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Lending question

Discussion in 'Model X: Ordering, Production, Delivery' started by Danampeterson, Jun 21, 2016.

  1. Danampeterson

    Danampeterson New Member

    Joined:
    Jun 21, 2016
    Messages:
    2
    Location:
    Mansfield, TX
    Just starting the process and have put the $2500 down. We have no debt except house and cars. Credit score is over 700 but I don't know exactly what it is.
    Do they have a credit score minimum or debt to income ratio they want to stay under?
    Didn't know if since it was a Tesla if it was different. I've always been approved for a car loan and the 0% financing if the company offers it and we recently purchased a home so we must be ok. I'm just worried about getting to the end and not being able to finance.
    Thoughts or experiences?

    TIA
     
  2. Electric700

    Electric700 Member

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    Location:
    Florida, United States
  3. ModelX

    ModelX Member

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    Orem, Utah
    I was surprised at how quick and easy Alliant was able to get me approved. You probably don't need to worry, but I bet they would be happy to talk to you early and let you know.
     
  4. DiveDeep

    DiveDeep Member

    Joined:
    May 9, 2016
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    Location:
    Utah
    Get informed.. Sign up on creditkarma.com for a full free credit report from both transition and Equifax.
    I agree, Alliant Credit Union was great... Keep in mind their approval and quote are good for 30 days, so wait to formally apply until you are getting very close to the car going down the production line as stated by your DS.
     
  5. ccutrer

    ccutrer Member

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    Location:
    Saratoga Springs, UT
    +1 on creditkarma. Their ads are annoying, but knowing both credit score and report on a regular basis (for free!) is invaluable. AmEx, Discover, and Capital One all offer your score for free for cardholders.

    I feel like I read somewhere that Alliant requires a 740 to get their 1.49%, but I can't find a source on that.

    As for debt to income ratio - I have no idea. I would hope they're paying attention to that, but who knows. I'm pre-approved by Alliant, but afaik they haven't even verified my income yet - I could have put whatever number I wanted on their application. My experience with home buying at least has taught me that banks are willing to lend me more than I'm comfortable affording myself. So if you've already worked your monthly budget and know that you have enough cash flow to make your estimated payments with whatever monthly expenditures you already have, you'll probably be fine.
     
  6. Danampeterson

    Danampeterson New Member

    Joined:
    Jun 21, 2016
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    Location:
    Mansfield, TX
    I've checked my number on credit karma and my fico.com. I actually pay for the monitoring on the myfico since we are building a house. I can't have credit pulled or anything until after we close. That was my concern. The info y'all gave was Greta! Thanks
     
  7. Electric700

    Electric700 Member

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    Location:
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    Sure, also welcome to the forum! I hope you have an awesome Tesla delivery and driving experience.
     
  8. MajorCuddles

    MajorCuddles Member

    Joined:
    Jul 9, 2016
    Messages:
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    Location:
    Dallas
    HI @Electric700 ... I think I'm in a similar boat... I just ordered the 70D, but with no delivery expected until September. Should I actually wait until I have a delivery date to engage [email protected] or contact them early?

     

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