Lending question

[Danampeterson]

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

 

[Electric700]

I recommend you contact [email protected]. You can look at getting an approval before you get your car, and they may even be able to help you get the loan now but just hold off on any payments until after you take delivery.

About your credit score, if you have Discover you can get your score online for free. Other banks (e.g. for Visa) may have that feature too.

 

[ModelX]

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.

 

[DiveDeep]

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.

 

[ccutrer]

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.

+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.

 

[Danampeterson]

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

 

[Electric700]

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

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

 

[MajorCuddles]

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?

I recommend you contact [email protected]. You can look at getting an approval before you get your car, and they may even be able to help you get the loan now but just hold off on any payments until after you take delivery.

About your credit score, if you have Discover you can get your score online for free. Other banks (e.g. for Visa) may have that feature too.