topic Re: Tesla Model S Approval Odds in Auto Loans

Tesla Model S Approval Odds

Anonymous — Mon, 12 Jul 2021 07:50:53 GMT

Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.

Credit card utilization is 17%.

Student loans = $300k+; monthly payment is $56.

My income is split: W2 = $52k; 1099/Business income = $145k

Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?

Re: Tesla Model S Approval Odds

Red1Blue — Mon, 12 Jul 2021 09:26:57 GMT

Ask Tesla if they would give a dicount if you buy two cars. You can give me second car.

Re: Tesla Model S Approval Odds

disdreamin — Mon, 12 Jul 2021 18:31:44 GMT

@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?

I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

Re: Tesla Model S Approval Odds

Anonymous — Wed, 14 Jul 2021 17:17:29 GMT

lol, I'm nervous about buying this one. This is my first major car purchase

Re: Tesla Model S Approval Odds

Anonymous — Wed, 14 Jul 2021 17:20:29 GMT

@disdreamin wrote:
@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?
I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

@disdreamin My business income is business revenue/profits right now. It's not even included in my personal income, but I can change that quickly to show profits if I need to for income purposes. What type of leg work/documents were requested for your mortgage if you don't mind me asking?

Re: Tesla Model S Approval Odds

disdreamin — Wed, 14 Jul 2021 21:37:47 GMT

@Anonymous wrote:
@disdreamin wrote:
@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?
I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

@disdreamin My business income is business revenue/profits right now. It's not even included in my personal income, but I can change that quickly to show profits if I need to for income purposes. What type of leg work/documents were requested for your mortgage if you don't mind me asking?

I recall more extensive proof of income (months of bank statements) being required than for our other loans. I am assuming this was to show the 1099 income was reliable and not just a one-in-a-while thing, but I never asked. It was from consulting work, so essentially no overhead and straight to our bank account, less what we set aside to cover quarterly taxes. It sounds quite different from your situation, so probably not helpful, sorry.

Still curious about the student loan payment, I've got kids getting to the college point and nothing we're looking at would be that affordable. lol

Re: Tesla Model S Approval Odds

Anonymous — Fri, 16 Jul 2021 15:24:24 GMT

@disdreamin wrote:
@Anonymous wrote:
@disdreamin wrote:
@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?
I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

@disdreamin My business income is business revenue/profits right now. It's not even included in my personal income, but I can change that quickly to show profits if I need to for income purposes. What type of leg work/documents were requested for your mortgage if you don't mind me asking?
I recall more extensive proof of income (months of bank statements) being required than for our other loans. I am assuming this was to show the 1099 income was reliable and not just a one-in-a-while thing, but I never asked. It was from consulting work, so essentially no overhead and straight to our bank account, less what we set aside to cover quarterly taxes. It sounds quite different from your situation, so probably not helpful, sorry.

Still curious about the student loan payment, I've got kids getting to the college point and nothing we're looking at would be that affordable. lol

Most likely income based off only w2 income (not including 1099 income due to deductions), expenses, and family size.

Re: Tesla Model S Approval Odds

ridgebackpilot — Tue, 20 Jul 2021 03:13:03 GMT

@Anonymous wrote:

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing.

You're trying to buy a car worth nearly twice your annual income? Your credit file is thin and you have a big student loan that you're trying to pay off. Your credit scores won't be particularly relevant; your debt-to-income (DTI) ratio will be the issue for lenders.

Re: Tesla Model S Approval Odds

Anonymous — Tue, 20 Jul 2021 12:09:17 GMT

What does "credit file is thin" mean? Also, when I was getting a mortgage they didn't look at my student loans as a huge debt. They just looked at the payment and calculated that as my monthly debt. Do they not do the same for auto loans?

@ridgebackpilot wrote:
@Anonymous wrote:

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing.
You're trying to buy a car worth nearly twice your annual income? Your credit file is thin and you have a big student loan that you're trying to pay off. Your credit scores won't be particularly relevant; your debt-to-income (DTI) ratio will be the issue for lenders.

Re: Tesla Model S Approval Odds

disdreamin — Tue, 20 Jul 2021 21:55:37 GMT

@Anonymous wrote:
What does "credit file is thin" mean? Also, when I was getting a mortgage they didn't look at my student loans as a huge debt. They just looked at the payment and calculated that as my monthly debt. Do they not do the same for auto loans?

No idea, but I asked upthread and am still curious how your payment on $300k+ of student loans is $56 a month. Even if interest-free, it would take you more than 400 years to pay that loan off.

Re: Tesla Model S Approval Odds

Anonymous — Wed, 21 Jul 2021 15:40:19 GMT

@disdreamin wrote:
@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?
I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

Really? why would you spend $100K for a car? I mean its a car and depreciation will be major. I just bought a new X2 BMW for $47K and I would never spend more then $50K for a car. I can afford a car like you are buying but you have to say, enough is enough, I hope you change your mind and buy something half that price.

Thanks

Mark

Re: Tesla Model S Approval Odds

Anonymous — Wed, 21 Jul 2021 16:30:26 GMT

@Anonymous wrote:
@disdreamin wrote:
@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?
I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.
Really? why would you spend $100K for a car? I mean its a car and depreciation will be major. I just bought a new X2 BMW for $47K and I would never spend more then $50K for a car. I can afford a car like you are buying but you have to say, enough is enough, I hope you change your mind and buy something half that price.
Thanks
Mark

Hi Mark,

I work from home so I plan to put it on turo some of the time which will pay it off quickly. Maybe you should create an Llc for your car and rent it out sometimes as well 🤷🏽‍♀️

Re: Tesla Model S Approval Odds

Anonymous — Wed, 21 Jul 2021 17:57:43 GMT

@Anonymous wrote:
@disdreamin wrote:
@Anonymous wrote:
Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.
Credit card utilization is 17%.
Student loans = $300k+; monthly payment is $56.
My income is split: W2 = $52k; 1099/Business income = $145k
Been in the same profession for 7+ years but changed jobs in March 2021. Will my business income be an issue?

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much?
I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.
Really? why would you spend $100K for a car? I mean its a car and depreciation will be major. I just bought a new X2 BMW for $47K and I would never spend more then $50K for a car. I can afford a car like you are buying but you have to say, enough is enough, I hope you change your mind and buy something half that price.
Thanks
Mark

To reiterate my advice to you from another thread. We are not in these forums to attack the personal decisions of other members.

Re: Tesla Model S Approval Odds

Anonymous — Wed, 21 Jul 2021 20:00:14 GMT

@ridgebackpilot wrote:
@Anonymous wrote:

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing.
You're trying to buy a car worth nearly twice your annual income? Your credit file is thin and you have a big student loan that you're trying to pay off. Your credit scores won't be particularly relevant; your debt-to-income (DTI) ratio will be the issue for lenders.

I don't think my file is thin, but I could be wrong. I have 11 credit cards with highest limit $25k lowest limit $3500. I don't have a mortgage or other car note. Just credit cards and student loans. My utilization is 17% overall. Is that considered thin?

Re: Tesla Model S Approval Odds

Loquat — Fri, 23 Jul 2021 07:00:53 GMT

PSA,

The decision that one makes need not make sense to you or anyone else. Please keep conversation to the topic at hand. What a person chooses to do with their finances is their business and it doesn’t need to be justified to anyone on this here forum.

Please respect that others have different positions and viewpoints other than your own.

I appreciate your understanding.

Re: Tesla Model S Approval Odds

Anonymous — Tue, 17 Aug 2021 19:11:38 GMT

Just an update for anyone who is in a similar situation as me - I was approved with Chase with a 2.49% apr. Super excited!! Delivery is set for beginning of Sept! Thanks everyone for your thoughts and insight!

Re: Tesla Model S Approval Odds

WTL1 — Tue, 17 Aug 2021 19:47:40 GMT

I applaude you your prudent and restrained choice - you didn't go plaid!

Re: Tesla Model S Approval Odds

Anonymous — Thu, 02 Sep 2021 01:10:57 GMT

Can you please share some of the final numbers?

Sale price
Amount financed
Down payment