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.
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.
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!
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.
A basis point is 0.01% for those who don’t know. So 200 bp is 2%
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.
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.
By all means you shouldn't buy a Tesla if you have to think about money to buy one in 1st place.
Op: shop at credit union and you will get best available rate (usually)
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.
Bullshit
No it isn’t. The longer the terms, the higher the rate. Basic economics.