who they are.

      Op- go for a longer loan and pay it off as fast as you can.... tesla model3 is an excellent car. Try to get the long range :)
      Jan 12
    • Oath / MgmtAtinlay
      @tintang it’s not my fault you regret your choices.
      Jan 12
    • Microsoft tingtang
      No regrets here 😊
      Jan 12
  • Intel Appm$$/
    Tesla goes out and does the finance shopping for you. The rate they provided me (1.49% over 72 months a couple years back) was 200 basis points below what I could find in the open market.
    Jan 121
    • Collective Health towardA
      A basis point is 0.01% for those who don’t know. So 200 bp is 2%
      Jan 12
  • New / Engmichalumni
    Eh, if you think you can beat 3.75% per year with external investments over 84 months (an index fund should do this for you) — then take the longer loan!
    Jan 120
  • Oracle / Engduisan
    They did a rate match for me. I initially took tesla financing to speedup things and kept shopping meanwhile and got lower apr outside. They sent me check for difference in amount.
    Jan 120
  • Proofpoint / Engfoodtruckj
    By all means you shouldn't buy a Tesla if you have to think about money to buy one in 1st place.
    Jan 1211
    • Oath / MgmtAtinlay
      Triggered?
      Jan 12
    • Microsoft tingtang
      Nope. Just pointing out that OP didn’t ask if he could afford it, he asked what the best rate was. If he wanted advice on its affordability he would have asked for it.
      Jan 12
    • Primer AI Primate69
      OP
      It’s not about whether I can afford it. A loan is a far better choice for me than paying out right for a car.

      Think of a loan at 2% PA over 3 years. Assuming S&P500 index funds will yield greater than 2%, it’s probably a better to get a loan and invest that money elsewhere.

      It’s called an opportunity cost. By your logic, no one should buy a house either.
      Jan 13
    • Oath / MgmtAtinlay
      Why carry the extra debt if you don’t have to? Also after thinking about it more, you could be in a bind if you total the car early in the loan. You’d be underwater and on the hook for the difference.
      Jan 13
    • Microsoft tingtang
      Not with GAP insurance.

      Edit: And by that logic like OP said no one should buy a house in case it gets burned down or the economy tanks and you are underwater. And if you total your car and paid for it cash you’d be out every penny. With GAP you’re only out what you paid into the loan.
      Jan 13
    • Oath / MgmtAtinlay
      Take what you would spend on gap and shorten the loan!
      Jan 13
    • Microsoft tingtang
      GAP costs a $500 flat one time fee no matter the price of the car.

      Let’s say you spend $50,000 cash on a car. You drive off the lot, and a semi hits you. Wham, insurance pays you $40,000. You’re out $10k.

      Let’s say you financed and bought GAP. You spent $50,000 on the car + $500 on GAP. Same semi hits you. Insurance pays $40k. GAP pays off your loan balance. And the version I got gives you $3k towards your next car. So instead of being out $10k you’re actually up $3k.

      Think of it like a business. Suppose my business has $50k and I need to by a widget making machine. I have the option of financing it at 3.4% over 7 years and if something happens to it and it breaks I get a new one. Or I can pay $50k upfront for it and if something happens I’m fucked. No accountant in their right mind is going to tell you to pay cash for it. It just doesn’t make sense from a cash flow or income perspective. The rates are so cheap that it makes sense to take the loan and use that money for something else to make even more money. Now if the rate were 7% the math would be much, much different.

      I get it, you’re old school. I’m gonna guess somewhere around 50? 5 million net worth? And to you it’s just more of a hassle to deal with the debt than it is to just pay cash. And you feel the need to impart this wisdom to us young’uns. I know lots of people like you. But I’m sorry to tell you that paying cash actually doesn’t make mathematical sense in this case.
      Jan 13
    • Oath / MgmtAtinlay
      You’re just trying to justify buying an expensive car and living outside of your means.
      Jan 13
    • Microsoft tingtang
      I’m trying to show you math. Ever heard of it?

      Refute me on financial logic. Show me how at expected rates of return for my $50k it makes more sense to part with it upfront than do the loan.

      I mean JFC I am going to uninstall this app because people are morons.
      Jan 13
    • Oath / MgmtAtinlay
      Go ahead, please do! I didn’t call you names! What if you get laid off (Microsoft does that) or your circumstances change in the next 84 months and you’re stuck with a stupid car payment? I bet you’re floating a ton of student loans for some useless degree too! You’re so triggered because you know you’re wrong here.
      Jan 13
  • Bank of The West
    GSW

    Bank of The West

    PRE
    Cisco, eBay, NetApp, VMware
    GSWmore
    Op: shop at credit union and you will get best available rate (usually)
    Jan 120

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