EECU Denial Now Tesla Financing Questions

[FitYNABer]

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?

 

[hocr]

TF is at like 3.99 % for your credit score. Why not shop around for other CU with better rates?

And TF could cover the full loan if you chose that route

 

[jjrandorin]

How much credit is extended depends on your particular situation. Your credit score and credit experience make up the factors that any financial institution will use to judge how much money to loan you.

Your best bet is to go through your primary financial institution, but your "limited credit experience" is not going to go away, so you may have to deal with either being offered less money than you want / need to borrow to get the car, or a higher rate than you were expecting.

There is no reason you cant apply for both NFCU and Tesla at the same time. When shopping around for credit for a house or car, all credit inquiries in a short period of time (2 weeks for sure) are bundled together as only one "hit" on your credit. They will all show up as inquiries, but only the first one (that you already have done) will actually lower your credit score.

You should apply at NFCU and at tesla or any other place you are thinking about, compare and see if you are extended the credit amount you want from someone at rates you want to pay. its absolutely possibly that all of them will not extend you the entire amount. The more money you want to borrow, the more you have to prove both that you have done it before, AND that you really dont need it.

Credit is funny that way... the key to getting tons of credit extended to you is to prove you dont need any credit.

 

[myt-e-s-l-a]

Apply with Lighstream out of SD. You will be approved. They are very competitive and easy to apply ( less strict).

 

[FitYNABer]

Apply with Lighstream out of SD. You will be approved. They are very competitive and easy to apply ( less strict).

I thought Lightstream was difficult to be approved for??

 

[myt-e-s-l-a]

I thought Lightstream was difficult to be approved for??

With your solid FICO 744 score, you should be approved. Lightstream requirements are not more difficult/strict than their competitors. As long as you have above 700 score and < 36% debt to income ratio, you should apply and see..
Another way to improve your chances is to add a co-signer (parents or wife).

I was approved immediately and got funded the next day on my loan. The process was just like applying for a Credit card.

LightStream loans are unsecured. The collateral benefit of this is that I am the sole owner of the car, as there is no lien holder.

 

[KenC]

Check some other CUs. Also, ask your CU what score would qualify you for a 90% loan. It might only be a score of 750. You're almost there. It might only take keeping your credit balances low for a month, to lower your utilization rate to get you above 750. Who knows, gotta ask.