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How many times does Tesla financing check credit?

fura2

Member
Apr 12, 2021
10
2
Delaware
I know there is a credit check when I apply for Tesla financing for the pre approval. Is there another credit check later when completing the loan for the car? Does the bank I go with also monitor for any credit changes? This is relevant since I may have other credit checks coming up, so I need to figure out the order for them to occur in.
 

jjrandorin

Moderator, Model 3, Tesla Energy Forums
Nov 28, 2018
9,567
10,779
Riverside Co. CA
Thats up to the bank (whether they want to pull another credit check), and not something you will have control over, so you should plan as if they will do so. If (for example) you are buying a home, you should not initiate any sort of credit purchase at all, until AFTER the home loan actually closes.

No idea what you are doing, but thats just an example of where people sometimes make big mistakes. I dont work in the credit industry but know a decent amount about how that works, and know a loan underwriter.

There are plenty of stories of people in the process of applying for a home loan to buy a home, choosing the home, going out and opening up credit at (for example) a local furniture place to buy a bunch of furniture for their new home, and that impacing their home loan purchase that had not closed yet, because "they thought the approval notice they got on the home loan ment that part was done".

TL ; DR the bank may or may not chose to pull another soft credit check before your car loan closes, to ensure you have not opened up any lines of credit between when they approved you originally and when your loan actually closes (you pick up the car). Dont apply for credit in between those times if you dont want it to possibly impact you.
 

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