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It is easier to call or talk to a real person in case of any issues arising.When financing directly through your bank, you may end up getting better rates than the Tesla rates (not always guaranteed).Advantages of financing through your bank Finance directly through your bankįinancing through your bank is the other great option. See also: Used Tesla Delivery Checklist (Inspecting A Used Tesla). Therefore, I recommend checking out what loan rates Tesla will give you, then comparing your numbers with other good Tesla financing options. For example, one may get 3.24% while another person gets 2.49%. This explains why people with the same credit score, like 750+, will end up getting different rates. This is because the loan rates on Tesla do not depend on only the credit score, but also on so many other factors. I may have gotten higher rates when financing through Tesla but this may not apply to everyone with the same credit score as mine. On the other hand, other good local Credit Unions would have given me 2.25%. This means that you may end up paying more.įor example, the last time I checked this year, If I had bought a Tesla and financed it through Tesla, they would have given me a 3.24% rate with a credit score of 750+.
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The rates you get when financing through Tesla are in most cases not better than those of credit unions. See also: Tesla Insurance VS Geico: Which Is Better? What is the downside of financing through Tesla? But of course, you may also have to put more downpayment depending on the price of the vehicle and configurations. However, with Tesla, getting loan approvals will be a matter of minutes. If you are self-employed, the Credit Unions will not want to give you an auto loan and will make it difficult to get a loan with them. If you are self-employed, it is easier to finance through Tesla.Tesla finances through many banks, which could possibly get you better rates (though not guaranteed! and rare).You get to pick your Tesla without dealing with how the check gets there.If you qualify for their financing you can easily get approved in 60 seconds at best or 5 to 10 minutes.This is another good way to finance your Tesla, especially if you are looking for a slightly easier purchasing process. Tips For Buying A Used Tesla (What To Look For).Ĭomplete Guide To Buying A Tesla (What to Know Before Ordering A Tesla). What are the downsides of getting a Tesla loan with DCU? DCU deals with Tesla regularly, therefore, they are more aware of Tesla processes when buying the car.In recent months, DCU has been offering the best loan rates at 65 months with direct deposits and the rates go up after 72 months. Getting cheaper auto loan rates on DCU also depends on the term.įor instance, are you going past 65 months or 72 months? You can also take advantage of the member discount. To get cheaper rates on DCU when financing a Tesla, you should specify that you are buying an EV.You will need to meet their requirements to get cheaper loan rates, such as direct deposits.Everything including the loan application is done online. Other things to know when applying for a loan through DCU There are numerous people who work for large companies who have gotten DCU membership this way, even though they do not live, attend a school, or work in the communities listed on their website that qualify for automatical eligibility.īe sure to go through their member eligibility on their official website. I recommend this option if you do not qualify for a DCU membership (do not meet any requirements). Check if the company you work for is a member.You can donate as low as $10 and be able to easily open an account with DCU. Donating to their supported charities.What’s the easiest way to become a member of DCU? But it still offers better rates for people looking to buy EVs compared to most other financing options in the US market. Digital Federal Credit Union (DCU)ĭCU was in the past recommended by most people because it had a referral program and cheaper rates for EV financing. How To Finance a Tesla (Tips and Tricks). The information is based on the experiences of other Tesla owners. NOTE: We are not promoting any of the listed Tesla financing options and do not earn any affiliate income from them. If you are looking for Tesla financing options, this article has listed the three main tesla financing options.