Financing and Credit Scores For Two Applicants

[mbaliatico]

Hi all,

Sorry if this is posted somewhere else. I'm new to the Tesla community and am trying to figure out how the financing application works.

My spouse's credit score is 780 but his income is sub 50k. On the other hand my credit score recently dropped to a 720 but my income is significantly higher than my spouse's. This isn't meant insultingly at all! I'm just trying to give the full picture.

Does anyone know if I'm the secondary applicant on the financing for my income will it also use my credit score? I'm trying to get the best interest rate possible but was told we need a credit score of at least 750 to qualify for the 2.49.

Thank you all!

 

[tesluv108]

Hi all,

Sorry if this is posted somewhere else. I'm new to the Tesla community and am trying to figure out how the financing application works.

My spouse's credit score is 780 but his income is sub 50k. On the other hand my credit score recently dropped to a 720 but my income is significantly higher than my spouse's. This isn't meant insultingly at all! I'm just trying to give the full picture.

Does anyone know if I'm the secondary applicant on the financing for my income will it also use my credit score? I'm trying to get the best interest rate possible but was told we need a credit score of at least 750 to qualify for the 2.49.

Thank you all!

I got 2.49 on lower income than yours likely. However, I have a paid off house, so not sure how that played into the decision. I was the sole applicant and I’ve seen my credit vary from 750 to 800.

 

[Coltcon]

I did a joint application for my model 3. My score is 815, but my husbands is 730. It was a full credit application for both of us, and we both got those legally required letter from Wells Fargo (applied thru Tesla) to let us know our credit was pulled. Got the 2.49% and got approval within 10 min of applying.

 

[zerb012345]

I applied solo so I can't speak on the joint application/which score they will use but I was 22 when I applied back in late September, credit score 760ish, 90k/year and I was approved at 2.49%. I imagine between the two of you you'll see 2.49

 

[Mzab21]

Curious on how the US Bank process works through Tesla. It took all of two minutes to fill out and I had approved terms the next day. What’s the process from here? I feel like I should have to fill out massive amounts of paperwork to finalize the loan..... is that the case? Or do I just pay my balance to Tesla and the approved loan goes into effect?