Having trouble getting a loan due to short credit history

[BrianZ]

Hi guys,

So I want to buy a second P3D, but I'm getting denied for the loan. I have a very solid income (the car is a few months salary for me), but the main problem is my lack of credit history. Does anyone know of more lenient credit unions? I don't mind a higher interest rate, but I really would like to use financing for the purchase.

Thanks

 

[KenC]

Study your credit rating. There are sites that can help you simulate how your rating might change. Perhaps, in 6 months, your credit history will be long enough so that your score will be high enough to borrow.

Perhaps, a larger deposit will help. If nothing works, then do you have anyone willing to co-sign?

 

[TMThree]

Yeah, they will approve you if their risk is lowered. Just ask how much of a deposit you need to make it happen.

When I was a noob, I financed my first vehicle with $7000 down. No problem, despite zero credit history.

 

[Akikiki]

Home - Energy One : Energy One

Clean Energy Federal Credit Union - Home

 

[BrianZ]

Thank you guys. I will try these tips out.

 

[Akikiki]

Energy FCU used to be a widely used source by a lot of Tesla owners. They have merged with Penfed. So, no recent history what they are doing now. But good luck.

 

[akshaykumar]

I have zero credit history. Just moved to the united states 3 years back with a credit cards opened 2 years ago. I just have a good FICO score of 740 and I was able to get a good rate from a CU at 3.69% with zero downpayment.

 

[sahs12]

Hi guys,

So I want to buy a second P3D, but I'm getting denied for the loan. I have a very solid income (the car is a few months salary for me), but the main problem is my lack of credit history. Does anyone know of more lenient credit unions? I don't mind a higher interest rate, but I really would like to use financing for the purchase.

Thanks

If $57k+ really only is a few months salary for you, then I’d suggest saving 20% of the purchase price as a down payment. Most CUs want to see at least 10% if you have no credit history (like someone said before, they want to reduce risk), but I’m confused, you say this is your second P3D? Did you buy your first one cash? I only ask because if they approved you for one I don’t see why they wouldn’t approve for this one.

 

[Uncle Paul]

If you just recently financed your first Tesla, the banks usually will want to see a solid history of payments before they will loan you money on a second one.

As mentioned, perhaps you can put a larger down payment to get additional financing, but the big issue may be that you do not have a long enough history of making payments.

 

[alexgr]

Hi guys,
Does anyone know of more lenient credit unions? I don't mind a higher interest rate, but I really would like to use financing for the purchase.

Thanks

… have you tried bad monster megabanks? BoA, Chase, City? I found credit unions couldn't really compete with big banks in my case.

 

[alexgr]

I have zero credit history. Just moved to the united states 3 years back with a credit cards opened 2 years ago. I just have a good FICO score of 740 and I was able to get a good rate from a CU at 3.69% with zero downpayment.

A little off topic, but this is why I support Trump's immigration reform. America needs more people who can pay for American cars!
Also, the banks and rates vary A LOT by the state (NC, I guess in your case). The best a CU could offer me in OK was 3.99%.

 

[Lucke]

I had the best luck just applying for financing through Tesla. They'll find a loan for you through the big banks and the rates are decent since the federal reserve interest rates went down recently.