This week, I ordered a new 2020 Tesla Model 3 Long Range AWD from existing inventory. NFCU offered me $52K @3.99% for 72 months. Tesla Financial shopped around but was only able to offer $52K @4.69% through TD Auto Finance, LLC.
Having heard nothing good about TD Auto Finance, I opted to go for the lower rate with Navy. TD Auto Finance pulled TU and Navy pulled EQ, although in each case I'm not certain which FICO scores they use.
Navy also offered GAP insurance for $299, paid over the life of the loan, which I accepted. That's about what I would have paid to Gap Direct, but they require the entire premium up front.
FICO Auto 8: EQ 718; TU 714; EX 706
FICO Auto 9: EQ 737; TU 706; EX 699
Not a bad deal. But certainly not the best interest rates available.
Congrats on your new Tesla!
Thanks for the DPs.
Congratulations on your approval and new Tesla!
@Gmood1 wrote:Not a bad deal. But certainly not the best interest rates available.
Congrats on your new Tesla!
Thanks for the DPs.
Not sure why I wasn't able to get Navy's best rate. There are two possible causes: First, lenders are tightening qualification policies for auto loans during the pandemic. And, BMW is in the process of buying back one of my cars under California's lemon law. But that loan is still showing on my reports for now. So it looks as if I'm adding a car when actually I'm just replacing an existing one.
The Navy CSR told me I could always refinance with them in a year to get their best rate.
Yeah, I've noticed Navy can be a bit wishy washy on those rates.
Even with good credit, they aren't giving the best rates they offer.
Family member went with some one else because of it. His last vehicle was financed with Navy.
Penfed has jacked their rates up as well. Head scratcher for me, as they used to beat Navy in auto loan rates pretty easily.
I've been looking a lot at rates lately. Thinking of buying another vehicle in the coming months.
Navy displays good rates, but doesn't look like they give them out too often.
Nephew financed a used 2018 Honda Accord through AOD and still got 2.39% for 72 months.
Rates went up a 10th of a point this month. But they are still really good.
So far in my search. The lowest rates I've found on a used vehicle loans are through AOD or Redstone federal credit union.
Surprisingly, Cap ones aren't too shabby either. Some are in the 2% range.
Places like US bank and BBVA have lost their minds offering 5% rates on new vehicles to prime credit customers!😂
Just a 1.5% decrease on your loan would save you around $3000!
Congrats!
Maybe that's what they're capping at right now? Navy offered me the same rate on 72 mos and my score is 51 points lower. Don't remember my internal.
