First Post so I'm extremely sorry if this question has been asked and answered already somewhere buried in the TMC.
I ordered my Tesla M3 this morning expecting to finance with EECU CU. EECU approved my loan but for 15k and not anywhere near the total amount I requested which was 54k. After speaking to the underwriters it seemed the main denial reason for 54k was "limited credit experience". My TU FICO 8 is 744—(student loans, (3) CC's, and no auto loan accounts). I now have (4) CC's—(EECU uses one TU HP for all credit products so I decided to get a CC and not waist the TU HP). This account hasn't reported to any Credit Bureau of course yet lol.
Tomorrow I'll be attempting to apply for NFCU Auto Loan seeing I have had an account with them for (3+ years) and (2) CC's for (6) months. If I'm not approved I will have to hail marry and apply through Tesla Financing. My questions are below regarding that process:
1. Does Tesla Financing cover the full loan? When I log in to the Tesla website and choose "Loan arranged through Tesla" I have 5k something due. This looks like Taxes and registration fees. (Photo Attached)
2. Has anyone been declined by Tesla Financing for "Limited Credit Experience/History"?
3. Am I correct the ONLY banks TF uses are—(Wells Fargo, BofA, Chase, US Bank)?
4. If all else fails who has been on the cancellation bus and what does that process look like?
I ordered my Tesla M3 this morning expecting to finance with EECU CU. EECU approved my loan but for 15k and not anywhere near the total amount I requested which was 54k. After speaking to the underwriters it seemed the main denial reason for 54k was "limited credit experience". My TU FICO 8 is 744—(student loans, (3) CC's, and no auto loan accounts). I now have (4) CC's—(EECU uses one TU HP for all credit products so I decided to get a CC and not waist the TU HP). This account hasn't reported to any Credit Bureau of course yet lol.
Tomorrow I'll be attempting to apply for NFCU Auto Loan seeing I have had an account with them for (3+ years) and (2) CC's for (6) months. If I'm not approved I will have to hail marry and apply through Tesla Financing. My questions are below regarding that process:
1. Does Tesla Financing cover the full loan? When I log in to the Tesla website and choose "Loan arranged through Tesla" I have 5k something due. This looks like Taxes and registration fees. (Photo Attached)
2. Has anyone been declined by Tesla Financing for "Limited Credit Experience/History"?
3. Am I correct the ONLY banks TF uses are—(Wells Fargo, BofA, Chase, US Bank)?
4. If all else fails who has been on the cancellation bus and what does that process look like?