Decent new car loan APR?

[Zone Read]

I'm going to replace my car pretty soon. Going to go with a new one, dealer financing interest rates (Tesla) are not competitive. Last 2 times I financed cars for my wife and I we got crazy good interest rates at credit unions that were a bit below the averages I had been seeing, I guess they were promotional rates.

I know interest rates are horrible right now, but is anybody seeing a promotional rate at any bank or credit union? Lowest I've found is 5.5%. I've got an 825 credit score and a decent income so I assume I'll qualify for the lowest rate.

[esas]

Dealer / vendor financing incentives will beat banks right now….ive seem 2.9 and 3.9 with Ford, GM and Toyota on certain models. Go direct to the manufacturer.

[Zone Read]

Originally Posted by esas

Dealer / vendor financing incentives will beat banks right now….ive seem 2.9 and 3.9 with Ford, GM and Toyota on certain models. Go direct to the manufacturer.

I'm getting a Tesla. Tesla rates are not beating any credit unions.

[galaxyhi]

Originally Posted by Zone Read

I'm getting a Tesla. Tesla rates are not beating any credit unions.

Then join a credit union if you don't already belong to one, then arrange your best deal on interest rate, then negotiate your best deal at Tesla dealership.

Unless Tesla has an incredible "finance with us and we'll give you $15,000 off the price" type deal.

Also check into an government incentives (if you haven't, the dealer doesn't inform you, and if any still exist or are available on a Tesla).

In my area, I've seen 3-4 yo Teslas with about 50k on it going for about $16-18k. Might be worth looking into in your area. Once you drive it off the lot, it becomes a used car anyway.

Best

[Hemlock140]

I belong to 2 credit unions, and their rates are both currently at 6.49%, slightly lower than Tesla wants. Some other dealers, however, are offering great financing deals. Where we bought the Outback is offering 2.9% on some models, 0% on others. Our local Toyota dealer is at 2.75-6.75%, and even 0% on the bZ4X EV. Tesla probably won't be doing that despite their inventory piling up. If you found 5.5% I would go for that, you can always refinance it if the rates drop back to 2-3% in the future.