Tesla financing

[Anonymous]

I am looking at buying a Red Tesla model 3 LR($54K) in June and was wondering what we’re my odds of getting fully financed with fico auto score 9 of 757,778, and 731(EQ,TU,EX) by a credit union or through Tesla financing. Any ideas?

I have an auto loan(23k) right now that I’ve made on time payments for and I've paid it down to $8K. I’m looking at trading it in. 

My DTI will be under 30% with the tesla and insurance. The only thing that is of concern is with 9 cc my AAoA is 2 years 3 months with my oldest account being 4 years 7 months. UTI is 30% but will be 5% at application so the scores will go up a little as well. I have no

delinquencies. 

Summary:

Credit Score: FICO auto score 9 of 757,778, and 731(EQ,TU,EX)

AAoA: 2 years 7 months

# of positive trade lines: 10

# of negative trade lines: 0

Income: $87K

Lenght of Employment: 3.5 years

Previous Loan Experience: Car loan for 23K - on time payments

Debt-to-Income (DTI): <30%

Year of Car: 2021

Miles: 0 mi

Purchase/Refinance: Purchase

Requested loan term (XX Months): 72 months

Down payment amount: $4500

Co-borrower/Co-Signer: No

Other: oldest account is 4 years 9 months. UTI is 30% but will be 5% at application so the scores will go up a little as well. I have no delinquencies.

[Loquat]

I think with those numbers and income you should be fine. I'm not aware of how Tesla's financing works but I think you would be a good fit for PenFed or DCU.

[Anonymous]

My 2 credit unions would approve with their top rate but they look at mortgage scores so it could be a little different.

DCU uses Equifax Mortgage score for reference.

[Anonymous]

What are your two credit unions? Do you know if PenFed uses mortgage scores? I think it's weird they use mortgage versus auto scores for an auto loan, but to each their own. 

[Anonymous]

Tesla Financing usually goes through several lenders such as Chase, Us Bank, BOA, TD, and some others. I don't know if you have any experience with those banks. I'll try out PenFed and DCU. Thank you. 

[4sallypat]

With your high scores, I would give Sun Trust's Lightstream a chance.

Their rates are the lowest and may even beat out Tesla's financing...

https://www.lightstream.com/classic-car?cid=PS-5508&s_kwcid=AL!4229!3!483882168870!b!!g!!classic%20c... 

[ridgebackpilot]

Your FICO scores are similar to mine when I purchased my 2020 Tesla Model 3 LR almost a year ago. My income is far higher and my credit file is much thicker (because I'm almost certainly older than you are!) but otherwise the essentials are similar.

You should have no trouble qualifying for the best rates available for new car loans, no matter where you apply. Since Tesla doesn't have a captive lender; they simply shop your loan around just like you would. Trust me, you can almost certainly do better than the companies Tesla typically works with!

I went with NFCU but YMMV; I'd suggest going to the bank or CU that you have a good relationship with and seeing what they can do for you. Your objective should be to find the lowest possible APR. And don't worry about multiple auto loan inquiries; they get "de-duplicated" and all count as a single inquiry for credit scoring purposes.

Good luck and let us know how it turns out! You're going to LOVE the Tesla Model 3.

[Anonymous]

I ended up going with Fairwinds. They pulled Equifax FICO auto score Version 8 and I had a 746 at the time. I was able to get 52.4K at 2.8%. I can't wait to pick up my car this weekend!

[Loquat]

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@Anonymous wrote:

I ended up going with Fairwinds. They pulled Equifax FICO auto score Version 8 and I had a 746 at the time. I was able to get 52.4K at 2.8%. I can't wait to pick up my car this weekend!

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@Anonymous Very nice and congrats on your approval.  If you don't mind sharing a picture of your new set of wheels when you get it, I'd love to see it.  Congrats again and thankfully the weekend is almost here!!!

[Anonymous]

You'll be fine. I'm in the car biz. Scores and income will work. AAOA will work. Most lending institutions go off of recent activity. That's why they use newer scoring models. I think an algorithm would auto-approve you, if not, and they see something that I don't see, or something you aren't disclosing, a crafty sales/finance manager would put that together with ease.