Tesla Financing rates?

[Zelectric]

Looking to process my reservation, looking at rates you all recently gotthru Tesla. My credit rating is high 700 to low 800.

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[gaspimp]

Looking to process my reservation, looking at rates you all recently gotthru Tesla. My credit rating is high 700 to low 800.

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.

 

[ARMANDO PADILLA]

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.

what my credit score was excellent around 763 I made a big down payment $50,000 why is my financing rate so high 8.9% ! seriously you got it with a 5.19% rate?

 

[ARMANDO PADILLA]

anyone else care to share their financing rate please I'd love to compare I can see this post is getting lots of views, but nobody is contributing to the conversation.

 

[Kryptek]

9%

 

[Black306]

5.29%. Not 1-2 years like gaspimp, but I don’t plan on taking the loan to term. 3-4 if my kids don’t bleed me dry from college tuition. ?

 

[KG206]

6.29 84 months. It was almost a percent less for 72 month and that’s what I’d prefer to do so waiting until I get a VIN to open that convo

Credit score is 780

 

[jahansolu]

what my credit score was excellent around 763 I made a big down payment $50,000 why is my financing rate so high 8.9% ! seriously you got it with a 5.19% rate?

Credit score isn't the only basis for decision.

Factors:

Credit Score - A very general and quick way to view your financial standing/performance.

Credit / Loan products - Credit Cards, Mortgage, LOC/ULOC (Line of Credit / Unsecured Line of Credit), Unpaid debt.

Timeliness of bill payments - are cell phone, utilities (hydro, gas, water, etc.), credit card bills all being paid on time and are they being paid in full vs only making minimum monthly payments.

Asset vs Liability ratio - How much do you have vs How much are you borrowing.

Borrowing Term - How long will you be asking for the loan 2/3/4/5/6/7/8 years? Generally, shorter loan terms come with lower interest rates compared to longer loan terms. Lenders often set higher interest rates for longer terms to compensate for the increased risk associated with lending money over an extended period.

Credit Utilization - generally this is best to keep under 30% - so you can have 10 credit cards all adding up to $100,000 of credit limit whilst owing $30,000.00 and still be viewed (by the financial/loan company) as someone who only has $1000 credit limit but owing $300.

Financial / Loan Company - The smaller the company, the higher the interest rate they may charge as they want to recuperate their principal/original lent amount as fast as possible. Hence why you see (shady) companies which even charge the unassuming customer 30-50% per day for lending $250.

I'm sure there may be a few more factors I might be missing - but generally, these are how they come up with the rates. Hope this helps. Also, I got mine at 5.8, but I'm going to renegotiate again since rates have dropped recently so I'm pretty sure I can get the advertised 5.28%.

 

[ARMANDO PADILLA]

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.

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.

anyone else have a rate this low ??

 

[ARMANDO PADILLA]

jahansolu said:

I got mine at 5.8, but I'm going to renegotiate again since rates have dropped recently so I'm pretty sure I can get the advertised 5.28%.

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?

 

[LivinLrge]

4.79 - nfcu. 835 fico. Tesla offered me 5.29 In September. You might as well wait for the next rate cut

 

[Sxksxk]

what my credit score was excellent around 763 I made a big down payment $50,000 why is my financing rate so high 8.9% ! seriously you got it with a 5.19% rate?

Lol I got mine in June and the rate was a bit over 7% with a credit score of 820. Planning on refinancing in the spring once rates are lower.

 

[Beneke]

Was offered 5.25 from Tesla about a week ago. 800+ credit score and putting 30k down.

 

[eclipseforever]

anyone else care to share their financing rate please I'd love to compare I can see this post is getting lots of views, but nobody is contributing to the conversation.

In Sept when I placed order Tesla had a 7.49 rate I went with Chase at 6.25 % and I’m a 800 score

 

[Cyberhugo1]

what my credit score was excellent around 763 I made a big down payment $50,000 why is my financing rate so high 8.9% ! seriously you got it with a 5.19% rate?

wow that's crazy

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