Help With Financing

[duncanstives]

All,

I know this has been covered elsewhere before but with deliveries ramping up it seems like info is changing all the time and my issue is fairly time critical so I want to make sure I have the latest info asap.

I ordered a Obsidian Black performance model 3 recently. The web site suggested it would be roughly December before my car was ready so I ordered the vehicle sort of planning on that. Today I receive an email that my car will be ready for pick up in as little as 8 days (less than a month after order!). I don't have nearly the downpayment I was hoping to have ready and my credit utilization is higher right now than I was hoping.
I understand I can simply tell Tesla I am not ready and take my chances getting moved to the back of the line BUT would rather not if I can avoid it.

My credit is not great at the moment and I know I will do refi at a later date anyway so I not especially concerned about my rate and terms... Just need an approval of some kind for now.

Can someone point me in the direction of a bank/credit union and, ideally, an individual employee that they have found helpful for dealing with this sort of situation?

Thanks

 

[TrickyDimitri]

I would apply through Tesla and see what you get. That is the most streamlined process according to them.

 

[duncanstives]

I would apply through Tesla and see what you get. That is the most streamlined process according to them.

Was considering it but don't want my credit to take a hit from hard inquiry if there is no chance of approval. Got a score in the low 600s with 100% on time payment for last year, nothing bad in the last 2 years but not a lot of accounts or very high limits (highest is a jeep I bought about 10 months ago... Financed $28K its been paid ahead by about $2K now).

Anyone have any info on approval odds through Tesla site with poor credit?

 

[voip-ninja]

Was considering it but don't want my credit to take a hit from hard inquiry if there is no chance of approval. Got a score in the low 600s with 100% on time payment for last year, nothing bad in the last 2 years but not a lot of accounts or very high limits (highest is a jeep I bought about 10 months ago... Financed $28K its been paid ahead by about $2K now).

Anyone have any info on approval odds through Tesla site with poor credit?

Your credit shouldn't take any more of a hit if you apply to one bank or credit union than if you apply to several as long as all of the applications happen over the course of a week or so. They know you're shopping for credit and won't ding you for every single pull of your credit report.

 

[duncanstives]

Your credit shouldn't take any more of a hit if you apply to one bank or credit union than if you apply to several as long as all of the applications happen over the course of a week or so. They know you're shopping for credit and won't ding you for every single pull of your credit report.

Ah... Makes sense. I will apply.

 

[duncanstives]

Ah... Makes sense. I will apply.

Nevermind. Looks like Tesla doesn't offer financing help in Kentucky. Back to looking for a good bank/credit union.

 

[C141medic]

Not sure if you’ve looked at this thread but very informative

Tesla loan comparison spreadsheet - auto updates hourly

 

[MikeATL]

Hard Inquiries are not as bad a hit as people think - especially when it’s obvious it’s all for the same reason. Try several different options for the loan if you’re concerned you won’t get it. Local credit unions might be more forgiving.

 

[duncanstives]

Not sure if you’ve looked at this thread but very informative

Tesla loan comparison spreadsheet - auto updates hourly

Thanks that is a great resource. Is there any way to see more info on these places lending requirements (ie min FICO, D/E, etc)?

 

[Mo City]

Allegacy FCU. Highly recommend them. Was approved in less than 24 hrs. You must open an account first, which takes $20.00. When applying for the loan, I suggest doing it by phone instead of online.

You are welcome.

 

[C141medic]

Thanks that is a great resource. Is there any way to see more info on these places lending requirements (ie min FICO, D/E, etc)?

Yeah, he really did a great job with the spreadsheet. I believe the only way to find specific lending requirements is to contact the lenders directly. Here’s a pretty good article on that topic: Credit Requirements For Auto Loans

 

[dsvick]

Also, you often have better chances going with someone you already have a relationship with so my first stop would be whoever you financed the Jeep through and your current bank, if they're different.

 

[duncanstives]

Also, you often have better chances going with someone you already have a relationship with so my first stop would be whoever you financed the Jeep through and your current bank, if they're different.

Good idea.

Current bank is Chase and they were idiots when I talked to them... Didn't even know what a Tesla WAS. Jeep is with Cap One... Never actually talked to them but they seem like a good company in that their online service is easy to use and even lets me assign any amount I pay ahead to pay 100% toward principle so I save on interest long run.

 

[duncanstives]

Good idea.

Current bank is Chase and they were idiots when I talked to them... Didn't even know what a Tesla WAS. Jeep is with Cap One... Never actually talked to them but they seem like a good company in that their online service is easy to use and even lets me assign any amount I pay ahead to pay 100% toward principle so I save on interest long run.

Great. Cap One doesn't do Tesla's and Alliant flat out said no... They showed my score as 555... Way lower than credit monitor service says. I understand those services are really only useful for tracking over time because they usee a different model but in the past creditors have always come back with a HIGHER score than service showed so I was surprised.

Anyone with bad credit have any luck anywhere?

 

[Big-T]

My local rep told me Tesla doesn't typically do per-approvals but they might be able to work something out. I've traded a few emails back and forth and am waiting to hear back. Signed up for Tower, but there was some glitch in the creation of the account. Have to call them tomorrow to work it out Submitted loan paperwork with Excel CU haven't heard back, I'll also try calling.(sigh).

 

[duncanstives]

My local rep told me Tesla doesn't typically do per-approvals but they might be able to work something out. I've traded a few emails back and forth and am waiting to hear back. Signed up for Tower, but there was some glitch in the creation of the account. Have to call them tomorrow to work it out Submitted loan paperwork with Excel CU haven't heard back, I'll also try calling.(sigh).

After several applications I have decided I have no choice but to delay for 2 months. Get my credit utilization to 0, bulk up my down payment savings, get my average age of my credit history up a little and hopefully get limit increases on a few CCs to improve my numbers just little further.

Also gonna try to arrange pay for delete on a few smaller negative items and dispute others (like the bank I closed years ago and was TOLD it was closed and no further action would be required on my part but somehow still continued to accrue monthly fees without my knowledge).

I will call Tesla today, explain the situation and tell them to plan for Nov 15. or after for my delivery.