Will I be approved for Tesla Model X financing ?

[Anonymous]

Planning to apply for a model X financing with 10 K down. Have a relatively shorter credit history (oldest cc 4 years). Credit score is in range ~770 on Transunion and Equifax, ~760 on Experian. No red flags or missed payments. What chances do I have to be approved for remaining loan of approx. 90K? 

Yearly income ~ 200K (excluding spouse)

Paid all the credit card balances to almost zero utilization as of current.

Have a old ongoing auto loan from last 3 years - No missed payment.

Update:

I paid 100 down for model X a couple of days back. I was expecting my credit score to improve after hitting a zero credit usage which I achieved last week. This also includes closing a loan account. I guess closing the account had a negative impact on average age of credit history and to my surprise, my score actually dropped 10 points. Is this drop temporary? Should I still go ahead with Tesla finance application or is it worth waiting few days expecting score to come back up ?
Score as of now are EX-750, TU-774, EQ-777.

Also, is it advisable to include my spouse income while applying for financing, if that helps in any way ?

[Bankrupt2019]

My thought is Yes you'll be approved with no need for wife's income. 

My turn , what do I need to do for $200k a year? 😂🤣😂🤣

[Shooting-For-800]

If you don't, no one will.

[mross1080]

I think the only problem you might run into was how much is your current auto loan for. Ive had problems in the past that a lot of banks dont want to be the one to make a huge jump from what the last bank loaned you. I dont think Tesla has a captive lender so your more at the mercy of outside banks.

Might be best to try a local or major credit union. They usually have better rates. Usually 100k is the mainstream high limit on most outside lenders auto loans.

[Anonymous]

@mross1080  Thanks for sharing your thoughts. My previous Auto loan is for 22K. However, I have two other loans for 20K and 10K both of which are fully paid off. I have a good idea that I might not get a Tier 1 rates but if it would be great if I do not need to increase my planned down payment of 10K. Do you think adding my spouse income will increase my borrowing limit? 

[mross1080]

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@Anonymous wrote:

@mross1080  Thanks for sharing your thoughts. My previous Auto loan is for 22K. However, I have two other loans for 20K and 10K both of which are fully paid off. I have a good idea that I might not get a Tier 1 rates but if it would be great if I do not need to increase my planned down payment of 10K. Do you think adding my spouse income will increase my borrowing limit? 

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Strangely enough income has nothing to do with it. Ive bought WAAAYYYYY to many cars in my day lol. Banks dont like to loan large amounts for autos much higher then what a previous bank did. First time I needed to get a big auto loan it was a nightmare nobody wanted to approve since my highest loan at the time was in the 30's and I was looking around 100k. I ended up jumping to the 60's then the 90's.

Not saying you want be alright, You just might have to go through a credit union since they might be better with larger limits. Even when I was getting denied I had over 10 years of credit history clean record and over 15 paid off car loans on my history.

I looked it up and it looks like Tesla uses US bank and Wells fargo. Ive never used either so I cant speak to there lending standards. But I say try for it and worst case try a credit union. Just space all the pulls close so they count as 1. And good luck!

[Anonymous]

@mross1080 Thanks for the details.  Sure i will try the options you suggested. Let's see how it goes. :-)