Model X

Will be approve for Tesla Model X financing ?

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 760+ on all credit bureaus. What chance do I have to be approved for remaining loan of approx. 90K? Also, is it advisable to include my spouse income while applying for financing, if that helps in any way ?

Comments

  • I think it all depends on your income and debt. When I applied for my X loan last year, Included my spouse and always do on big loans since will be in both names anyway. Good luck. Great car!!
  • 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.
  • Score is irrelevant. 777 score with $20,000,000 in debt and a minimum wage job equals no go. An extreme example I know but I’m trying to make a point that you’re trying to correlate data to a single point. Typically in auto finance your Score has to do with what rate you’ll be offered IF you’re otherwise qualified. 10k down puts you close to 100% LTV when you drive off so they’ll want a pretty low debt ratio and very high income. If you don’t have 18+ month history with fixed term (mortgage or auto debt) your auto fico is likely significantly lower than the numbers you’re referring to above.

    Net net if you have a relationship with a bank already go there. They know you better than Tesla will. If you don’t then Tesla can shotgun you to WF, chase, us bank, td bank etc but they’ll all look at the same criteria above.
  • Pay cash :)
  • We applied, US credit rating of 840, only debt is mortgage, make $180k per year, $75k in savings and were paying $35k up front for the car and we were turned down after being made to wait two weeks. Bananas! Went to our regular lender and were immediately approved. Just skip it and go elsewhere.
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