Joint credit application- wife has no credit history yet

[eustachio]

Not sure if this belongs here.

Relocated to the US a year ago from Europe. My wife stays home with our kids. I have excellent credit score based on my employment and having an income. She has no credit history yet.

Just placed deposit on a P3-, and we'd like to register it in both our names.

This forces you to file a joint credit application. If she has no credit history, will this work?
Tried callling Tesla, they couldn't give me any meaningful answer other than "just try it".

Appreciate any guidance, thanks!

 

[Leeclanual]

I don’t think it will be an issue as long as your wife’s credit report doesn’t include any bad history. They will base your ability to pay the loan on your credit history, debt ratio, and income. Throw in a reasonable down payment (10-20%) and you should be fine and get a lower rate.

 

[EVGo99]

You might want to look at lightstream for your loan, that's who I used. They can give unsecured loans if you have good credit score and sufficient assets. What I did was get approved somewhere else for a lower interest rate and they matched it for me. you could apply for loan in your name but register it in both of your names. It was the easiest loan I have ever gotten. If you get approved for their unsecured loan there is no lien on the car at all. It will be like paying cash for the car.

 

[eustachio]

Thanks all. I eventually got connected with a manager in a SC. they recommended we apply jointly, and if unsuccesful, that I apply by myself, either way there will only be one hard inquiry on my credit.

Thanks for tip on lightstream, I plan to take delivery of the car and then shop around for better finance, and clear the Tesla loan.

 

[davewill]

Since Tesla doesn't underwrite the loans, they really wouldn't have a way to know. I'll be surprised if adding her caused a problem. That said, I recommend shopping with a couple of local credit unions for rates.

 

[SlimJim]

I thought the financial responsibility and the names on the registration were two different matters.

 

[jjrandorin]

I thought the financial responsibility and the names on the registration were two different matters.

its a good idea for OP to put his wife on the loan as well, so she can get her own credit history along with him on the loan. It shouldnt hurt the OP as long as she doesnt have negative credit (or other debts in her name).

 

[RScottyL]

IIRC, in normal cases......

If they approve it with her on it, they might charge you higher interest rates. If that is the case, it would be up to you if it is worth it to build her credit and keep her on it!