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Auto Loan Approved!!!

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Auto Loan Approved!!!

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! 

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3 REPLIES 3
Frequent Contributor

Re: Auto Loan Approved!!!

Wow that's awesome 5% for 6 years is good especially with those scores being a little low.

 

Hopefully you can get some nice green rebates on the electric vehicle too.

 

If scores improve you can potentially refinance as well.  I just refinanced my A3 @ 3.75% for 6 years cut 6 months off my remaining payments and saved $40 a month.  My rate was 8% for 7 years before the refinance.

 

 

Message 2 of 4
Contributor

Re: Auto Loan Approved!!!

Congrats on the new Whip!!

Starting score 6/19 TR 567 Ex 589 EQ 540
7/19 TR 620 EX 595 EQ 577
8/19 TR 643 EQ 614 EX 612
Goal: 680 by 12/19
Message 3 of 4
Established Contributor

Re: Auto Loan Approved!!!

Congrats on the new Tesla and nice interest rate!





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