Try 0% UTI before applying for the loan and in this situation money does sweeten the deal . When available, we recommend you use interest rate information provided to you by your dealer or lender. When you register for our products and services, we also collect certain personal information from you for identification purposes, such as your name, address, email address, telephone number, social security number, IP address, and date of birth. FTC's website on credit. I'm planning on doing at minimum 20% down. You can get that type of loan at some credit unions or on fiwize.com (soft credit pull) to get your payment. You won’t find specific pages on Trustpilot or the Better Business Bureau (BBB) for Tesla Financing. Agree with other comments.. a down payment will help for sure. Tesla Loan is a Conditional Sale agreement that provides the benefits of ownership and unlimited mileage. Was your score under 720? I did not wait for response emails. I went with Upgrade. I decided to get a personal loan for 20K and pay it off in one go. 2.74% APR* APR=Annual Percentage Rate. More details on software and accessibility are available at WebAIM.org. Company of Cars > Finance > Get Approved for a Tesla Lease or Financing. Credit utilization always around 5%. Headquartered in California, Tesla is an electric-car maker led by CEO and co-founder Elon Musk. My wife does not work but is considering getting a job. Through Tesla lending:Wells Fargo: Max 50K@1.49. I decided to get a personal loan for 20K and pay it off in one go. Just laughable. Reply. With your income it would be a piece of cake to knockout in a year not to mention you would qualify for the best rates on the Tesla with your greatly improved credit score and lower DTI. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Not even joking. More details on software and accessibility are available at WebAIM.org. Re: who has been approved for tesla financing? My wifes' score is lower than mine by around 20 points, and I am hoping to have her debt free in 9-14 months. Here’s an example for a Model S Long Range Plus. or an Audi s6. Before taking delivery of your car, you will be asked to pay your chosen down payment, between 0% to 50% of the purchase price. Normally a person buying a Tesla has decades of credit history with a bunch of auto loans. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. As I mentioned in my original post, I have not done enough homework on finance vs lease for a car that costs this much. Terms, conditions and fees apply to any loan. Credit score is in range ~770 on Transunion and Equifax, ~760 on Experian. If they followed your advice, they would lose a significant amount of points before applying for the car loan. I would love to get through this with as low as a down payment as possible. Tesla likes to do things differently from other car manufacturers and this can clearly be seen in their technology, production, marketing and sales strategies. Then within one month of your car’s delivery date, you can fill out a Tesla Financing application through your online account. My suggested list of CUs for you:Digital federal credit union (Financed 30K@7.99 on my first car when I had 4 months credit history and a score of 589), Unify financial credit union (Known for financing full MSRP on the car), Logix CU (Income was their biggest roadblock, might not be an issue for you). Another thing I did was to pull the 3B report from myFico.com and simulate the scores. This is understandable. I’m planning to get a Model 3 sometime next year and was curious if anyone could offer some advice. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. As an independent lender specialising in prestige and performance automotive finance, we are able to tailor a wide variety of bespoke and highly flexible arrangements to help you get behind the wheel of a new or used Tesla. Fortunately, we have the means to eliminate this debt, but not fast enough. Revolving credit = bad, installment credit = good. Sort by: Name Product Min. For this reason, she will not be a co-signer on the loan. Star One Mobile Banking It's free and secure to use! The simulations were pretty bang on to what happened in reality. fixed for the term of the loan, with a total amount payable of $0. PenFed: 100K@3.24, 72 months. The scores were also the same as the ones pulled by the lenders. I have around $28k in credit card debt, and I am aggressively paying it down, so extra money every month goes towards that. Compare car loans to finance a Tesla. I haven't given much thought to purchasing vs lease. There might be a few CUs out there that don't look at your credit score if you can give a solid proof of income. PatelCo CU: 55K@2.49, 72 months. I am not sure how banks handle commissions since the math can be fuzzy. Alo, consider residual based financing with a buy back guarantee. Anyway, I filled out an app via DCU to get a loan and I was denied right away. We tend to cycle through vehicles every few years, and I imagine it will take 4 years to get into positive equity on this car (I don't have any hard math to back that up). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. I'm happy to see these posts. Just an update, for everyone's benefit. Have no lates for my auto loan for almost four years. $500 4.90% to 29.90%. My other two vehicles are both under $50k, and one is a lease the other a purchase. 845. I was approved in about 5 min, paperwork took 15 min. CUs don't like it when you ask for 6-digit loans, hence the 99K. Subject to credit approval. PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. Ordering a New Tesla Ordering a Used Tesla Prepare for Delivery Day What to Expect on Delivery Day After Taking Delivery Find Us What is Tesla Financing? It was paid in full. Tesla finance selected by Tesla owners. The Model X 100D out the door was 114K. Counter offer citing lack of loan experience, required bank statements. My Credit Score is 626, do you think that's good? Alo, consider residual based financing with a buy back guarantee. Tesla Referral Program! Hope that doesn't come off as cocky, I am not trying to be. Go directly through Dealership? My wife also has close to the same amount ($30k), so most (if not all) of our extra money every month goes to paying down that debt. Income/current credit and history all come into play for vehicle financing and if those numbers are too punitive sometimes it's a better choice to settle for less vehicle until your scores improve over time. Bad spending habits when we were younger have caught up with us. A one-of-a kind electric car with all the bells and whistles. Read through our Tesla buying guide. When my credit utilization on 3 CCs went from ~90% to 0%, I got the biggest boost. Looking for feedback from the community and experts. Get a preapproval. My credit score is hovering at 630 (FICO 8), or 640 for the big 3. Prequalifying with a few different lenders can help you find the most competitive rate available to you. I was concerned that adding a $20k loan would reflect poorly on my credit, even though I am removing the recurring credit card debt from my report. Agree with other comments.. a down payment will help for sure. But the reality is, I can afford it, and if paying a little more now means that I can get the car on my timetable, then I am willing to do that. I was surprised to get approved for a new Tesla model 3 back in September. Tesla offers auto loans for select Tesla models through financial institutions — similar to how many dealerships offer financing. I have heard some folks get lucky, call/email tesla financing and get approved for a better rate. Learn about your Tesla ownership experience – including designing and taking delivery of your car. If you are interested in financing with our Tesla approved financier, please apply online or contact UDC directly on 0800 322 888 or tesla@udc.co.nz. Get the Star One Mobile Banking app for your device. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Instead, you … Remember even if you are approved with a high interest rate, once your credit score improves, you could always refi. The issue is I want to get the Tesla as a surprise anniversary gift for my wife, and that is around 4 months from now. My situation was different. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Further information is available in our FICO Data Privacy Policy. Since you have to wait anyway, you might want to take the time to compare car loans from banks, credit unions and online lenders as well. Online application, one phone call to verify identity and income and the money was in my bank account in 2 days. I'm in the same situation. Their lowest rate. Tesla leasing. NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k. I am looking to buy a Tesla Model X.  Spec'd price is $110k. No red flags or missed payments. Joined Jun 3, 2017 Messages 1,013 Location Ontario Country Tesla Owner Model 3 May 11, 2018 #6 AMPM said: Was just approved through Tesla for financing at 3.91 for 60 months. Lack of credit experience, asked for co-applicant. I should note that I am married, and this is my monthly income. I know people here aren’t the bank and can’t say definitively, but I was curious nonetheless. #The example shown is based on a Drive Away Price of $0, a 60 month loan term, $0 deposit and an interest rate of 6.20% p.a. If you haven’t taken possession yet or signed the contract I highly recommend getting approved on a loan and dropping Tesla finance. Re: Tesla - Do you think I can get a loan? The alternative option is adulting like dabrian said, and just pay off my debt either over the next 12 months, or more likely, with a personal loan. PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. Paystubs, final MVPA from Tesla. All FICO® Score products made available on myFICO.com include a FICO® Score 8, and may include additional FICO® Score versions. The biggest red flag, however, is the over 1,500 complaints on the BBB site as of October 2020. Tesla will “match” any pre-approval letter but they’ll cut you a check for the difference and keep the original pay terms. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. Planning to apply for a model X financing with 10 K down. How do I apply for Tesla Financing? Lets you buy the car (loan) and then once you pay it down to the residual value you get the choice of keeping it or returning it (no negative impact to credit score if you return it since its a guarantee). Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. (Upgrade.com) for my personal loan. Credit Score Requirements CarsFast Car Loans. Same here, got 1.99% through clearpath fcu by opening their checking account and having auto xfer from my main checking to their checking. Thanks whocares. You could apply through Tesla and your own lenders to see which offer is best for you. Also, if you placed an order for the X today, you most likely will not be getting delivery until June. FTC's website on credit. Tesla Financing may even be willing to beat the lowest rate you qualify for with a third-party lender. I am estimating that the Tesla will add around $1500/month, bringing my total up to around $5200, or 27% monthly DTI. She will not be on this loan for reasons that I explain later. All rights reserved. Any money I devote to the down payment is money taken away from paying off debt, and that means it will be harder to get that credit score up by my target deadline. Learn more. Info: Income: 11K/month(135K/year), DTI: 19%, scores: 740s, credit history: 5 years, auto loans: 1 (paid off). Tesla has somewhat revolutionized car buying by doing everything online. Further information is available in our FICO Data Privacy Policy. Getting Started. I have recently ordered a Model S, but I am getting financed from my local credit union. Tesla works with ORIX to provide a comprehensive finance product exclusively for Tesla owners. Note that Tesla financing may not be available in all states — some states ban direct auto sales by manufacturers, though some have made allowances for carmakers that only offer EVs. You can apply for Tesla Financing via your Tesla Account after placing your Tesla order. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. The personal loan is going away in 3 months, so that will help. Good chance of getting approved for financing? Online application is easy and only takes a few minutes. View Entire Discussion (12 Comments) More posts from the TeslaModel3 community . All FICO® Score products made available on myFICO.com include a FICO® Score 8, and may include additional FICO® Score versions. I also spoke with atleast 15x loan officers at a lot of CUs, explained my situation in detail to them and got their feedback before I started spraying my applications everywhere. Puritan, this is amazing feedback, thank you! Most of the banks looked at three primary facets of credit in the case of the Tesla: I'll explain what I did to ensure I got my scores to acceptable levels. As a result, in the two months that followed, my score went from 630 -> 680 -> 740 (add or subtract a few based on which Bureau). Mine sometimes pre-approves people without even applying if you have an established history with them. For banking by telephone, to find an ATM, or to speak to a Star One phone representative for assistance with this website, please call us at 866-543-5202 or 408-543-5202. The credit score algorithms are pretty straightforward. 2 year tax return, final MVPA from Tesla. The rate was a steep 15% but since my sole goal was to up my credit scores, I took the hit. Just know that they CAN and will do better than 2.49% in the right circumstance. Hey! I applied at my current credit union bank and they gave me a 4.99% auto rate. For the first car, I did financing directly through Tesla and WellsFargo did the underwriting so as to qualify for the RVG. I don't know how it all works but it worked for me. It's just a nice "out" in case you need or want one. And would you mind sharing which lender you used. TOO Supporting Member. The MSRP is $103,750 and the remaining are taxes and fees. Article content (Bloomberg) — The European Union paved the way for companies including Tesla Inc. and BMW AG to get about 2.9 billion euros ($3.5 billion) of state aid for battery projects that will strengthen the bloc’s position in the race to produce more electric vehicles. We didnt try, at 2.14 its almost free money. The key was to zero-out three of my four CCs with balances on them. Final note. 12 months - 8 years 300 Gross income of $1,800/month, 3+ months employed … Why not just pay off your cc debt first including the wife's? What chances do I have to be approved for remaining loan of approx. Our calculators are intended to produce rough estimates provided solely for informational purposes. Order your Tesla online. Lot's of paperwork, lot's of waiting, lot's of "well, we can't finance that amount". I would also check out a local CU. Tesla Financing may … Thanks! Thanks in advance. You and I will each get 1,000 miles of free Supercharging when you purchase a new Tesla. Good luck. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. So given that, and the fact that I was approved for a lease, I am strongly considering that option. I got a +$70K loan for a 2019 auto but had to put down $10K since my score was low. Try Cap 1s auto navigator that gives you an idea of where you stand and its a soft check . I checked my experian before I applied and it was around 675 and I have been working on my credit scores. I talked to a few banks and the best I could get was $22k, which puts me a solid $6k-$8k short of paying off everything. Advertised rate for used cars is our lowest Annual Percentage Rate (APR) and is effective 11 /1/2020. Lack of credit experience. I applied at US bank auto loan and was denied. Lastly, down payment. What you need to know about Tesla Financing. I went with the 99K@2.49 offered by Tech CU. All applications were submitted online immediately followed my calling the CU for the decision. How to finance a Tesla 1. The only thing I am trying to negotiate is a 24-month term, as opposed to 36. Model 3 Taxicab in NYC! To apply for purchase financing through Tesla, you first have to order a Tesla. My target is $230k annually, but in the 5 years that I have been in this job, I have netted around $10k - $30 over every year. I am hoping to have it up to around 660 in around 6-8 months. Copyright ©2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Their lowest rate. Any help or suggestion(s)? All rights reserved. You should not take action based on the information provided through this calculator alone. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. The details are 15k miles/year @ $1407/month, with %10 down ($10,800). Model S and Model X, with repayment term up to 7 years. Reply. Star one CU: 60K@2.24, 72 months. While these aren’t all specific to the financing program, they do speak to more than a few unhappy customers overall. That process was unimpressive on the WellsFargo side of things. Trust me, if I didn't have the salary I have, there is no way I would try something like this. (The CC interest rates were anyway ~18%). Loans for Tesla model 3. 1 year ago. Re: Tesla - Is my 626 Credit Score good for a Tesla Loan? Due to that, we haven't really saved much money, as we have been more focused on getting rid of the high-interest debt. However my scores are as follows: EXPERIAN AUTO FICO scores: 656 v.2/ 609 v.8, EQUIFAX AUTO FICO SCORES: 645 v.5/656 v.8. Unlike other cars, Tesla doesn’t work with outside dealerships. When you register for our products and services, we also collect certain personal information from you for identification purposes, such as your name, address, email address, telephone number, social security number, IP address, and date of birth.