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Life0fstacy

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#1
Hi! I'm new to Tesla and trying to figure out financing. Is there a thread on this? Or where would be the best spot for me to asks questions about financing for a model 3.

Thanks
Stacy
 

JasonF

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#2
Tesla has its own financing (well, not their own, they have a bank do it) if you just want to keep it simple. I looked around and couldn't beat the rate they offered me. And I also looked around afterward, because refinancing doesn't harm your credit if you do it within the first 30 days or so, but I still couldn't beat their rate. They do not offer multiple avenues of financing like traditional dealers do, though.

If you have a really good credit union or something similar with better terms, though, I believe you can just put down the $2500 deposit and bring a certified bank check with you to delivery.
 

Life0fstacy

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#3
Ok but I wondering with lower credit scores where people have gone. If I had 740+ scores...I wouldn’t be concerned about financing. Is there somewhere on here where people discuss financing? I did the Cap 1 approval but they don’t work with Tesla...I was approved for 45k which is about how much the Tesla is. There was a credit union recommended on some thread on here, I called the rep and he said prob 20% down but I don’t really want to put that much down. I would rather put 10% down...
 

GDN

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#4
There are a couple of threads here on rates, but I think they are getting a bit stale. As financial markets and interest rates change the information in those becomes old and non-applicable. The best thing to do is check your local institutions. Credit unions are often better on rates, but you must qualify or belong to the CU to do business with them. Google a few that are local to you and just visit their web site to see their published rates.
 

GDN

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#6
Here is one of the big financing threads - the majority of it came from over 12 months ago as the majority of us that had been waiting for 2 years were getting rates and approvals. Rates have changed since then, but there might be some good information in it toward the end. I've not followed it in a while.

A review of the closest 5 or 6 CU's will likely give you the going rates for the best credit scores, those are typically what are advertised and lower scores will have higher rates.

https://teslaownersonline.com/threads/financing-your-model-3-rates-all-na-data.5602/post-65115
 

Life0fstacy

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#7
Ok. I’ll look that over. On the Cap 1 site they have a base model 19 for 43,900.00. I know I am approved for it and can get it. It has 2k miles on it. It’s the same price as if I got the blue and white like I want but I’m worried if I order I won’t be approved. There are hardly any 19’s on the market and they are all more then what are paid for new...thoughts??

Scores are 620-640, not because I’m not financially stable. I have a heart condition and have had many surgeries so there are medical collections.

I’ve had mane car loans and most are 40-60k but normal dealers have tons of banks they work with...

Thoughts? If anyone has been in my situation and wants to send me a private message that’s fine also.

Thanks for all the help. I’ll browse that thread.
 

JasonF

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#8
A strange quirk in financing I’ve noticed is it’s easier to get approved for a new car from a manufacturer/dealer than a used one (that doesn’t include dedicated used dealers like CarMax) if you limit the down payment. I’m not sure why.

You might also want to put off Autopilot and/full self drive until you can buy it separately (if you feel you need it) so you can finance more car for less money.
 

Life0fstacy

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#9
Yes. We would do the “base model” with blue and white interior and upgraded rims. Auto pilot is not needed. Don’t kill me when I say this...it’s for my 16 year old daughter. If we don’t do upgraded rims, would it be possible to get after market. The bubble looking rims are so ugly! Or should I just order with rims and take my chance on financing?! If I had to I could always put more down. The one used I found is now at 39k total base model...would that be worth it if I already have financing in place?! I’m so confused. 🤦🏻‍♀️
 

SalisburySam

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#10
1- local credit union, 2- Tesla directly, 3- other banking establishment that you’ve got a history with such as long-term checking/savings/credit card/mortgage/previous car loans etc.

Both exterior color and white interiors are upgrades, so not sure what you mean by “base model.” SR? MR? LR? Quite a difference in price from SR to LR, and the MR’s aren’t even shown to order anymore. Yes, rim upgrades are available with 3rd-parties.

I’m trying to not pile on for buying a brand new teenage driver any vehicle, let alone a relatively pricey Tesla, but I must admit I’m having trouble holding back. Honestly, if I learned of someone buying that level of auto for a 16-year-old, I’d have to assume lots of disposable income and an all-cash buy. Or the daughter is a working model, rock star (emphasis on working) or well-sponsored YouTuber with her own significant income. Sorry, I just don’t get it.
 

Life0fstacy

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#11
  • Model 3 Standard Plus Rear-Wheel Drive
  • Deep Blue Metallic Paint
  • 19’’ Sport Wheels
  • Black and White Partial Premium Interior
  • Autopilot
Cash is an option, but I would rather save it and finance.

She has a grandma who’s very generous. It will save me money in gas.
She commutes pretty far for high school because she goes to an art high school and worked her butt off to get accepted.

She’s not a typical “teenager”. She was selected to go on a science expedition for 3 weeks to study the rain forest and coral reefs. She scuba dives and is very much into energy conservation and everything that goes along with it.

I spend about $600.00 in gas in my X5 taking her to and from school everyday. So it will save me money there...
 

garsh

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#13
She’s not a typical “teenager”. She was selected to go on a science expedition for 3 weeks to study the rain forest and coral reefs. She scuba dives and is very much into energy conservation and everything that goes along with it.
Nice. My kid's the same way. I couldn't bring myself to get him a Model 3, so I got him a Chevy Volt. :)
 

Jetstreamsky

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#14
I think it’s a great a new driver has the chance to start out green rather than run old run down less safe polluter. For the wheels the aero covers are easily removable revealing a decent looking wheel underneath that Tesla sells a kit of lug nut covers and Centre caps to complete the look.
 

Life0fstacy

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#15
My mom wants her to have the 3 and she also wants her to start learning to drive on it. And well then I can drive it too! I was totally weirded out test driving the 3. But she will be able to learn on the different cars we have. And it is the safest car. She doesn’t go to school down the street at the local high school like most so I want to make sure has something safe and reliable.
 

JasonF

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#17
Yes. We would do the “base model” with blue and white interior and upgraded rims. Auto pilot is not needed. Don’t kill me when I say this...it’s for my 16 year old daughter. If we don’t do upgraded rims, would it be possible to get after market. The bubble looking rims are so ugly! Or should I just order with rims and take my chance on financing?! If I had to I could always put more down. The one used I found is now at 39k total base model...would that be worth it if I already have financing in place?! I’m so confused. 🤦🏻‍♀️
Financing can be altered, but you might have to call them - changing stuff from the web site is a pain.

I'm shocked that I was out all afternoon, and nobody pointed out that the Aero wheel covers can be removed, and there's a decent wheel underneath (see attached photo)! All you need is a bolt and center caps kit - for sale in the Tesla store - to complete it. The 19" wheels are nice, but you get lower efficiency and a little bit rougher ride with low-profile tires, plus they're more expensive to replace someday.

I also hear that if you're going to have a teenager driving it, you should put yourself on the insurance as well, it supposedly will save a lot.

And even I forgot to mention to prepare yourself, and your daughter, for charging. Make sure you're ready with a Wall Connector or a 240 volt outlet in the garage (14-50, 14-30, or 6-50, you'll need an adapter from the store), and familiarize yourself with supercharging and destination charging in the area, if necessary. Since teenagers can drive unpredictable amounts of miles, make sure she knows to charge nightly at home to 90% to get the best experience.
 

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Life0fstacy

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#18
Financing can be altered, but you might have to call them - changing stuff from the web site is a pain.

I'm shocked that I was out all afternoon, and nobody pointed out that the Aero wheel covers can be removed, and there's a decent wheel underneath (see attached photo)! All you need is a bolt and center caps kit - for sale in the Tesla store - to complete it. The 19" wheels are nice, but you get lower efficiency and a little bit rougher ride with low-profile tires, plus they're more expensive to replace someday.

I also hear that if you're going to have a teenager driving it, you should put yourself on the insurance as well, it supposedly will save a lot.

And even I forgot to mention to prepare yourself, and your daughter, for charging. Make sure you're ready with a Wall Connector or a 240 volt outlet in the garage (14-50, 14-30, or 6-50, you'll need an adapter from the store), and familiarize yourself with supercharging and destination charging in the area, if necessary. Since teenagers can drive unpredictable amounts of miles, make sure she knows to charge nightly at home to 90% to get the best experience.
Thanks for the info. We have electrical hookups for the RV. So we are good there. We live in So Cal so we have good options for charging. She goes to school from 7:15 am to 5 pm. So won’t be doing tons of driving. Weekends will be mall (with a Tesla store and charging) or the beach.) I’m glad to know the bubble thingys can come off. That will save $1500.00. I think I’ll look into that. I would rather her get better mileage.
 

JasonF

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#20
Here's a link for the Aero wheel cap kit (with better photo): https://shop.tesla.com/us/en/product/vehicle-accessories/model-3-aero-wheel-cap-kit.html

And the charging adapters: https://shop.tesla.com/us/en/product/vehicle-accessories/gen-2-nema-adapters.html

The wheel cap kit is $50.

I don't know if SR Model 3's still come with the J1772 adapter for public charging like Chargepoint. If not, here's that: https://shop.tesla.com/us/en/product/vehicle-accessories/sae-j1772-charging-adapter.html

Some public charging uses 14-50, and RV's will often either use that or 6-50. If you get both of those, plus a 14-30 (adapters are $35 each) it should cover most of what you'd encounter.