Tesla Financing Just Lowered Cybertruck Interest Rates

[cyberos]

By pure coincidence my Tesla financing approval expired on the same day as my Cybertruck pick up appointment. When I resubmitted the financing application it was approved with a rate lowered by over half a percentage point. The penalty was that I had to move my pick up date to tomorrow.

Bank of America had good lending rates as well, but Tesla financing was about two percentage points cheaper than them.

For anybody who got financing approval more than a month ago, seriously consider reapplying for financing a day or two before your upcoming pick up date.

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[mbrockus]

By pure coincidence my Tesla financing approval expired on the same day as my Cybertruck pick up appointment. When I resubmitted the financing application it was approved with a rate lowered by over half a percentage point. The penalty was that I had to move my pick up date to tomorrow.

Bank of America had good lending rates as well, but Tesla financing was about two percentage points cheaper than them.

For anybody who got financing approval more than a month ago, seriously consider reapplying for financing a day or two before your upcoming pick up date.

What rate did you end up with?

 

[Brandon708]

All rates are coming down a little. Jerome Powell indicated in the last meeting that a rate cut may be coming in September.

 

[cyberos]

What rate did you end up with?

5.99%, same as what's published on the Cybertruck pricing page right now

 

[cyberos]

All rates are coming down a little. Jerome Powell indicated in the last meeting that a rate cut may be coming in September.

This
I would almost advise people with VINs to delay delivery until after the Fed's rate cut announcement in September. Myself I was just too impatient, even switched my CB order to a CT one (with much anxiety). A lot of my neighbors are driving around new CTs now and I have bad FOMO

 

[Brandon708]

When I got my CT financed almost 2 months ago. I went with a Credit Union. It was super simple and got a much better rate than Tesla (and 3rd party) was offering. They were in the 9s. I ended up going with PenFed and got approved and funded in a couple hours of putting in my application. Got a 5.89% rate.

 

[cyberos]

When I got my CT financed almost 2 months ago. I went with a Credit Union. It was super simple and got a much better rate than Tesla (and 3rd party) was offering. They were in the 9s. I ended up going with PenFed and got approved and funded in a couple hours of putting in my application. Got a 5.89% rate.

I almost signed with PenFed, but then Bank of America was somehow able to beat them, then Tesla beat BofA. I'm wondering if individual applicant factors are influencing rates at this point?

 

[Brandon708]

I almost signed with PenFed, but then Bank of America was somehow able to beat them, then Tesla beat BofA. I'm wondering if individual applicant factors are influencing rates at this point?

Oh for sure individual factors play a part. Higher the credit score better the rate.

 

[tmeyer3]

By pure coincidence my Tesla financing approval expired on the same day as my Cybertruck pick up appointment. When I resubmitted the financing application it was approved with a rate lowered by over half a percentage point. The penalty was that I had to move my pick up date to tomorrow.

Bank of America had good lending rates as well, but Tesla financing was about two percentage points cheaper than them.

For anybody who got financing approval more than a month ago, seriously consider reapplying for financing a day or two before your upcoming pick up date.

blessing in disguise. Grats on the new CT!

 

[txtravwill]

Tesla uses JP Morgan Chase right for most good credit finances thru the app?

 

[loganthefrst]

5.75% in April from PenFed. Definitely check them out first.

 

[kimgu]

Cheapest I found with Credit Unions so far. 08/09/24

https://www.tdfcu.org/loans/rates/lending-rates/

New Vehicle (Auto, Trucks and SUVs)
Up to 80% financing	4.49%	Up to 60 months
	4.75%	61 to 72 months*
	4.99%	73 to 84 months*
Up to 100% financing	4.75%	Up to 60 months
	4.99%	61 to 72 months*
	5.25%	73 to 84 months*

They also have three discounts on the base rates shown above
1. Direct Deposit (-.25%)
2. Existing Loan with them (-.25%)
3. $5000 in their Checking (-.25%)

I personally did 20% down, 84 months, for rate of 4.49% (discount 1 & 3)

 

[2blentendre]

This
I would almost advise people with VINs to delay delivery until after the Fed's rate cut announcement in September. Myself I was just too impatient, even switched my CB order to a CT one (with much anxiety). A lot of my neighbors are driving around new CTs now and I have bad FOMO

What’s the best way to do this? I’ve heard mixed stories. Is it best to just not schedule pickup on the app or can you reach out to Tesla and make a request?

 

[cyberos]

Tesla uses JP Morgan Chase right for most good credit finances thru the app?

In Texas Tesla uses Alliant Credit Union. I checked and the lenders all have different interest rates by state

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