View Entire Discussion (12 Comments) More posts from the TeslaModel3 community . Have a relatively shorter credit history (oldest cc 4 years). 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. Learn more. I don't know how it all works but it worked for me. PenFed: 100K@3.24, 72 months. You won’t find specific pages on Trustpilot or the Better Business Bureau (BBB) for Tesla Financing. They ask you to apply for financing 2 weeks prior to delivery. More details on software and accessibility are available at WebAIM.org. No red flags or missed payments. I would love to get through this with as low as a down payment as possible. Try Cap 1s auto navigator that gives you an idea of where you stand and its a soft check . This is understandable. The details are 15k miles/year @ $1407/month, with %10 down ($10,800). Get the Star One Mobile Banking app for your device. Re: who has been approved for tesla financing? You can get that type of loan at some credit unions or on fiwize.com (soft credit pull) to get your payment. Due to that, we haven't really saved much money, as we have been more focused on getting rid of the high-interest debt. Re: Tesla - Do you think I can get a loan? My other two vehicles are both under $50k, and one is a lease the other a purchase. 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. Welcome to MyFico - from your post I can't tell if you are talking about a Tesla (which model?) Credit utilization always around 5%. I would also check out a local CU. 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. @Dabrian, good question, and that is the smart and responsible thing to do. Paystubs, final MVPA from Tesla. Instead, you … 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). Headquartered in California, Tesla is an electric-car maker led by CEO and co-founder Elon Musk. And would you mind sharing which lender you used. Have no lates for my auto loan for almost four years. Credit score is in range ~770 on Transunion and Equifax, ~760 on Experian. This is backward compared with the typical vehicle financing process, and we recommend rate shopping and getting a car loan preapproval before ordering a Tesla. Tesla Referral Program! Alo, consider residual based financing with a buy back guarantee. I'm trying to do an Auto loan for a Tesla Model S for about $60,000. Then within one month of your car’s delivery date, you can fill out a Tesla Financing application through your online account. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. 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. Going to … 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). Revolving credit = bad, installment credit = good. Tesla offers auto loans for select Tesla models through financial institutions — similar to how many dealerships offer financing. Reply. 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. 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. FTC's website on credit. A one-of-a kind electric car with all the bells and whistles. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Logic seems to dictate that if I am spending that much per month ($1500) then I should purchase it and at least have something to show for the money. Final note. It's just a nice "out" in case you need or want one. 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). Normally a person buying a Tesla has decades of credit history with a bunch of auto loans. Credit Union? The banks will look at your whole credit profile including income, past dues, collections, debts, etc.. and you may have to definately put down a nice deposit. 1 year ago. I haven't given much thought to purchasing vs lease. Re: Tesla - Is my 626 Credit Score good for a Tesla Loan? Hey! I did speak to Tesla Financing; however, they told me that they wanted a score of 720+ before they'd come to the table with their partners. Terms, conditions and fees apply to any loan. Gross monthly income: $19k ($11.5k base earnings, $7,5k commissions). Used Tesla Auto Financing Get the Tesla you've always wanted. Hope that doesn't come off as cocky, I am not trying to be. Many factors affect your FICO Scores and the interest rates you may receive. Tesla likes to do things differently from other car manufacturers and this can clearly be seen in their technology, production, marketing and sales strategies. #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. Look no further. Also, if you placed an order for the X today, you most likely will not be getting delivery until June. The other side of me knows that cars depreciate so fast, it might not matter. Just laughable. Model S and Model X, with repayment term up to 7 years. Get Approved for a Tesla Lease or Financing . Tesla leasing. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. For this reason, she will not be a co-signer on the loan. Before taking delivery of your car, you will be asked to pay your chosen down payment, between 0% to 50% of the purchase price. Loan Amount Interest Rate Loan Term Min. Their lowest rate. Lot's of paperwork, lot's of waiting, lot's of "well, we can't finance that amount". So what do you experts think? To apply for purchase financing through Tesla, you first have to order a Tesla. I got a +$70K loan for a 2019 auto but had to put down $10K since my score was low. I decided to get a personal loan for 20K and pay it off in one go. Thanks whocares. Order your Tesla online. Many factors affect your FICO Scores and the interest rates you may receive. The Model X 100D out the door was 114K. Essentially, Musk's plan is this: Tesla and Wells Fargo will offer 10 percent down financing on a Model S, with the down payment offset by a minimum $7,500 tax … What you need to know about Tesla Financing. The personal loan is going away in 3 months, so that will help. There is also the idea that a lease might be easier to get for someone with my credit score, but I don't know if that is a true statement or not. I’m planning to get a Model 3 sometime next year and was curious if anyone could offer some advice. 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. Sandy One obsession to the next. ORIX combines a low fixed rate with no setup or monthly account keeping fees for both personal and commercial approved applicants. I am thinking $5k - $10k. I know people here aren’t the bank and can’t say definitively, but I was curious nonetheless. Rates As Low As. My wife does not work but is considering getting a job. I'm happy to see these posts. When my credit utilization on 3 CCs went from ~90% to 0%, I got the biggest boost. 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. Going to try to beat that with my bank before confirming with 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. Fortunately, we have the means to eliminate this debt, but not fast enough. Reply. Ever since I posted this, I have been debating the idea of getting a personal loan to just pay down my credit card debt. How do I apply for Tesla Financing? I still had a 10% util on my 4th CC. I checked my experian before I applied and it was around 675 and I have been working on my credit scores. I have never purchased a car this expensive before, so I really don't know enough to formulate a good opinion. My credit score is hovering at 630 (FICO 8), or 640 for the big 3. 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. More details on software and accessibility are available at WebAIM.org. 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. Counter offer citing lack of loan experience, required bank statements. I do wonder why your scores are so low - you mentioned the repo but you said it was paid in full and you said you have no late car payments for 4 years, and a very low utilization overall (5%) but you didn't mention any other derogs or issues. PatelCo CU: 55K@2.49, 72 months. Like you, 2 months prior to applying for financing on the Tesla, my scores were in the 620s and I was 22K in credit card debt and paying it down. If they followed your advice, they would lose a significant amount of points before applying for the car loan. Apply Now. I want to trade up from a 2012 acura sh awd for a 2017-18 used audi s6. In my case, I want to get my wife this car as an anniversary present, so I am just trying to work around the timing of that. Looking at your info: Scores in the 630s but with 230K in income means you'll probably get financed if you put a large (20-30%) downpayment on the car for less than ideal APRs. 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. Many Tesla owners on forums say they were able to get better APRs on their own than Tesla financing rates. Bad spending habits when we were younger have caught up with us. Tesla Financing may … TESLA FINANCE. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Tesla finance selected by Tesla owners. Loans for Tesla model 3. I have heard some folks get lucky, call/email tesla financing and get approved for a better rate. The rate was a steep 15% but since my sole goal was to up my credit scores, I took the hit. Agree with other comments.. a down payment will help for sure. Just know that they CAN and will do better than 2.49% in the right circumstance. Ordering a New Tesla Ordering a Used Tesla Prepare for Delivery Day What to Expect on Delivery Day After Taking Delivery Find Us How can JBR Capital help you finance a Tesla. All rights reserved. Compare car loans to finance a Tesla. So almost $60 in cc debt and you want to lease a not needed item. Model 3 Taxicab in NYC! Copyright ©2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. It sounds like this wasn’t an issue for you? CUs don't like it when you ask for 6-digit loans, hence the 99K. Go directly through Dealership? Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. One of the cars is a lease, the other is financed. Share. Sort by: Name Product Min. I got approved recently with scores in the 740s for the Model X. (Upgrade.com) for my personal loan. 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. Any help or suggestion(s)? Good luck. I reached out to Tesla, just to see what they had to say. I did not wait for response emails. Here’s an example for a Model S Long Range Plus. You will probably get similiar responses as denoted in this recent post: http://ficoforums.myfico.com/t5/Auto-Loans/Need-Approval-Assessment-Chance-Please/td-p/5186163. 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). Yes, we do Tesla Lease and Financing! If you are talking about anything but the Tesla3, that's a pretty expensive vehicle as is the s6. TOO Supporting Member. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. My base MyFICO scores: EQ:688/TU:703/EXPERIAN:659. I decided to get a personal loan for 20K and pay it off in one go. Unlike other cars, Tesla doesn’t work with outside dealerships. What chances do I have to be approved for remaining loan of approx. Was just approved through Tesla for financing at 3.91 for 60 months. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Time from my first application to the last was just 72 hours, but the groundwork and research that preceded it was 2 months. 845. $500 4.90% to 29.90%. Anyway, I filled out an app via DCU to get a loan and I was denied right away. My wifes' score is lower than mine by around 20 points, and I am hoping to have her debt free in 9-14 months. Alo, consider residual based financing with a buy back guarantee. Trust me, if I didn't have the salary I have, there is no way I would try something like this. I have around $28k in credit card debt, and I am aggressively paying it down, so extra money every month goes towards that. 2 year tax return, final MVPA from Tesla. 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. Further information is available in our FICO Data Privacy Policy. My Credit Score is 626, do you think that's good? This assumes any credit cards are not maxed. My situation was different. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. fixed for the term of the loan, with a total amount payable of $0. Star one CU: 60K@2.24, 72 months. All rights reserved. Credit Score Requirements CarsFast Car Loans. Tesla Loan is a Conditional Sale agreement that provides the benefits of ownership and unlimited mileage. I am not sure how banks handle commissions since the math can be fuzzy.

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