Loan Approval Question

[Anonymous]

I am 5 months post BK and looking to apply for a loan on a Tesla Model Y at 50k.  I plan to put down 25% on the loan and pay for the taxes.  My income is 75k and my DTI is 13%.   I aslo posted my Auto Fico scores below.   Is it likely I would approved for this loan at Penfed or Navy Federal?  

My scores are as follows

Fico Auto 8

Equifax 682

Transunion 584

Experian 605

Fico Auto 9

Equifax 684

Transunion 670

Experian 621

[Harvey26]

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@Anonymous  I dont think you would have good chances of an approval. I mean personally I think you should wait about a 12 to 18 months and try to build your credit up some more and maybe buy a decent used car cash and try to improve your scores. If you did get approved it would probably with an HIGH APR. Especially with everything going on right now and your BK being so fresh. Do you already have an established relationship with both banks?

[Anonymous]

I have membership with both but am only using Navy Federal for a secured credit card.  Was hoping the $15-18k down would offset the bankruptcy and if they pull my Equifax Auto score it 680+ on both Auto 8 and 9.  Even if I do get one with say a higher interest rate I am fine with that as long as I can refinance in 6-12 months.  Plan to have a side job to help pay off this car quicker.  My girlfriends other car is almost paid off so this will will be our only car payment.  

[Harvey26]

@Anonymous  Even if the EQ Auto score is over 680. I am pretty sure neither pull Auto scores when applying for approval. Your putting a hefty downpayment basically to get yourself to an approved which does not mean you will and with no relationship with Penfed I would say you most likely will be denied. I would say go to the dealership and say you can put down 10K and let them run your credit through Penfed and Navy and whatever other banks they work with and see what happens Dont tell them your max down is 18K  if they require any more down that 10K I would walk away from that. Personally I would pay for something cash and build my scores up and then in 12-18 months trade that in towards the Tesla or get some that a bit cheaper where you can put less money down and still have a nice brand new car.

[Anonymous]

I am putting down a large down payment to avoid GAP insurance.  I have considered buying another car and selling it in 6-12 months but then I would be out the sales tax, depreciation and other misc fees.  I am qualified for a usedModel 3 on Carvana at 10% APR but a 2018 is almost the same price as a new 2020. Worse case scenario I can wait 6 more months.  By then my girlfriends car will be paid off and we can put down an even larger down payment.  

[Cjethompson2017]

@Anonymous  i will tell you I'm having a hell of a time getting approved for a loan for a Tesla model y. Lol. 

Fico 8 Scores:

TU: 679

EQ: 672

EX: 663

I have no idea what version fico anybody uses, but my annual income is $66k. I got an approval from RBFCU for $48k with my husbands income ($125k total income) and their stipulation was no all electric vehicle. 😑 They wouldn't give me an interest rate until I sent them my entire life story. Which I didn't do because were set on the model y.

I just got an approval on my own income for $45k at penfed with no prior relationship, with a 10% interest rate for 72 months. Which is far better than my last vehicle. I'm planning to get my husband on the app to hopefully get a full $60k approval with a lower rate. 

I got a flat out denial from navy fed. The only bank I actually have a relationship with. Lol. But, rhey did just approve my husband and myself each for $7700 on the cash rewards card.

You're going to have a tough time with that bankruptcy though. It's a tough time right now getting approvals because of covid. 

Here is Texas, Tesla said they like to use Alliant Credit Union. They use transunion vantage score 4. Which is really odd. Lol

[Anonymous]

That is some good news if Penfed will over look the bankruptcy.  My score that Penfed uses is 680 and my income is close to yours $70 plus I do Uber on the side for another 5-10k.  I want to finance 40k sonless then the amount you are dling solo.  My fiance makes 40k but I would rather not include her on the loan if I can avoid it.

[Loquat]

PenFed will indeed overlook a BK. I financed 2 cars with them without issue (instant approval on both) when my BK13 was still reporting.