Tesla Model S Approval Odds

[Anonymous]

Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.

Credit card utilization is 17%.

Student loans = $300k+; monthly payment is $56.

My income is split: W2 = $52k; 1099/Business income = $145k

Been in the same profession for 7+ years but   changed jobs in March 2021. Will my business income be an issue? 

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much? 

[Red1Blue]

Ask Tesla if they would give  a dicount if you buy two cars. You can give me second car.

[disdreamin]

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@Anonymous wrote:

Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.

Credit card utilization is 17%.

Student loans = $300k+; monthly payment is $56.

My income is split: W2 = $52k; 1099/Business income = $145k

Been in the same profession for 7+ years but   changed jobs in March 2021. Will my business income be an issue? 

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much? 

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I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

[Anonymous]

lol, I'm nervous about buying this one. This is my first major car purchase 

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[Anonymous]

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@disdreamin wrote:

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@Anonymous wrote:

Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.

Credit card utilization is 17%.

Student loans = $300k+; monthly payment is $56.

My income is split: W2 = $52k; 1099/Business income = $145k

Been in the same profession for 7+ years but   changed jobs in March 2021. Will my business income be an issue? 

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much? 

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I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

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@disdreamin My business income is business revenue/profits right now. It's not even included in my personal income, but I can change that quickly to show profits if I need to for income purposes. What type of leg work/documents were requested for your mortgage if you don't mind me asking?

[disdreamin]

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@Anonymous wrote:

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@disdreamin wrote:

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@Anonymous wrote:

Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.

Credit card utilization is 17%.

Student loans = $300k+; monthly payment is $56.

My income is split: W2 = $52k; 1099/Business income = $145k

Been in the same profession for 7+ years but   changed jobs in March 2021. Will my business income be an issue? 

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much? 

---

I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

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@disdreamin My business income is business revenue/profits right now. It's not even included in my personal income, but I can change that quickly to show profits if I need to for income purposes. What type of leg work/documents were requested for your mortgage if you don't mind me asking?

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I recall more extensive proof of income (months of bank statements) being required than for our other loans. I am assuming this was to show the 1099 income was reliable and not just a one-in-a-while thing, but I never asked. It was from consulting work, so essentially no overhead and straight to our bank account, less what we set aside to cover quarterly taxes. It sounds quite different from your situation, so probably not helpful, sorry.

Still curious about the student loan payment, I've got kids getting to the college point and nothing we're looking at would be that affordable. lol

[Anonymous]

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@disdreamin wrote:

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@Anonymous wrote:

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@disdreamin wrote:

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@Anonymous wrote:

Hi, I've reserved my Tesla model s and I just want to get a feel for approval odds.
I have a 720+ score on all 3 reports.

Credit card utilization is 17%.

Student loans = $300k+; monthly payment is $56.

My income is split: W2 = $52k; 1099/Business income = $145k

Been in the same profession for 7+ years but   changed jobs in March 2021. Will my business income be an issue? 

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing. Has anyone been approved for a loan with similar credit and income? If so, did you have to make a down payment and how much? 

---

I'm confused, how is the payment on $300k in student loans $56 a month?

Curious to hear how the business income is perceived. We had 1099 income when we applied for our mortgage and I remember having to do a bunch of leg work to get it included. Hopefully it's easier with an auto loan.

---

@disdreamin My business income is business revenue/profits right now. It's not even included in my personal income, but I can change that quickly to show profits if I need to for income purposes. What type of leg work/documents were requested for your mortgage if you don't mind me asking?

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I recall more extensive proof of income (months of bank statements) being required than for our other loans. I am assuming this was to show the 1099 income was reliable and not just a one-in-a-while thing, but I never asked. It was from consulting work, so essentially no overhead and straight to our bank account, less what we set aside to cover quarterly taxes. It sounds quite different from your situation, so probably not helpful, sorry.

Still curious about the student loan payment, I've got kids getting to the college point and nothing we're looking at would be that affordable. lol

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Most likely income based off only w2 income (not including 1099 income due to deductions), expenses, and family size. 

[ridgebackpilot]

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@Anonymous wrote:

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing.

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You're trying to buy a car worth nearly twice your annual income? Your credit file is thin and you have a big student loan that you're trying to pay off. Your credit scores won't be particularly relevant; your debt-to-income (DTI) ratio will be the issue for lenders.

[Anonymous]

What does "credit file is thin" mean? Also, when I was getting a mortgage they didn't look at my student loans as a huge debt. They just looked at the payment and calculated that as my monthly debt. Do they not do the same for auto loans? 

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@ridgebackpilot wrote:

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@Anonymous wrote:

The price of the car is $97,454. I'm willing to bring a down payment to the table but would prefer no finance the whole thing.

---

You're trying to buy a car worth nearly twice your annual income? Your credit file is thin and you have a big student loan that you're trying to pay off. Your credit scores won't be particularly relevant; your debt-to-income (DTI) ratio will be the issue for lenders.

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[disdreamin]

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@Anonymous wrote:

What does "credit file is thin" mean? Also, when I was getting a mortgage they didn't look at my student loans as a huge debt. They just looked at the payment and calculated that as my monthly debt. Do they not do the same for auto loans? 

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No idea, but I asked upthread and am still curious how your payment on $300k+ of student loans is $56 a month. Even if interest-free, it would take you more than 400 years to pay that loan off.