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tesla approval odds

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tesla approval odds

Looking for approval odds for a new Tesla Model 3. 58k loan amount.

Today's fico 8: 650 EQ, 684 TU, 649 EX.

Income: 220k

Current auto loan from Capital One: 30k balance, no lates, 2 years old.

DTI: 35%

Message 1 of 8
New Visitor

Re: tesla approval odds

I'm wondering if it makes sense to apply to NFCU vs Tesla's program. I have had a mostly dormant account with NFCU for many years and about a year ago I deposited about $8k and recently withdrew that amount. So, I don't really have a true relationship with them, but I kinda do? lol. Whereas the benefit of applying through Tesla is that I think I read that they get slightly favorable approvals through US Bank.



Message 2 of 8
Established Contributor

Re: tesla approval odds

You're better off applying for your own financing rather than going with Tesla's own. NFCU's new auto rate is pretty good. Im my case, I went with a local credit union and got a 2.49% rate and just brought the check with me on delivery day to pick up my Model 3. Approval odds may be better as well.


Good luck.

FNBO $15k, Aspiration Zero $11k, Affinity FCU $10k, Sofi $15k, Venmo Visa $2.7k, Apple $7k, Citi Custom Cash $14k, Citi Double Cash $15k, Citizens Bank Cash Plus $8k, Chase Amazon $3k, Chase Flex $13.6k, Chase IHG $16k, Amex BCP $9.5k, Amex Hilton $10k, Chase Freedom $26.5k, NFCU Plat $46k, NFCU Cash $33k, Discover IT $29k, Discover Miles $12k, BECU Visa $14k, Wells Fargo Active $6.3k, PenFed Promise $15k, PenFed Gold $20k
Message 3 of 8
Valued Contributor

Re: tesla approval odds

Scores are a bit low.. for that reason alone id go through teslas program, but nonetheless id assume a approval if your 30k auto loan has been paid on time the last 2 years.

Message 4 of 8
Valued Contributor

Re: tesla approval odds

Good Luck @nobodyfresh on whatever you decide to do.

CARDS: Discover It | QuickSilver One | Kohl’s | BBT Spectrum Cash Rewards | BBT Bright | CITI Custom Cash | Chase Freedom Flex | Chase Amazon Prime Visa | VACU Cash Rewards Mastercard | PenFed Gold Visa | NFCU CashRewards | NFCU More Rewards | NFCU Platinum Visa | AMEX BCE | Verizon Visa | Wells Fargo Active Cash | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 5 of 8
Valued Member

Re: tesla approval odds

If TU is your highest score, I would give NFCU a shot. I have a model 3 on order as well. I plan to use PenFed because they pull EQ which is my highest score. Hope this helps. Good luck and congrats! Can't wait to take delivery of mine after the new year.

Message 6 of 8
Established Contributor

Re: tesla approval odds

I financed my Tesla Model 3 through NFCU in mid-2020. Like @trant3, I got a better rate than Tesla offered me. As you probably know, Tesla doesn't have its own lending program like other auto manufacturers. They simply place your loan with one of their partners. In my case, I didn't like the loan they offered, so I went to NFCU instead. They were great and I simply took their check with me when I pickup my Model 3. Good luck; you'll love the Model 3!

Message 7 of 8
New Contributor

Re: tesla approval odds

I would get pre-approval from your local CU or any Bank you have a relationship with, then present a check to Tesla. You will have no negotiation room for APR negotiation once you go through Tesla's spin the auto lender wheel. 

Message 8 of 8
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