Tesla Financing rates?

[supa2001]

5.19% for 72wk 3 weeks ago with Alliant CU through Tesla. Minimum down.
Chase called me to confirm identity though, not sure why. Maybe Tesla shopped around lenders too?

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[WWIII]

My credit union wanted 7%, Well Fargo gave me 6%, many denied me. The big issue I had is the down payment because the banks use the generic cybertruck value instead of the included features and price with the cyber beast model.

 

[Woo]

Navy Federal Credit Union has great rates. Check them if you can.

 

[mcorf]

5.19% for 72 months with Alliant CU through Tesla.

 

[dpav0615]

770 credit score, I just got approved from Tesla for 72 months at 5.29% with $5900 down

 

[jahansolu]

how do you renegotiate and with whom?
is it Santander?
can you explain what a successful renegotiation looks like?
what are the steps
and what makes a compelling argument for the bank to change your rate to a lower rate?
why would they want or allow a renegotiation?

Obviously, I'm not a financial advisor so I can't give any financial advice on what to do. I can simply attempt to simplify the most "go-to" reasoning which banks use to make a decision.

Someone mentioned Rate cuts - that, too, can be a factor as well which has nothing to do with an individual but the financial industry and government.

As a whole, think 2008 housing market crash - this was when lenders were feeling (extremely) generous by approving anyone and everyone with bad to terrible credit scores, requiring no background checks, and allowing these borrowers to get low interest rates with minimal down payment they were asking for. Nowadays lenders tend to be more cautious, especially when the economy isn't doing so well.

Not to make this political, but it comes with the territory when a particular party might win which might not be beneficial to the lenders or might scare them of the unknown and uncertainty.

Also, it's pretty black and white when it comes to negotiation.
Here are some tips (which have worked for me so far):
1) Don't accept anything immediately.
In this case, if you feel like you're not getting the rate you want don't accept the purchase/agreement.
2) Let them do the talking.
Let them explain why the circumstances are the way they are. In most cases, if they see you're not receptive, they will try to work with you to come up with a better outcome.
3) Don't explain you yourself.
They don't need to know or care about your life story. The more you explain to them, the more they know about you and will leverage that against you.
4) Be frank, direct, and tell them what you're looking to get.
Go in with a clear and REALISTIC idea/plan in mind and why you think you deserve it. Again, don't explain it to them but know for yourself. This will ensure you will be headstrong and get what you went in asking for (without being/sounding unreasonable).
5) Sign and accept only if you think you got what you want.
If you're unclear about anything, ask. Never leave anything to ambiguity because in most cases, that ambiguity is most likely what screws you over.
6) Congrats! Or maybe this time wasn't meant to be.
Congrats if you got what you went in asking for. Perhaps it wasn't meant to be if you didn't. If you didn't, don't let the pressure get to you - it's perfectly fine to walk away from a deal. Remember, this is YOUR life; that's why you do what's best for YOU.

Sometimes it's really "not you, but them",
Hope this helps.

 

[KG206]

770 credit score, I just got approved from Tesla for 72 months at 5.29% with $5900 down

dm or tri?

 

[dpav0615]

dm or tri?

Dual. I don’t need the beast plus I wanted the higher payload.

 

[Icon]

I got 5.19% thru Tesla financing (PNC) though it was just before they added the referral credit, I want to cancel and reorder but scared that any change to that rate kinda rendereds that useless. 48/mo 0 down

 

[Oscar]

M

5.19% approved 2 days ago. Will pay it off in a year or two max but nice to have flexibility to do it according to my timeline.

Wow! My Credit score is 866 and my rate is 6.88%! back to June, though. Not sure that makes difference or not.

 

[UberNoob]

Tesla doesn’t finance, they hand off your info to a brokerage of other banks. If you want the best rate goto the banks your self and BYOF, bring your own financing.

 

[reedog117]

5.19% with ~2500 down and that's before FSD transfer was a thing so looking forward to an even lower payment.

 

[Killlbox]

M

Wow! My Credit score is 866 and my rate is 6.88%! back to June, though. Not sure that makes difference or not.

That’s interesting considering credit scores top out at 850.

 

[Oscar]

That’s interesting considering credit scores top out at 850.

The fact is I didn’t shop around and take who Tesla gave me.

 

[Killlbox]

The fact is I didn’t shop around and take who Tesla gave me.

So the magical credit score isn’t a fact?

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