Hi, I was wondering if anyone here is in the same situation, or got out of the situation as me. I placed an order for a model 3 but it has been brought to my attention that without a long auto loan history I may not be able to finance my car. I have an above 700 credit score and I make over 100k a year; I just have never financed a car before. Are there any credit unions you suggests for little to no credit history? -- help!
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
model 3 financing -- little to no credit history
- Thread starter evgal0302
- Start date
You can always finance a vehicle, no matter your credit score, with enough money down (down payment). Perhaps the best course of action would be to apply for the loan at your primary bank (wherever you keep your money), even if you dont intend to take a loan out there.
Car loans is one of the things you can "shop" for, and all applications for a car loan get lumped together as 1 "hit" to your credit score, provided they are all done in a 2 week timeframe.
All banks have their own individual profiling system, so there is nothing (zip) that anyone can say about one specific lending institution or another that will make a difference for you specifically. From a credit perspective, we are all individual snowflakes. With that being said, as I mentioned, almost anyone can get a loan, if they put enough money down as a down payment. You may not qualify for 100% financing, but put 10k down (for example) and you would likely be fine.
Maybe you qualify for full financing, maybe you dont, but there isnt any financial institution that anyone can recommend that really makes much of a difference for a specific person.
Car loans is one of the things you can "shop" for, and all applications for a car loan get lumped together as 1 "hit" to your credit score, provided they are all done in a 2 week timeframe.
All banks have their own individual profiling system, so there is nothing (zip) that anyone can say about one specific lending institution or another that will make a difference for you specifically. From a credit perspective, we are all individual snowflakes. With that being said, as I mentioned, almost anyone can get a loan, if they put enough money down as a down payment. You may not qualify for 100% financing, but put 10k down (for example) and you would likely be fine.
Maybe you qualify for full financing, maybe you dont, but there isnt any financial institution that anyone can recommend that really makes much of a difference for a specific person.
I got a loan from PenFed at the minimum APR with no prior loans years ago. Didn’t even try others, they had the best rate I could find at the time. Then days later got a string of rejection letters from regular big banks the stupid dealership applied me for even though they knew I had my own financing 
Similar threads
