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

[Gracilis]

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.

Yeah, 90 days is great.

I was in the first 4000 Model 3s back in early 2018. This ramp seems very similar so far, just faster from "first delivery" event to first "real" delivery day. For the M3 it was all geography and previous Tesla owner on when you got your initial order email but once you were 'confirmed' then it was about a month until you had your car. It seems CT will be similar. Trickle out the emails and then keep pace with orders.

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[bertley82]

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.

Same crazy low ball on our 2018 Dual Motor Model 3 with FSD. We’re opting to sell privately and should get a solid 10K+ more than trade in offer.

 

[bertley82]

I got 6.05% for 72mo Bank of America

This was who we were going to try as well, since we have a long relationship with them. Haven’t submitted yet. Nice rate. Hoping for something similar.

Is your credit score excellent and how much did you finance?

 

[sscjwl]

I got 6.69% for 72 months thru Tesla app. I will look for other financing once my delivery is closer. $50k down payment. Ordered 12/26 in Cali.

 

[Gurule92]

USAA has 6.94 for 84 mo.

 

[Tony stank]

USSFCU, originally got it at Tech CU (local to Bay area) at 6.25 but it expired a few days ago.

USSFCU is valid for 60 days as well.

 

[AperiodicCoder]

4.54% from Navy FCU, 101k for 36 months. Waited till this month to get the preapproval and ordered CT December 16th.

 

[happy intruder]

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

you or a family member must have served on the military......or I think be a government employee

 

[happy intruder]

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.

ive been a member since 1972 and purchased over 25 vehicles.....I was lucky because I always got approved on the phone......even got my mortgage thru NFCU....good organization

 

[cvalue13]

 

[oKurwaCoZaPudlo]

+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.

What is the easiset organization to join be be eligible for USSFCU?

 

[Tony stank]

What is the easiset organization to join be be eligible for USSFCU?

the VACC, took me less than 5 min to join.
https://www.ussfcu.org/apply-online/apply-for-membership.html

 

[Sarasotatesla]

Just remember if you trade a car in with Tesla, you only pay tax on the new car price minus the trade in. Even if you can get a few more thousand selling it privately it usually does not make up the difference in the higher taxes. Good luck everyone!!

 

[alcstarheel]

Same crazy low ball on our 2018 Dual Motor Model 3 with FSD. We’re opting to sell privately and should get a solid 10K+ more than trade in offer.

Same lowball on same M3 with FSD.

Gone are the days back in 2021 of the 1.74% I got through DCU for my M3 refinance and our first MY ?

DCU is currently quoting 6.74%.

 

[PerfectFlaw]

8.5% loan

But I'm the lender... I have an LLC that lends my other business (SCorp) money for purchases like this. I loan the entire amount, with interest, and it's a tax deduction for my SCorp and is another income stream for my other LLC that I can then use for write-offs as well.

BYOB

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