TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker and becoming a Supporting Member. For more info: Support TMC

670 Credit score and 50k for Model 3 RWD.

Discussion in 'Model 3: Ordering, Production, Delivery' started by astrn, Aug 14, 2018.

  1. astrn

    astrn Member

    Joined:
    Aug 14, 2018
    Messages:
    19
    Location:
    Los Angeles
    Do you have any idea how much APR will I get for 670 credit score with %10 downpayment? (669 Transition, 677 Experian) My credit utilization is around %40 and have a excellent payments on time.
     
  2. astrn

    astrn Member

    Joined:
    Aug 14, 2018
    Messages:
    19
    Location:
    Los Angeles
    BTW I make around 75k per year.
     
  3. JavaLemonade

    JavaLemonade Member

    Joined:
    Jul 15, 2018
    Messages:
    14
    Location:
    Washington
    Depends on where you live, where you get the loan (CU vs big bank) and the term of the loan. For example, in the state of Washington, Chase would give you a 4.99% APR for a 60months loan.

    Not sure your annual salary is a factor?
     
  4. astrn

    astrn Member

    Joined:
    Aug 14, 2018
    Messages:
    19
    Location:
    Los Angeles
    Got your point. Anyone live in LA with similar credit score range and applied through Tesla Financing?
     
  5. Phrixotrichus

    Phrixotrichus Member

    Joined:
    Jul 31, 2017
    Messages:
    462
    Location:
    Germany
    People seriously buy cars that cost 2/3ds of their annual income?
    That´s completely nuts!

    Don`t do it. It`s just a car and you´ll regret it.
     
    • Disagree x 7
    • Like x 6
    • Love x 3
  6. JoeCoolMan24

    JoeCoolMan24 Member

    Joined:
    Apr 3, 2016
    Messages:
    122
    Location:
    Northwest Indiana
    My Model 3 will be about 133% of my annual income. LULZ

    But my month payments should be under $300 a month, so I'm not worried.
     
    • Funny x 3
    • Disagree x 1
  7. Phrixotrichus

    Phrixotrichus Member

    Joined:
    Jul 31, 2017
    Messages:
    462
    Location:
    Germany
    Pure craziness and financially about the same as shoveling money into an oven, but everyone needs a hobby I guess :D
     
    • Like x 2
    • Love x 2
  8. astrn

    astrn Member

    Joined:
    Aug 14, 2018
    Messages:
    19
    Location:
    Los Angeles
    Acutally I made my calculations long before that.

    I currently have 2 cars (15 Corolla and 15 Fiesta one of them belongs to my wife) and both of them putting me around 1000-1100 a month (including maintenance, gas, insurance, loan and depreciation which much higher than Tesla sadly, etc.) and I used to make 30k a year about 1 year ago while paying those 2! I know its crazy but if you live in LA its necessary to have a car!

    I am planning to sell one of my car which causes me alot of headaches ( I wont ever buy or use a Ford again!) right now and refinance the Corolla (current APR is %15 which is super ridiculous). I dont have any credit score back then since I came to USA 4 years ago with greencard and that was my only choice to buy a car. In the long run with tax credit and gasoline, maintenance savings it will only costs me around 200-300 extra a month.

    I dont pay any mortgages or taking care of any child or babies and does not plan todo both of these anytime soon, so I can easily afford a Tesla M3.
     
    • Informative x 2
    • Disagree x 2
    • Like x 1
  9. HopeToGolf

    HopeToGolf Member

    Joined:
    Mar 31, 2016
    Messages:
    123
    Location:
    USA - New Jersey
    Funny. I had similar thoughts. When combined with the 670 credit score I thought, buy a cheaper car. In two years the Model 3 will be the BMW 3 series of 2000-2015...they will be everywhere.
     
    • Like x 1
    • Disagree x 1
  10. ebmcs03

    ebmcs03 Active Member

    Joined:
    Dec 22, 2017
    Messages:
    1,165
    Location:
    So Cal
    Yea. People buy whatever they want. I don’t care as long as they don’t require bailout or declare bankruptcy and have all their debt wiped out for free and then go claim EBT. As long as they are responsible and don’t get free lunches from the tax payers I don’t care.
     
    • Like x 5
    • Disagree x 1
  11. TrickyDimitri

    TrickyDimitri Soon...very soon.

    Joined:
    Apr 20, 2016
    Messages:
    255
    Location:
    NC
    I love how we feel it is acceptable to tell people what they should and should not do with their life and their money, and how we assume to know about their personal situations on a forum about cars. To put in my opinion, with a 670 you would probably be offered in the 5% range depending on the length of your loan, and how much you have saved for the down payment. The bigger the down payment the better (obviously).
     
    • Like x 5
    • Disagree x 2
  12. Ahzuz

    Ahzuz Member

    Joined:
    Jul 16, 2018
    Messages:
    31
    Location:
    Montréal
    2/3 is nothing, I know people that buys car worth 100% of their annual income... in fact, most people I know do that.
     
    • Disagree x 2
    • Like x 1
  13. ba2002

    ba2002 Member

    Joined:
    Jul 3, 2016
    Messages:
    293
    Location:
    US
    Median take home pay in the US $59k, and the median new car transaction is ~$36k - so at least some number of people are likely.... completely nuts! :D
     
    • Informative x 2
    • Like x 1
    • Funny x 1
  14. Pied

    Pied Member

    Joined:
    Jul 14, 2018
    Messages:
    41
    Location:
    Bay Area, CA
    Debt to income has a factor of getting approved. 40% utilization is pretty high. What would it be when you tack on another $40k+?

    I would advise against purchasing a car that is 2/3 your income. Especially if you can only put 10% down. are other alternatives such as a Nissan Leaf or Bolt, or wait for the SR version if you can.
     
    • Like x 3
  15. Evoixse

    Evoixse Member

    Joined:
    Jun 29, 2018
    Messages:
    113
    Location:
    Chicago
    Yea I bought a p3d+ and only am in the 80k's But then again I live at home still and have no expenses other than my food costs at costco(I dont really go out as i dont drink/party either and I dont eat out)...I could pay the car off in a year but interest is too too low these days and have higher returns elsewhere. But regardless I'm still nervous about this purchase as I just am not use to spending more than 200 bucks a week to stay alive lol (my current cadillac lease is only 249/month) but after a cost analysis of the savings it brings. My net operating costs will only increase by 450 a month vs current. (Off peak charging is key) this value will only further to drop and offset as long as we continue to have gas prices increase over time. So I don't think it's fair to say it's a bad idea for me vs someone that I work with that eats out for every meal and goes to pubs on the weekenda(as many Americans do). I think I'm in a solid position. My gf is low maintence too and in school for another 1.5 years so I'm not under any pressure to move out yet. Autopilot may be a wise investment for me though as I will have to travel 1 hour each way to visit on the weekends.lol

    My largest purchase I have made in the last 12 months is a $400 3d printer and 12k in tesla stock options lol
     
    • Disagree x 1
  16. brandonee916

    brandonee916 Member

    Joined:
    Aug 8, 2018
    Messages:
    126
    Location:
    Sacramento, CA
    We all have different financial situations... if you crunched the numbers, got approved for your loan... then I wouldn't worry about it. It's just a car and you can always sell it (if something happens to your income), or pay it off sooner (if you get a fat bonus... hehe). Enjoy your new car
     
    • Like x 2
    • Disagree x 1
  17. Darren Donovan

    Joined:
    Mar 25, 2013
    Messages:
    298
    Location:
    Central CA
    OP asked for opinions on interest rates, and was advised to not buy the car. Who asked for that?
     
    • Like x 9
    • Helpful x 1
    • Disagree x 1
  18. astrn

    astrn Member

    Joined:
    Aug 14, 2018
    Messages:
    19
    Location:
    Los Angeles
    Lol thats what I was thinking now. Problem solved, they approved around %4 APR which is not bad in my terms.
     
  19. Glamisduner

    Glamisduner Member

    Joined:
    Aug 2, 2017
    Messages:
    705
    Location:
    Escondido, CA
    #19 Glamisduner, Aug 15, 2018
    Last edited: Aug 15, 2018
    it's not quite 2/3 of his income if he can take advantage of the $7500+ tax credit + $2500 CA rebate..

    So this makes the car closer to 40k, then power consumption costs and maintenance might be lower than an ICE, so that makes it closer to buying a 35k car? We do knot know if he has high rentals costs or anything else about the op other than he lives in LA :p so he probably does.

    I bought a 32k truck when I got my frist job out of college, and I was not making close to 75k back then. I rented a bedroom, and was ok. My Credit to debt ratio was lower before buying the truck though. I got by just fine at the time.

    In general buying a new car is hardly ever a good financial decision IMO.

    Sorry I have no input on your original question.
     
  20. Darren Donovan

    Joined:
    Mar 25, 2013
    Messages:
    298
    Location:
    Central CA
    What bank or credit union did you go with?
    Thanks,
     

Share This Page

  • About Us

    Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.
  • Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


    SUPPORT TMC