Credit score/Income to Model s/price comparison??

[Navyguy]

I am curious what peoples incomes vs credit ratings are here for some of the people having purchased new (or used) teslas.

which model did you get. if you do not feel like sharing your score etc. that is fine. anyone that would would be great letting me know what I should expect.

like if you have 650 score and were able to get the p90D with a 50K a year job. or if you needed 750 score and could barely get the p60d with a 75K job etc. etc.

thanks for the info.

 

[Austin Powers]

I am curious what peoples incomes vs credit ratings are here for some of the people having purchased new (or used) teslas.

which model did you get. if you do not feel like sharing your score etc. that is fine. anyone that would would be great letting me know what I should expect.

like if you have 650 score and were able to get the p90D with a 50K a year job. or if you needed 750 score and could barely get the p60d with a 75K job etc. etc.

thanks for the info.

How about you share yours and we can tell what loan amount you might qualify for and whether you should be buying a Tesla or not?

 

[Navyguy]

I am not sure yet, I have not checked since near the beginning of the year from the free annual one. I think it between 575-625 it may be a little higher now but def less than 675. Salary is around 90K. Most of the bad stuff on the credit report is pretty old but not 7 years.

 

[Az_Rael]

Heh, I make over 250k/year and have a credit score in the 800s, but I feel like I can't afford a new P90D. But I also have a mortgage and other expenses and it's expensive to live in CA. Therefore, I am shopping used.

I always work these sorts of problems from the other direction. I figure out what I can afford to spend, then if I couldn't get approved for a loan that high, I would save up cash to reduce the loan amount to something I could qualify for. THEN I go car shopping after all that is sorted and I am pre-approved for a loan.

Teslas process is a bit different since you are ordering the car with a non refundable deposit, so it might be useful for you to apply for a loan from a bank or a credit union first to see if you qualify before you order. My credit union has an online application process, and I can get a pre-approval back within 30 minutes usually.

 

[zambono]

I am not sure yet, I have not checked since near the beginning of the year from the free annual one. I think it between 575-625 it may be a little higher now but def less than 675. Salary is around 90K. Most of the bad stuff on the credit report is pretty old but not 7 years.

There are many loan calculators online that will give you an idea of your payments. With your credit score don't expect to receive the lower rates. If you have navy federal start there

 

[Max*]

If you made it a poll, more people would participate. I don't think many people want to divulge personal information. Also, there are already polls regarding age, income, etc. for Tesla owners.

To answer your underlying question: There is no one formula that fits all people. It's about what you can afford and priorities.


It's also not only about credit score and income, but about DTI. I could have an income of $500k a year, but if my monthly payments on my mortgage, car, vacation home, helicopter, etc. are $30k a month, my DTI sucks and even if I were to qualify for a loan, it's not the best financial decision to get a new car.
OTOH if I only make $80k a year, but have 0 debt (paid off mortgage, paid off cars, etc.) then I'm in a better financial position to get a new car loan.

Some people like new cars. Some people like big houses. Some people like gadgets. Some people like to spoil their kids/pets. Some people like expensive hobbies. etc.

Most people on this forum are fortunate enough to be able to pick and chose what they want (i.e. car, house, some hobbies, some gadgets, etc.) but they might not be able to get everything (though I'm sure some can). Where others might only be able to chose 2 things they want - maybe the Tesla and a small house? maybe the Tesla and expensive hobbies?

Back to my initial comment - there's no one right formula to say "if I make $z/year and have xxx credit score and yy% DTI, I should buy a Tesla". It's also about priorities.

 

[GFORCED]

I think you can get a 2012 60 or 70 with some miles on it from a local dealer. You're probably not going to qualify for a new 100K car. But, an older Tesla is a great way to start! Best of luck. ;-)

 

[Dynastar]

I'd echo others that it really depends on your situation. My family makes a lot less then most here but living in flyover country our cost of living is minimal. My sister lives in the bay area, and our housing costs for a 5 bedroom house plus a Tesla payment are less then her costs for a two bedroom apartment plus Honda Fit.