Thanks everyone. Just wanted to say I went ahead and purchased my Tesla Model 3. Ended up being 60K but I’m buying it instead of leasing it. I’m putting down 40K and 20K financing so my monthly payment will be 300 buxx. I’ll pay it off probably in a year so I have no car payments for a while! Sadly it’ll be ready in May!
Why not try to get one right now using the waiting for Tesla Discord and lock in a low rate(DCU is doing sub 1.5%). Putting $40k down on a Tesla sounds crazy.
What is that waiting for Tesla Discord exactly? can you give me more info on that?
Money is cheap to borrow but interest is still interest… But if you have no better place to park the money/higher interest loan somewhere else I guess it makes sense.
Yeah it due to the interest being high at 2.74% it didn’t make sense for me to pay the interest. I’ll pay most of it and finance just a bit so I don’t pay a lot interest and most likely I’ll pay off the rest next year anyways… so I’ll have no payments for couple years and I may sell the car in 2-3yrs who knows how long I’ll keep it for…
If you actually want to get a Tesla quickly, follow this post How to get a New Tesla FAST -- WaitingForTesla Discord
You can probably get one tomorrow depending on where you are.
You don’t have to use Tesla Finance you know. DCU is 1.49% for EVs, upto 65 months.
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Oh wow! I just applied for Tesla Finance and already got a hard inquiry on my credit. That sucks. No one has called me yet tho. 
OMG THANK YOU!!! I didn’t know this. What is DCU exactly? and my loan is 72 months. Would they do more?
All auto loan inquiries within a certain time frame count as one inquiry. For Experian that time frame is 14 days.
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When not actively looking for credit, it’s strongly recommended to freeze all your credit through the three bureau. Unfreeze them only when you are looking for credit and lender requests you to unfreeze.
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65 for best rates but one of the Carolina CUs is doing 1.99% for upto 84 months. That discord has an entire channel dedicated to it.
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Inquiries don’t matter, (unless you’re really close to sub-prime).
More importantly, why would you apply for financing now for a car that’s 3 months out from delivery? Does Tesla finance offer a 3-month rate lock?
Just curious, how did you get to 60K? Ordered LR? I assume that based on your Edd?
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Just worried my credit will go way lower. Currently I’m at 850 credit score.
I was stupid. I thought applying for financing Tesla gonna lock me with the rate and get the money and I’ll just wait for delivery. Now I see that’s not the case. I believe Tesla Financing is 90 days unless i’m wrong? Damn it’s 60 days… I made a huge mistake.
I got the LR with white/black interior. (358miles)
you need the credit for something in the next year? its not worth stressing about,
No, but I don’t want to lose my status of “Excellent” credit. I worked extremely hard to get to 850! lol
You’re overthinking it
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You didn’t make a huge mistake, LOL, (as I said, Inquiries don’t mean squat to an 850 score), I’m assuming a perfect FICO 8 as opposed to the Auto enhanced FICO 8 most auto lenders use. 850 FICO 8 probably translates to an 875+ Auto 8 if you have previous auto loan(s).
The only way your score would drop dramatically would be in the case of a Hard Negative, (I.E., a new 30-day delinquency), =approx. -100-125pts, (but you’d still be tier 1). At your level of creditworthiness, you don’t Apply" for credit, you just “Choose to open” a new tradeline that you want, and your DTI supports, LOL.
Interesting comment about the 60-day lock. It kind of explains why Tesla’s captive recently moved from 2.49 to 2.74, (pricing in now an anticipated 25 basis point lift-off by the Fed in March).
Lmao. Bruh an inquiry at worst causes a 5 point drop. It’s meaningless. This is some serious #okboomer shit.
$40k cash down, worrying about 1 credit hit. You are gonna need to do more research about like everything.
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Lol thanks guys! Love this LeaseHackr Fam!
I’m not gonna go with Tesla Financing. I may just do the DCU Auto Loan. that 1.49% is a steal! vs the 2.74. I just hope I get the Tesla quickly before the rates go up…with my luck probably next month… or a few days. LOL