Financing Your New Vehicle: Compare Rates and Make the Best Choice for Your Needs
Financing options other than Tesla Finance
When it comes to financing a new vehicle, there are many options available. One of the most popular is Tesla Finance which offers competitive interest rates and convenient online applications. However, if you’re looking for better financing options, there are several banks and credit unions that may be able to beat Tesla’s rate.
For example, Xxeed (now Kinecta) Credit Union has rates as low as 5.24%. You can get an additional 0.25% discount when financing a green vehicle, bringing the rate down to 4.99%. Another option is Wells Fargo which shops your loan but doesn't write it themselves. As of this moment, their rate is 5.34%, however this could change depending on the market.
DOLFCU is another great option for financing a car purchase. They offer up to 65 months at 3.14% and 66 month plus at 3.64%. To take advantage of these rates, you must call them directly rather than apply online. It's important to note that DOLFCU won't send a check directly to Tesla - instead they will deposit the funds into your checking account from which Tesla will deduct the cost of the vehicle electronically.
Finally, it's worth considering paying as much upfront as possible and then paying extra on what's left in order to reduce the amount owed. This strategy can help you save money in the long run even if you have excellent credit and end up with a higher interest rate than expected.
In conclusion, while Tesla Finance offers competitive rates and convenience, there are several other banks and credit unions that may be able to provide better financing options for those who want to save money or need more flexibility. Be sure to shop around and compare different lenders before making any decisions so that you can make the best choice for your needs.
What is the best option for financing Model Y?
In the current market, you aren't going to find great deals. Xxeed (now Kinecta) Credit Union has rates as low as 5.24%, and you can get an additional 0.25% discount if you finance a green vehicle. You can also pay as much up front as possible and then pay extra on what's left to knock it down. Wells Fargo shops your loan, but they don't write it themselves. DOLFCU.ORG offers up to 65 months at 3.14% and 66 month plus 3.64%.
Is it safe to give my information to an unfamiliar organization?
Credit unions are strictly regulated by the government, so there's no reason to fear them - at least, not any more than any other bank or credit union.
How do I get the loan check from DOLFCU?
Apply online, then call them to close the loan quickly. They will send the check directly to Tesla, who will deduct the cost of the Tesla electronically from your checking account.
What other financing options are available?
You can also look into peer-to-peer lending, which is a way to borrow money from individuals instead of banks. Companies like Lending Club and Prosper offer competitive rates and terms. You can also try a home equity loan or line of credit, which can be used to finance the purchase of a car. Finally, you could consider a personal loan from your bank or credit union.
Are there any special offers for Tesla owners?
Yes! Tesla offers a special financing program for Model Y owners. You can get up to 6.99% APR on a new Model Y with no down payment, and you can also get 0.50% off if you have an existing Tesla loan. Additionally, Tesla has partnered with several lenders to offer special financing deals for their vehicles.