Auto Loan Interest Rates - Share What You’ve Found 🏦

[Gracilis]

Back during the Model 3 ramp up I followed a few threads about loan companies and rates people were getting to help decide where to apply.

I didn’t see any threads like that started yet so I figured I’d start one.

I just locked in 5.29% over 72 months through NavyFederal Credit Union ($100k financed)

What’s everyone else seeing?

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[bertley82]

That’s an unreal rate for 6 years with that much financed. Congrats. What’s the eligibility requirements for navyfederal credit union?

 

[Nonn]

Back during the Model 3 ramp up I followed a few threads about loan companies and rates people were getting to help decide where to apply.

I didn’t see any threads like that started yet so I figured I’d start one.

I just locked in 5.29% over 72 months through NavyFederal Credit Union ($100k financed)

What’s everyone else seeing?

Are they only open to service members? You financed the entire purchase with nothing down? Monthly payment? And if you don’t mind disclosing, what’s your credit score?

 

[Gigahorse]

5.8-7.9% with 20% down is the range that I have seen for 48months
State and credit rating will impact a fair amount, along with term length.

5.29 is really good.

I would not feel comfortable with a payment term longer than the 4 year warranty though, given the likely high cost of repairs if there is a problem after 4 years.

 

[Gracilis]

That’s an unreal rate for 6 years with that much financed. Congrats. What’s the eligibility requirements for navyfederal credit union?

I believe you have to be connected to the military (Active, Vet, Nuclear Family)

I joined when I was active duty.

Are they only open to service members? You financed the entire purchase with nothing down? Monthly payment? And if you don’t mind disclosing, what’s your credit score?

Nothing down for approval, but I may trade in my Model 3 to lower the loan amount…although Tesla really low balled me on trade in. They offered me $14,500 for a 2018 M3 Performance with 100k miles (with a note that their offer “included value of FSD”). KBB puts trade in at $22k.

NavyFed uses TransUnion for credit score. Mine is currently “good” at 724 with TU.

I’m self employed so my business income is categorized at personal income so that may help to counteract the lower credit score.

Monthly payment estimate is $1623


This is the reason these threads are helpful though. Looking at the various rates can help a ton.

My M3 was financed thorough an FCU that had nothing to do with the military because at that time USAA and NavyFed were higher.

 

[donnyb]

I got 5.24% at www.ussfcu.org for 60 months good until March 2nd. Hoping my CT will be here before it expires.

 

[Nonn]

I believe you have to be connected to the military (Active, Vet, Nuclear Family)

I joined when I was active duty.




Nothing down for approval, but I may trade in my Model 3 to lower the loan amount…although Tesla really low balled me on trade in. They offered me $14,500 for a 2018 M3 Performance with 100k miles (with a note that their offer “included value of FSD”). KBB puts trade in at $22k.

NavyFed uses TransUnion for credit score. Mine is currently “good” at 724 with TU.

I’m self employed so my business income is categorized at personal income so that may help to counteract the lower credit score.

Monthly payment estimate is $1623


This is the reason these threads are helpful though. Looking at the various rates can help a ton.

My M3 was financed thorough an FCU that had nothing to do with the military because at that time USAA and NavyFed were higher.

Thanks!
I will be reaching out to my credit union and a few others in the next week or so

 

[pricedm]

+1 USSFCU. https://www.ussfcu.org/resources/rates/rates.html#new-auto-loans

Took me about 2 weeks end-to-end to get account open and loan approved.

 

[CyberGus]

Back during the Model 3 ramp up I followed a few threads about loan companies and rates people were getting to help decide where to apply.

I didn’t see any threads like that started yet so I figured I’d start one.

I just locked in 5.29% over 72 months through NavyFederal Credit Union ($100k financed)

What’s everyone else seeing?

That's what I got from NFCU

 

[Known-Background]

I got 6.05% for 72mo Bank of America

 

[Tmoney]

I believe you have to be connected to the military (Active, Vet, Nuclear Family)

I joined when I was active duty.




Nothing down for approval, but I may trade in my Model 3 to lower the loan amount…although Tesla really low balled me on trade in. They offered me $14,500 for a 2018 M3 Performance with 100k miles (with a note that their offer “included value of FSD”). KBB puts trade in at $22k.

NavyFed uses TransUnion for credit score. Mine is currently “good” at 724 with TU.

I’m self employed so my business income is categorized at personal income so that may help to counteract the lower credit score.

Monthly payment estimate is $1623


This is the reason these threads are helpful though. Looking at the various rates can help a ton.

My M3 was financed thorough an FCU that had nothing to do with the military because at that time USAA and NavyFed were higher.

If you don’t mind me asking as I’m also a NFCU member and also self employed, what exactly did they request from you during your CT finance application?

 

[Gracilis]

If you don’t mind me asking as I’m also a NFCU member and also self employed, what exactly did they request from you during your CT finance application?

They just asked income.

Im an s-corp LLC so I get a W2 and then pass through. I listed my W2 income and my VA disability as “other” income. Skipped my pass through income completely.

My loan was initially listed as pending so I called in to ask them to add my pass through income to the application but they ended up approving me while the rep was on the phone with me still so I guess they didn’t need it.

They never asked for documents to support the listed income.

 

[Tmoney]

They just asked income.

Im an s-corp LLC so I get a W2 and then pass through. I listed my W2 income and my VA disability as “other” income. Skipped my pass through income completely.

My loan was initially listed as pending so I called in to ask them to add my pass through income to the application but they ended up approving me while the rep was on the phone with me still so I guess they didn’t need it.

They never asked for documents to support the listed income.

Nice, thank you. Easy enough process. I'll give NFCU a go once I get my VIN assigned. Can't beat that low rate.
Did you already get your VIN assigned?

 

[Gracilis]

Nice, thank you. Easy enough process. I'll give NFCU a go once I get my VIN assigned. Can't beat that low rate.
Did you already get your VIN assigned?

Rate and loan are good for 90 days.

My order date was 1/9 and I put in the application today.

I would hope that I have my truck by 4/16.

 

[Tmoney]

Rate and loan are good for 90 days.

My order date was 1/9 and I put in the application today.

I would hope that I have my truck by 4/16.

Wow, I thought most banks had an approval of only 30 to 60 days. 90 is fantastic!
My order was placed on 12/21 and still no movement. I'm also on the East Coast, so I wonder if that somehow impacts my delivery ETA given that the ones that are getting theirs that are not Tesla employees, all seem to be on the West Coast.

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