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.
- Microsoft tingtangI 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.
- 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.
- 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
Gov. Incentive: -$3750
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.
- 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.
- 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 :)
- 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.
- Proofpoint / EngfoodtruckjBy all means you shouldn't buy a Tesla if you have to think about money to buy one in 1st place.
- 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.
- 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.
- 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.
- 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.