I've been reading the forums for a month or so and have my heart set on a Model S. I read through a thread on financing where people basically said that Alliant Credit Union is the easiest and provides the best rates (PenFed had mixed reviews). I've created an account at Alliant.
I am determining what changes I need to make in my financial life to be able to qualify for a $70-100k loan for a Model S. I make money from my IT job and my house (I live on the first floor and rent out the basement + 3 rooms upstairs). I'm in the middle of a home flip (rehab) where I will probably make $15-45k profit. I plan on adding another rental property to my portfolio after paying off some debt. I will be starting a new job in 8-12 months at $70k. My current job pays $46.8k. I make $2370/month from renting part of my house. I'm 25 years old, single (with a girlfriend) and in Baltimore. My credit score is around 760.
Here are my current financials:
job = $2770/month
Rental = $2370/month
(With new job the total will be $4124/month + $2370/month = $6494/month)
PITI + PMI = $1045/month ($127k left; will lower by $53/month next August when PMI is auto-removed)
Car loan @4.54% = $278/month ($13,500 left on it)
Personal loan @ 7.99% = $239/month ($5,000 left on it)
Personal loan @ 7.99% = $345/month ($9,000 left on it)
Cable = $150/month
Utilities = $250/month
Phone = $45/month
Insurance = $105/month
Food = $350/month
House1 loan = $127,000; Value = $180,000
My car (Honda Fit Sport 2012)
My current monthly cashflow = $5140 - $2807 = $2333/month
My soon-to-be monthly cashflow = $6494 - $2807 = $3687/month
With the profit from the home flip, I will pay off all of my 7.99% loans and purchase a 13.77kw solar panel system for $29k net expense (I'll use a HELOC for part of this). This will allow me to supply all of my own electricity and enough to include a Tesla Model S.
I'm thinking that once I've paid off every loan with the exception of my home loan, and once I have $25k from another flip for down payment + trade-in value of my Honda Fit, and once I'm making $70k + $28k rent + flipping income... I will be in a good position to purchase a Model S by financing $70-100k through Alliant. I'd probably be okay with the 85kwh Model S with some options... I've spec'd my Model S out to $88k, but I'd love to get the P85 for $98k.
What do you all think? Will I be able to purchase a Model S with no debt and $100k/year income (not including flips)? I'm thinking that in 18 months I will be able to accomplish all of the above and purchase a Model S.