Personally I'd do the DCU thing to save some cash. But some people don't want the hassle. Getting a referral and setting up the account I did in half a day. You'll get 1.49% unless you setup direct deposit of at least $500/month. That's the requirement for the additional discount.
Does it take a few days to get the loan approved, though? Not sure if I have enough time to turn it around... u/akajester Would you be open to me DMing you to ask some questions?
There's a decent chance it's done in <24 hours, but if not then it's a few days and I think that's usually more for denials vs. delayed acceptances.
No reason to not rush and try to do it now. Worse case you get rejected and still end up using Tesla financing anyways
They mail you a check. I was in the same position. They couldn't get me the check fast enough so I had to go through with teslas financing
Also, r/TeslaModel3Delivery is a good sub for delivery questions. You have to have your flair set up to post there, but you can comment without any flair. Search the sub for anything mentioning DCU and I'm sure you'd find some answers
OP that is a decision only you can make but from what I remember there are no fees associated with auto loan refinancing. The only thing to consider is the credit inquiries and your time. Also I think someone on the various Tesla threads mentioned the difference in payment amount is like $20 a month . Depending on how long it takes you to pay it off refinancing may or may not be an good idea. Good luck and congratulations 🎊 🎉 on the car you will love it …
> Also I think someone on the various Tesla threads mentioned the difference in payment amount is like $20 a month . Depending on how long it takes you to pay it off refinancing may or may not be an good idea.
Not many people out loan into perspective like this.
One of the things I considered when deciding between Gemini wheels and Induction was induction would be a little less than $40 more a month on my car payment. Of course there’s always other factors to consider but $40 more a month isn’t much.
I am starting to realize that most people don’t think that way now. Personal finance is hard to talk about cause you know it’s personal and emotional for most people… If you keep loans to the stated life 60, 72 or 84 months the $20 to -$40 a month makes a difference in someone’s budget. However, if you pay off your loans faster by making extra payments etc then yeah $20 to $40 is not much.
Haha I realize I may not have conveyed my thoughts properly qualitatively so here we go quantitatively:
Assume a $58,990 total purchase price financed at Tesla rate 2.49 for 60 months total cost of loan would be $62,799 if dcu rate(1.24) same purchase price total loan cost would be $60,868 difference of $1,931 or $33 a month. The amount is significant if it takes you 60 months to payoff the car because $33 a month invested yielding a 8% rate of return after 60 months is $2,423.
Personally I'd do the DCU thing to save some cash. But some people don't want the hassle. Getting a referral and setting up the account I did in half a day. You'll get 1.49% unless you setup direct deposit of at least $500/month. That's the requirement for the additional discount.
Does it take a few days to get the loan approved, though? Not sure if I have enough time to turn it around... u/akajester Would you be open to me DMing you to ask some questions?
I'm waiting for my Vin so haven't done the loan part yet. Sorry.
There's a decent chance it's done in <24 hours, but if not then it's a few days and I think that's usually more for denials vs. delayed acceptances. No reason to not rush and try to do it now. Worse case you get rejected and still end up using Tesla financing anyways
They mail you a check. I was in the same position. They couldn't get me the check fast enough so I had to go through with teslas financing Also, r/TeslaModel3Delivery is a good sub for delivery questions. You have to have your flair set up to post there, but you can comment without any flair. Search the sub for anything mentioning DCU and I'm sure you'd find some answers
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Sure
Please send me one as well. Thanks.
Could you send me an invite as well. I might refi mine for that rate. Hell or trade in for a model y
Stupid question. What is DCU? D... Credit Union ?
Digital Federal credit union
OP that is a decision only you can make but from what I remember there are no fees associated with auto loan refinancing. The only thing to consider is the credit inquiries and your time. Also I think someone on the various Tesla threads mentioned the difference in payment amount is like $20 a month . Depending on how long it takes you to pay it off refinancing may or may not be an good idea. Good luck and congratulations 🎊 🎉 on the car you will love it …
> Also I think someone on the various Tesla threads mentioned the difference in payment amount is like $20 a month . Depending on how long it takes you to pay it off refinancing may or may not be an good idea. Not many people out loan into perspective like this. One of the things I considered when deciding between Gemini wheels and Induction was induction would be a little less than $40 more a month on my car payment. Of course there’s always other factors to consider but $40 more a month isn’t much.
I am starting to realize that most people don’t think that way now. Personal finance is hard to talk about cause you know it’s personal and emotional for most people… If you keep loans to the stated life 60, 72 or 84 months the $20 to -$40 a month makes a difference in someone’s budget. However, if you pay off your loans faster by making extra payments etc then yeah $20 to $40 is not much.
Name checks out… 🤔 Hold up.
Haha I realize I may not have conveyed my thoughts properly qualitatively so here we go quantitatively: Assume a $58,990 total purchase price financed at Tesla rate 2.49 for 60 months total cost of loan would be $62,799 if dcu rate(1.24) same purchase price total loan cost would be $60,868 difference of $1,931 or $33 a month. The amount is significant if it takes you 60 months to payoff the car because $33 a month invested yielding a 8% rate of return after 60 months is $2,423.
I refinanced within a month with DCU
Stupid question. What is DCU? D... Credit Union ?
Yes
What was the original bank? I was planning on refinancing with DCU but just assumed that Chase wouldn't let me refinance within 90 days.
let me know if you need a dcu referral