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Question about Tesla financing approval

Discussion in 'Model 3: Ordering, Production, Delivery' started by PlasmaRitual, Aug 29, 2018.

  1. PlasmaRitual

    PlasmaRitual Member

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    I applied for Tesla financing, had my credit pulled, and was "approved." I clicked confirm on the offer and my order screen just shows the amount financed and what I'll owe as my down payment before delivery, there was no additional information on how I'll make the payments and whatnot. Am I already completely approved for the loan? Or will I be prompted to complete additional steps (income verification, W2s, etc)?
     
  2. ewoodrick

    ewoodrick Active Member

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    That will come from the loan company when the car becomes available
     
  3. PlasmaRitual

    PlasmaRitual Member

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    I have a delivery date in 2 weeks. How will I be contacted to complete the loan? I need to know that it's completely approved in case I need a contingency option.
     
  4. ChrisH

    ChrisH Active Member

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    If it shows your APR and payment total I believe you are approved and you will have an amount due at delivery. Then like three weeks later the bank will send you docs. At least that’s what Tesla told me. I took delivery 4 days ago.
     
  5. Benihect

    Benihect Member

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    Not much I can add to the details. I applied for financing yesterday got approved within 2 - 3 hours and terms updated on the Tesla page and I was given the option to confirm. I haven't yet because I wasn't happy with the interest rate. I applied with PenFed today and was conditionally approved with 3.24% pending income verification which I sent this afternoon. Penfed's conditional approval only required the $3,500 down payment I've already paid to reserve and place my order for the Tesla.

    One thing I can add though was that Tesla approved me with TD Auto it required a total of 11K downpayment. I emailed them last night explain that a vehicle loan currently on my credit was going to be gone the moment I received my Tesla and they came back and only required a total of about 6K downpayment. My issue here is the interest rate. They tried to hit me with 5%. DTI is a little higher at the moment due to a home remodel from November - March 2018. But great payment history and even with the higher DTI barely hitting 30% of available credit on cards.
     
  6. PlasmaRitual

    PlasmaRitual Member

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    Ok so once you confirmed the offer you didn't then have to send further documents to get completely approved? I assumed this was the case I just found it odd that all I had to do to accept a loan was click one button. I'm not complaining though, I like simple.
     
    • Like x 1
  7. Benihect

    Benihect Member

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    Usually if your credit is high enough you don't have to provide any additional documentation.
     
  8. PlasmaRitual

    PlasmaRitual Member

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    Yeah I feel like I may have been able to get a slightly better rate from a CU, but I like the simplicity of just going straight through Tesla. That was worth the fraction of a percent to me.
     
  9. ChrisH

    ChrisH Active Member

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    Yep basically you applied with your income info and they trust you. And will come after you for the car if you don’t make payments
     
    • Like x 1

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