When to apply for Tesla financing

When to apply for Tesla financing

When I went to apply for the financing, it said quotes would only be valid for 30 days. So, should I wait to get a delivery date before applying for the loan? My order finalized on 7/18 and delivery is currently end August - early September. I dont want to go through this twice and have 2 credit inquiries.

Anthony J. Parisio | August 2, 2017


trixiew | August 2, 2017

Yes. I did it too soon and it hurt my credit score.

sberman | August 2, 2017

I don't have first-hand experience with Tesla financing, but I would certainly expect your Delivery Specialist to be a key player here. Presumably you have completed your payment and profile details, which include informing Tesla of your payment method. So your Delivery Specialist should be on top of timing all prerequisite events so you can drive off in your new Tesla when your car is delivered. If you have any doubts, contact your Delivery Specialist.

High Plains Drifter | August 3, 2017

You should wait until you establish an actual delivery date. It takes very little time if you have a good credit rating (820+).

Boonedocks | August 3, 2017

+1+1 I went with my local credit union that matched the Tesla rate and guaranteed my rate for 90 days with no additional credit inquiries. The Tesla finance guy seemed way to much in a hurry to pull my credit with a 30 day commitment and with no idea of when my car would be in my hands. I moved on quickly...

lasportsnut | August 3, 2017

My delivery took 40 days however they did not rerun my credit.

Yet despite an 844 FiCA, when I originally applied they ran my credit 3 times (Tesla, Chase, and TD Auto).

Not too happy about that.

PatientFool | August 3, 2017

Its worth pointing out that they can extend the 30 days once so it's more like 60 days. Which is usually enough time to get the car if you look at the spreadsheet where people report their various dates. That said, i don't see any harm in delaying it a bit to be certain depending on where you're ordering from.

Boonedocks | August 4, 2017

@YesYNot Thank goodness my credit is frozen as they would have dinged me 3 times as well. As is when the Tesla rep called me to have my credit unfrozen and explained everything to me I RAN not walked to my local CU that also had my then current S85D loan.

lasportsnut | August 5, 2017

@Boonedocks Smart, I should do the same. Thanks

ice2032 | August 6, 2017

@YesYNot, with an 844 FICO you should already know that 3 auto loan credit pulls within a 30-day period only count as 1 pull for the purposes of calculating your credit score. They could have pulled it 20 times and it wouldn't have been any different than pulling it once.

halftrojan | August 6, 2017

@ice2032 is cold, but correct :)

vishnunarang2000 | September 13, 2018

I recently applied for a TESLA loan and they simply rejected me giving no reason. My delivery advisor was kind to ask them and relay their response. The reason was that I did not have enough credit history. I don't understand what I can do about it. 1.5 years history isn't enough even though I earn enough to pay back the loan easily. I've never missed any payment and always pay in full before the deadline. Clean record with minimal credit utilization. But 1.5 years is the reason I have 2 hard enquiries with a disapproval from Tesla financing. Disappointed!!!

I have also applied to my Credit Union and am hoping they'll approve my loan request. Does anyone have any suggestions and pointers ? I have only a week before I get my delivery. I need to do everything in a few days.

nipper2 | September 14, 2018

What has been the Interest rates been?

nipper2 | September 14, 2018

What has been the Interest rates been?

ktslab | September 14, 2018

be sure that your credit will be approved for financing. pay the deposit, then apply the finance as close to delivery as possible.

I remember when I bought the Model S. I was so annoyed with the process, pay the deposit first, then apply for financing. (what if the financing was denied, am I suppose to lose the deposit?). so what I did, was to make sure I can buy the car outright if worst comes to worst. All was good at the end, probably because I only applied for a $40K loan, paid most of out the pocket (maxed out my savings account lol)

ktslab | September 14, 2018

and didn't touch my stock account.

Heidihck | March 18, 2019

Can you not apply for financing on a Model 3?