Need financing in NWA

[xyious]

Greetings !

I ordered a Model 3 a couple weeks ago and just got an email yesterday asking for the remaining details. I have not secured financing and the bank that has my existing car's loan denied me for stupid reasons (I don't have a checking account with them, etc.).

Has anyone financed a Tesla in the greater Bentonville area ? I would like to find a Bank that will make it easy for me.

 

[jjrandorin]

Banks never deny loans for "stupid reasons". The reasons are very valid to them, and have to do with what they perceive as risk. Saying this as delicate as possible as to not be rude, but if you got denied by the bank that has your current loan (but that you dont have an account with), you might want to try the bank where you actually have an account.

The bank who has your loan would not be denying you for "no reason", and its likely that other banks may deny you for the very same reason they are, so you have work to do in finding financing. no referral here is going to help you because everyones financing situation is different.

 

[xyious]

I've been denied for many loans. I've been in this country for 3.5 years or so, had to buy my first car less than 4 months after I came here and obviously didn't have credit history. So I got denied for lack of credit history and all that (which still happened recently).
But because my checking account is at a different bank is a stupid reason. The other reason was that my repayment dollar amount was low, which is also stupid. I paid more than I had to and I never had a late payment.

I was just hoping that someone got financed by a bank here before so the bank knows what's going on and doesn't have a short outlook on Tesla. I do have the credit history, score and income to get approved.

 

[jjrandorin]

Im not in banking, but I know a decent amount about how credit works in the US. If your bank told you "your repayment dollar amount was low" what they are likely trying to tell you is that your debt to income ratio is too high (too much debt on credit cards likely. I dont want to guess, because I dont know you or your credit... .but I stand by the fact that banks / financial institutions do NOT deny people for "no reason".

The bank doesnt have a short outlook on tesla, that has nothing to do with it. They are saying they have a short outlook on getting the money back you want to borrow. I am NOT saying thats true, I am saying thats what they are telling you.

Easiest way to deal with that is to increase your down payment. Larger down payment = less risk for them = more likely to get approved.

My point on telling you there is no such thing as a "bank referral that will make financing a tesla easy" because banks dont really care what kind of new car you get, as long as they think they will get their money back.

No referral is going to help you.. it doesnt matter who refers you to any financial institution other than loan rates. They will either approve or not depending on their risk matrices. You can influence that with a co signer or a larger down payment.