Looking for approval odds for a new Tesla Model 3. 58k loan amount.
Today's fico 8: 650 EQ, 684 TU, 649 EX.
Current auto loan from Capital One: 30k balance, no lates, 2 years old.
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.
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.
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.
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.
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!
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.