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Tesla - Is my 626 Credit Score good for a Tesla Loan?

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Tesla - Is my 626 Credit Score good for a Tesla Loan?

Hey! I need help... I'm trying to do an Auto loan for a Tesla Model S for about $60,000. My Credit Score is 626, do you think that's good?

8 REPLIES 8
Valued Member

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

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. I got a +$70K loan for a 2019 auto but had to put down $10K since my score was low. Good luck.





Message 2 of 9
New Contributor

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

Try 0% UTI before applying for the loan and in this situation money does sweeten the deal . Try Cap 1s auto navigator that gives you an idea of where you stand and its a soft check .

 

Good Luck

Message 3 of 9
Member

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

Agree with other comments.. a down payment will help for sure. Alo, consider residual based financing with a buy back guarantee. 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). It's just a nice "out" in case you need or want one. You can get that type of loan at some credit unions or on fiwize.com (soft credit pull) to get your payment. Good Luck!!

Message 4 of 9
Established Contributor

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?


@Cransom wrote:

Try 0% UTI before applying for the loan and in this situation money does sweeten the deal . Try Cap 1s auto navigator that gives you an idea of where you stand and its a soft check .

 

Good Luck

 

If they followed your advice, they would lose a significant amount of points before applying for the car loan.  This assumes any credit cards are not maxed.


 

 FICO 8
Message 5 of 9
Super Contributor

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

I would also check out a local CU.  Mine sometimes pre-approves people without even applying if you have an established history with them.  Remember even if you are approved with a high interest rate, once your credit score improves, you could always refi.

04/24/2019: FICO 849 EQ 845 TU 848 EX
Message 6 of 9
New Contributor

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

Hey guys,

I'm happy to see these posts. I'm in the same situation. I want to trade up from a 2012 acura sh awd for a 2017-18 used audi s6.  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

T.U. 670 v.4/682/v.8

Cosigned on a repo--one year old. It was paid in full.  Have no lates for my auto loan for almost four years.  Credit utilization always around 5%.

My base MyFICO scores: EQ:688/TU:703/EXPERIAN:659.

 

Any help or suggestion(s)? I'm planning on doing at minimum 20% down.  Credit Union? Go directly through Dealership?

Thanks

Message 7 of 9
Senior Contributor

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

Welcome to MyFico - from your post I can't tell if you are talking about a Tesla (which model?) or an Audi s6. 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. 

 

If you are talking about anything but the Tesla3, that's a pretty expensive vehicle as is the s6. I'm sure with enough cash down and a high enough interest rate (apr) someone/company will buy/cover the note - note sure that is the best course of action though. 

 

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. 

 

Add: aka I might have missed the first couple of posts in this thread and responded to a subsequent post, but the general gist of my  post is correct so I'll let it stand as written - just ignore anything that doesn't make sense to the original post Smiley Embarassed

 

Message 8 of 9
New Visitor

Re: Tesla - Is my 626 Credit Score good for a Tesla Loan?

Was your score under 720? And would you mind sharing which lender you used. Thanks!
Message 9 of 9
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