A little late, but about 3 weeks ago I decided to try to get a new Tesla Model 3. I built my Model 3 (Standard Range Plus in black because it was the cheapest option) and put down the $2500. After that, it had the option to apply for finance through Tesla, pay cash, or lease it. I selected the finace through Tesla option and waited. I got an alert from Experian App, due to a hard pull from US BANK. I found out I was declined (bummer). 30 min later, I got another notification from the Experian App for a hard pull from Wells Fargo Auto Loans. I logged into my Tesla account and I got a conditional approval. They wanted to verifiy my income (90k). After uploading my paystubs, I was approved! I traded in my 2008 Subaru STI for $10,550 (127,000 miles) which of course all went into the Model 3. My loan came out to $32,219 @ 5% for 72 months and payment of $532 a month. Here is why I am so surprised....
My Experian score was at a 615, and my debt to income ratio is at about 45 percent. I didn't think I was going to get approved for 32k (originally 36k approved but only used 32k) @ 5%. I was honestly expecting a rate of 11 or higher, but I guess I got lucky. Anyways just wanted to share my experience with everyone!
