Tesla Model 3 Approval odds help please!

[Anonymous]

Hello everyone, I am new to the forums and new to credit. I need help knowing if I have good odds to get the loan.
I have a order placed for a Tesla standard range ($39,990), I have very scared I won't get a loan. I will be putting down payment ($10,000-15,000) and think about looking for 84-96 months (probably going to pay it off in 60 months) also I am first time buyer

credit background

no ssn, have itin number

1st card :Nov 2020

BoF Cash rewards secured ($500)

$0 balance ( paid on time)

2nd card: may 2021

Apple Credit card ($1700)

$0 balance (paid on time)

Loans

Navy FCU Share Savings loan: June 2021

 orginial amount =3240, paid off 92% 

remaining balance =$240 

"used the Share Saving Loan technique"

Income: $35,000 with 1099

credit scores currently July 2021

Transunion fico 8: 770

Experian fico 9: 757

Thank you

[4sallypat]

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@Anonymous wrote:

Hello everyone, I am new to the forums and new to credit. I need help knowing if I have good odds to get the loan.
I have a order placed for a Tesla standard range ($39,990), I have very scared I won't get a loan. I will be putting down payment ($10,000-15,000) and think about looking for 84-96 months (probably going to pay it off in 60 months) also I am first time buyer

credit background

no ssn, have itin number

1st card :Nov 2020

BoF Cash rewards secured ($500)

$0 balance ( paid on time)

2nd card: may 2021

Apple Credit card ($1700)

$0 balance (paid on time)

Loans

Navy FCU Share Savings loan: June 2021

 orginial amount =3240, paid off 92% 

remaining balance =$240 

"used the Share Saving Loan technique"

Income: $35,000 with 1099

credit scores currently July 2021

Transunion fico 8: 770

Experian fico 9: 757

Thank you

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With your down payment and credit scores, I would say it won't be an issue.

Car loans are secured instruments so it's not like unsecured credit cards...

Try a SP credit check on Capital One Auto Navigator and see what they offer you in terms of the max loan amount ?

[Anonymous]

I cannot use the cap 1 pre qualified tool because it asks for ssn, and I have a itin number.
I have only 8-9months of credit history, will it be enough for a loan that big?

[Anonymous]

I think you will get approved (with a 10k to 15k downpayment), the question is at what rate?

Now I hate to be that guy but how much do you pay in rent/mortage and do you save/invest at least 10% of your income?

I would think twice about financing a car that cost 111% of your annual gross income. You don't want to finance a depreciating asset for +80 months. You need to consider insurance cost too, which given your credit history is going to be $140+ per month.  

Your Tesla with a 72 month 4.5% loan is going to cost you $400 per month (assuming 15k downpayment) + $140 in insurance = $440. This could represent about 20% of your take home pay which is extremely high for a car. Also take in consideration property taxes, tires, maintenance, depreciation, etc. 

Tesla is not going anywhere, take your time to make the best financial decision. 

[RSX]

I would say you should be looking at a car that is $17k or less all in

don't become a slave to a car payment.   

Back when I was making $35k, I bought a $14k car and even then it was tough for the first year.  There are so many expenses that go along with it

i know this isn't what you wanted to hear, but just because a car salesman says you can afford it, doesn't mean you can/should.  

all the best to you.  

[Anonymous]

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@Anonymous wrote:

Hello everyone, I am new to the forums and new to credit. I need help knowing if I have good odds to get the loan.
I have a order placed for a Tesla standard range ($39,990), I have very scared I won't get a loan. I will be putting down payment ($10,000-15,000) and think about looking for 84-96 months (probably going to pay it off in 60 months) also I am first time buyer

credit background

no ssn, have itin number

1st card :Nov 2020

BoF Cash rewards secured ($500)

$0 balance ( paid on time)

2nd card: may 2021

Apple Credit card ($1700)

$0 balance (paid on time)

Loans

Navy FCU Share Savings loan: June 2021

 orginial amount =3240, paid off 92% 

remaining balance =$240 

"used the Share Saving Loan technique"

Income: $35,000 with 1099

credit scores currently July 2021

Transunion fico 8: 770

Experian fico 9: 757

Thank you

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just curious... how did you get your Credit scores without a SSN ??? I'm not judging ... just curious....

[Anonymous]

Thank You everyone,

1. And to answer the question I currently have no monthly rent/expenses or anything because I live with my family.

2. I get my credit scores from credit card banks like Bank of America, a lot of people don't know this but you don't an ssn to have a score. A ssn just helps match the file with your credit bureau profile, The bank can also use name, date of birth, and address to match your credit profile and provide you with a score every month

[Anonymous]

If you live with your family, take advatange of that time to grow your wealth. Buy stocks, properties, and other assets until you have the income to afford the Tesla. 

I think this decision could have a negative impact on your financial life in the future. Remember,  just because you can make the payment doesn't mean you can afford it. You don't want to be car poor. 

[ldkcivilservant]

You DO NOT need an SSN to start building credit. A new immigrant (or one that is not entitled to work previously, and therefore did not need an SSN) can get an ITIN and the CBs and credit issuers will accept that for reporting purposes.

When/if the immigrant gets an SSN, they can update with the CBs and lenders and the profiles should be merged together. I say should, but we all know how bad CBs are at getting most things right first time.

Source - I am an immigrant myself. Arrived in 2013, and was sworn in as a US Citizen in 2019. 2020 was the fist election I could vote in

[ridgebackpilot]

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@Anonymous wrote:

Navy FCU Share Savings loan: June 2021

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Since you're apparently a member of Navy Federal CU (how?), you might consider applying for an auto loan from them.

But as others have said, you're trying to buy a car worth more than your annual income on a razor thin credit file. Are you comfortable spending most of your disposable income on a car payment?