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Tesla Model 3 Financing

Tesla Model 3 Financing

As a future buyer for a Model 3, I'm curious as to how other's financing structures went? I haven't gotten to this stage yet but would love to prepare myself financially as well as just have some ease of mind.

E.g:
Total Cost:
Down Payment:
Apr:(Not too relevant)
Term: 12/24/60/72/etc
Monthly Payments:

If anyone is willing to share their own stories/experiences thus far.

alexa.ndye | March 10, 2018

I got my pre-approval from my CU right after I configured. I didn't take into account the federal or state tax credit, as I didn't want bank on something that might not happen.

Total cost: $55,000 (LR, PUP, Red, Aero, EAP)
Down Payment: $10,0000
APR: 1.85%
Term: 60 months
Monthly Payments: ~$786

At first I tried looking through my main bank, which is Chase, but their APR was higher than I expected. Same goes for the cost for insurance. I called various insurance companies and was going to go for AAA, since my family has been with them for a long time, but the quote they gave me was triple the amount of any other. I also live in CA where the cost of living is about an arm and half a leg, so I started looking for cheaper arrangements in terms of living expenses. I knew how much money I would be spending before I went through with the configuration process, but I went ahead and calculated my monthly 'Make It Rain'. I wanted to be sure I wasn't digging myself a deeper hole I couldn't get out of.

While I'm not happy with all this money I'm funneling into my dream car, I am convinced that it's worth it. I'm not a student and definitely not a rich person. Just over prepare yourself and you'll be fine!

jargenta | March 10, 2018

My CU has offered me 1.99% for 72 or 84 months. Not sure what term I’m going to take just yet. Will be doing approximately $6k-$7k down. Also plan on applying my EV tax credits toward the principal when received next tax season.

JPs M≡ | March 10, 2018

@alexa
If you don't mind sharing, which CU do you bank with? Is it difficult to become a member? Also, was the $10K down payment required, or was that just what you have/want to put down?

alexa.ndye | March 10, 2018

@JPs I went with the Caltech Employees Federal Credit Union, which i believe is only accessible by employees of Caltech (damn it my cover is blown). The downpayment wasn't required. I had chosen to put down that much since the beginning, and it's also a part of whatever i saved up between the time i made the reservation until the time i configured.

Whdame | March 24, 2018

I was going to E-mail Tesla Finance but it seems like you guys can answer my question here. I'm still on the list...waited till 4/1/2016 to order so no invite to configure yet for my Model 3. I see from reviews and so forth that there is another $2500 to confirm the order, which is no big deal.
My question is: If I use Tesla finance, how do you put down more money for a down payment? I did not see anywhere that is a possibility. I'm selling my current car and using that money towards the down payment to lower my monthly payment. I thought you might be able to do it when you take delivery but if you have to apply for finance ahead of time, is there a way to tell them what you are planning on putting down? Not really worried about getting denied for a loan, but it helps if I put a big chunk down to start.

johnnykadi | March 24, 2018

Alexa...Why wouldnt you get the federal tax credit?

tri_t_to | March 24, 2018

After watching the video it's clear that the uber didn't apply the breaks at all. A normal person would have at least tried to break. Slowing the car's velocity even by a little might have been the difference between life or death. As others have already pointed out the area is not as dim as the video portrays. Most other autonomous developers use 2 humans during live testing, one for monitoring the car and one to watch the road. Uber has a history of cutting corners and trying to mislead people. The only reason why they released their video was because they lowered the brightness of their video and hoped it would help their case. They should not be allowed to continue developing autonomous driving because their reckless testing could set back the technology as a whole.

tri_t_to | March 24, 2018

oops posted on the wrong thread :(

mr.wolf | March 24, 2018

Alexa, do you know if the rate is lower with a larger down payment or shorter terms?

alexa.ndye | March 24, 2018

@johnnykadi I didn't want to think it was guaranteed when I calculated everything together. It wasn't something I wanted to worry about in case I didn't get it.

@drumj00 when I talked to one of the representatives, she didn't specify a down payment. I believe the APR is flat per terms with or without down payments. Their rates are lower for less terms and higher for more terms. Highest I saw was 80 months.

mponti214 | April 15, 2018

@jargenta
what cu is quoting you that?

edroot | April 15, 2018

My CU is giving me 3.5% for 60 and 4% for 72. No Tesla financing available for me in Kansas. I checked a few other CUs in my area and this was about the best.

mark1234 | April 15, 2018

I put down $22k.
Payments $550 a month

rso529 | April 15, 2018

I'm going with Tesla financing which quoted me 2.99% for 72mo (via Wells Fargo) which ain't bad. But, I'm also putting in a big fat downpayment of $43k so i'm only financing $14k to pay $213/mo.

Ygor81 | April 15, 2018

I got 1.99% through a local credit union. The max term was 66 months. I chose to put down 7,500 + the 3,500 I had already paid. Payment is about $980 for 48 months (could have done 66 months for about 720/month - wanted to save some financing charges, about $800 over the length of the loan). 56k total cost of car (with fees). No sales tax in NJ.

billlake2000 | April 15, 2018

How can the NJ government operate with no sales tax? Please have your governor call my governor, jerry brown. Thanks.

peter.hoang | April 15, 2018

Just got financing thru my cu at 1.1% for 3 years. Need a minimum of 20% down payment to get this rate.

Rothock | April 15, 2018

@billlake2000 the no sales tax in NJ is specific to EV purchase. Most other purchases are taxed in NJ.

cloudohana | April 15, 2018

FYI Tesla financing is not available in Texas for purchasing cars. You can do a Tesla lease in TX (just not the 3 yet). TX still won't allow direct sales. I have to wait until someone in Las Vegas calls me and I have to make all payments online (no cash) before they ship the car to TX for delivery at the Tesla gallery. Which is a bit backwards and a PIA all because of the dealership lobby :(

For my financing & insurance I just do USAA because they cater to military and understand all our weird situations and moving around, including going overseas. The loan APR was competitive with Tesla's but not as low as some of yours. Not a big deal since I'm putting a big chunk down because my old car has been paid off for 9 yrs. Insurance quote seemed normal and on par with what we have been paying. These are key for me because I'm taking the car to Korea for 2 yrs.

Bartman4 | April 18, 2018

I just called Tesla and confirmed the following. You can put $0 as a down payment as long as you can get approved for 110% of the price of the car. This is to cover the addition of taxes, delivery, etc. I was told the interest rate doesn't vary with downpayment or term. They also told me that if I didn't get approved for the 110% a specialist would reach out to me with the amount that I got approved for and the downpayment that I would need to provide. The 2.99% interest rate is pretty compelling so I put in 72 months and 0 down just to see what they come back with.

gballant4570 | April 18, 2018

My plan is to take the money out of retirement savings, and pay cash. I am already retired - would not recommend this plan otherwise....

wilsonleungdds | April 22, 2018

What's the latest interest rate financing through Tesla for the 3?

mponti214 | April 24, 2018

just got my model 3 vin # . Im in FL does anyone know who tesla finance the model 3 through?

wiboater4 | April 24, 2018

gballant4570 | April 18, 2018
My plan is to take the money out of retirement savings, and pay cash. I am already retired - would not recommend this plan otherwise....

If your getting higher interest on your retirement savings than the loan interest rate it may be better for you to just put a large downpayment and finance the rest . My financial advisor told me they can just send me the amount of the payment each month. I still havent configured yet , waiting for AWD but plan to ask him how much would be wise to put down. Just a suggestion to check into.

CASEMAN | April 24, 2018

@peter.hoang - Which CU is that and where are they located? I will go with them if I am able to join. That is a phenomenal rate.

jmorace1 | May 10, 2018

Okay it's 05/09/18 and I should take delivery here in FL early June. Everytime I research rates they just keep going up. Anyone have any suggestions right now on best rates for tier 1 credit?

miguelcampeau | May 10, 2018

Anyone financing in Canada? What interest rates are you getting?

jmorace1 | May 10, 2018

Tesla finances through Chase Bank

RedTeslaModel3 | May 10, 2018

Down $15k
1.99 apr for 7 years
Bank: PVFCU (VA resident only)
Dates 3/30 (interest was still low then)

Driven about 3K miles in a month, gas saving from 89/91 made up for a good part of my car payment.

I really regret putting down $15k. They offered that rate for 100% finance.

RedTeslaModel3 | May 10, 2018

Forgot to say: to join PVFCU, they require that you live near or join the co-op. Co-op cost $250 to join but the trick is join with monthly payment. Just make the first payment of $20 to get account to join the CU. The co-op doesnt require the rest of the payment till you are in the area and visit their store. For $20 i was able to save a ton on interest rate. Hot them up if you are in VA. I shopped around and current have account with wells fargo pma, navy, pentagon fcu and other cu, nothing went as close as PVFCU in term of rate.

hpn | May 10, 2018

Schoolsfirst 2.39% 60 months $50k max loan.
Requires monthly auto pay and need to be a member.
Planning to put down $25k.

mthomtech | May 10, 2018

I went with Xceed Financial Credit Union and got 2.5% for 84 month term. They go down for lower terms (all the way to 1.75% for 36 months). Easy to become member with a small donation to a partner charity. So far they have been super easy to deal with and seem to have the Tesla process down (even in TX).

timelord33 | May 18, 2018

I am in Pensacola, FL and hope to take ownership in June. Still waiting on a Vin number. @mthomtech: can you share how much you put down to get the rate you received? Was 0 down an option and if so, do you remember the rate you were quoted?

Alternator | May 18, 2018

These are the rates we were quoted for Ontario, Canada.

Here are the current rates for May 2018:

Model 3

RBC Term Scotia

4.39% 96 4.49%
4.14% 84 4.49%
3.99% 72 4.05%
3.91% 60 3.99%
3.82% 48 3.85%
3.70% 36 3.85%

boonerbarros94 | May 20, 2018

Just received email to configure our 3 - yay! Looking at loan rates in WA State and have been unable to find anything lower than 3.25% (Navy Fed CU), which is what Tesla is offering as of todays date. Any tips/ideas from the experts here??

ricewardr | May 26, 2018

I am not an expert, but the best rate I can find currently is from Bethpage FCU, 2.49% for new cars. You have to be a member, but that costs $5. Here is the URL: https://www.bethpagefcu.com/personal/borrowing/vehicle-auto-loans.aspx?s...
I do not have any experience with them, just passing on the information.

agodshall | June 27, 2018

I got 0.99% APR from San Francisco FCU approved initially for a 35 month loan. Unfortunately Tesla delayed delivery a month and that deal expired. The terms available now for that rate are for <24 months, which puts the payment outside my range, so I'm getting 2% instead.

WantMY | June 27, 2018

It is interesting to see those who managed to pull through with $1,000/month for 60 month journeys. Somehow, I think they would not be in a hurry to jump into other $50K-$60K car payment trap right after it is over.

Bapasitaram | July 24, 2018

hi, what range of APR provided by Tesla finance for 3? If anyone done in the past.
Also, will they delay delivery of Tesla, because i still not fill out driving and insurance information? As i am in process of changing my home ? And Tesla says, I cannot change address once I submit my information.
So, please guide me. What should i do?
Thank you

JuJo0 | July 24, 2018

I would ask your ISA about the address change. It shouldn't be too much of a problem, as long as you finalize your new address before the delivery.

Yes, they may push your delivery date if you don't "green out" the check marks.

The APR depends on your credit score and credit history. Tesla does not finance; they shop your credit history around many banks and credit unions and give you the best deal (if they find one). It depends where you live. For me, they checked Wells Fargo, Chase Bank, Tech CU, and a couple others I can't remember. I ended up going to a CU with my employer; they gave me a better deal.

Vailweller | July 24, 2018

Mine is 3.6% through local credit union for total price of the car, for 83 months. I was very unimpressed when I went to Tesla dealership in Palo Alto, they quoted a higher APR. I thought I had found a good deal until I now see some of the rates you have found!

gmkellogg | July 24, 2018

@agodshell 0.99% Wow. But you're right the term is a bit aggressive. 2% is still a great rate.

djejnyc | July 25, 2018

Credit unions have the best rates, but Lightstream matched it for me, and much easier to deal with. If you qualify, it will be unsecured, so they just transfers the funds to your account and you bring Tesla a cashiers check. To Tesla it's just a cash purchase.
Here's what I ended up with:
Total Cost: $54,635 (with Taxes and delivery)
Down Payment: $24,135
Apr: 2.35%
Term: 12/24/60/72/etc 60months
Monthly Payments: $442

richardls | August 20, 2018

Tower Federal Credit union is offering the following rates:
36 months - 1.74%
48 or 60 months - 2.24%
72 months - 2.49%
The rates are here: https://www.towerfcu.org/borrow/loan-rates/
You can qualify for membership by joining (making a donation of at least a $35) to Tower Cares https://www.towercaresfoundation.org.

Please post here to let us know if this works (and if you couldn't get the published rates why - e.g., because they didn't like Teslas or credit rate wasn't high enough) or if you find a better rate elsewhere.

I hope this helps!

FINbit | August 20, 2018

So in the Tesla finance application it seems like the loan amount is the total amount (car + options + delivery). For down payment it is just a percentage field, and I don't see the $3500 they already have, taken in to account anywhere.

I ordered 2 days ago, and Tesla just called to say the car was ready....

Tesla is still processing my trade-in. So do I just take the 3500, add my trade-in value when they finish processing it, and then any extra I want, convert that total to a percentage and put that in the field? I just don't want them to expect cash for that percentage if I have already factored in the $3500 plus trade-in to account for some of it.

Thanks in advance for the clarifications!

jason | August 20, 2018

I choose to try Tesla's Finance which is done thru Well's Fargo Dealer Services they quoted me 3.59% for 72months for a loan amount for $54k with taxes, destination fee, registration, etc.

And all I paid cash was a total of $5063 (1000 res, 2500 order, and $1563 cash upon pickup.

jason | August 20, 2018

I choose to try Tesla's Finance which is done thru Well's Fargo Dealer Services they quoted me 3.59% for 72months for a loan amount for $54k with taxes, destination fee, registration, etc.

And all I paid cash was a total of $5063 (1000 res, 2500 order, and $1563 cash upon pickup.

EVGhost3 | August 21, 2018

@jason
Did range did your monthly payment end up being around?

nathanupam | August 21, 2018

@richardls, regarding TowerCU : https://www.towerfcu.org/borrow/loan-rates/ - Notice something about this statement being really wrong:

Annual Percentage is subject to change. 1.49% applies to vehicle purchases only and includes discounts for 1) enrollment in automatic monthly loan payments, 2) Tower checking account with direct deposit and any Tower loan OR any two Tower loans, 3) Using the Tower Car Buying Service with TRUECar Guaranteed Savings certificate. Not all applicants will qualify for the lowest rate. All loans are subject to credit approval. Rates, terms and conditions vary based on credit worthiness and program requirements. Other qualifications may apply.

Auto loan payment example: $30,000 auto loan at 1.49% APR for 36 months will have monthly payments of approximately $568.41.

nathanupam | August 23, 2018

I applied through Towerfcu, they are providing me 1.99%(not bad for current rates). My credit score is in low 800s. If you folks like, you can try as well.

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