Tesla Model S Approval Odds

[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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Really? why would you spend $100K for a car? I mean its a car and depreciation will be major. I just bought a new X2 BMW for $47K and I would never spend more then $50K for a car. I can afford a car like you are buying but you have to say, enough is enough, I hope you change your mind and buy something half that price.

Thanks

Mark

[Anonymous]

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@Anonymous wrote:

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@disdreamin wrote:

---

@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.

---

Really? why would you spend $100K for a car? I mean its a car and depreciation will be major. I just bought a new X2 BMW for $47K and I would never spend more then $50K for a car. I can afford a car like you are buying but you have to say, enough is enough, I hope you change your mind and buy something half that price.

Thanks

Mark

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Hi Mark, 

I work from home so I plan to put it on turo some of the time which will pay  it off quickly. Maybe you should create an Llc for your car and rent it out sometimes as well 🤷🏽‍♀️

[Anonymous]

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@Anonymous wrote:

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@disdreamin wrote:

---

@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.

---

Really? why would you spend $100K for a car? I mean its a car and depreciation will be major. I just bought a new X2 BMW for $47K and I would never spend more then $50K for a car. I can afford a car like you are buying but you have to say, enough is enough, I hope you change your mind and buy something half that price.

Thanks

Mark

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To reiterate my advice to you from another thread. We are not in these forums to attack the personal decisions of other members. 

[Anonymous]

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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.

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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.

I don't think my file is thin, but I could be wrong. I have 11 credit cards with highest limit $25k lowest limit $3500. I don't have a mortgage or other car note. Just credit cards and student loans. My utilization is 17% overall. Is that considered thin? 

[Loquat]

PSA,

The decision that one makes need not make sense to you or anyone else. Please keep conversation to the topic at hand. What a person chooses to do with their finances is their business and it doesn’t need to be justified to anyone on this here forum.

Please respect that others have different positions and viewpoints other than your own.

I appreciate your understanding.

[Anonymous]

Just an update for anyone who is in a similar situation as me - I was approved with Chase with a 2.49% apr. Super excited!! Delivery is set for beginning of Sept! Thanks everyone for your thoughts and insight!

[WTL1]

I applaude you your prudent and restrained choice - you didn't go plaid!

[Anonymous]

Can you please share some of the final numbers?

• Sale price
• Amount financed
• Down payment