Tesla Finance Debt to Income Ratio

[carlhy]

Hi friends, I have ordered a model Y, but I am worried about my financing options. What is the limit on DTI (debt to income ratio) for Tesla Financing? I am asking this because I will have a mortgage soon, and I only plan to get the model Y after my house closes. My FICO8 is around 760 (not including the mortgage). Thanks in advance!

 

[Tonedog77]

you'll be fine, most place will almost never deny a car loan lol. They want your money one way or another, Banks dealing with Mortgages are a completely different animal since the housing crash. As long as you have a score about like 625 you can get a car loan

 

[Brandonn22]

Yeah, auto loans aren’t too diificult for approval. Definitely not as strict as a mortgage. If anything, you will just not get the rate you were hoping. Based on your current credit score, I think you’ll be fine.

 

[ATPMSD]

Be sure to check with your Bank or Credit union as they typically offer better financing than Tesla. You can also get a pre-approval from them.

 

[carlhy]

you'll be fine, most place will almost never deny a car loan lol. They want your money one way or another, Banks dealing with Mortgages are a completely different animal since the housing crash. As long as you have a score about like 625 you can get a car loan

Thank you very much! This is really reassuring!

 

[carlhy]

Yeah, auto loans aren’t too diificult for approval. Definitely not as strict as a mortgage. If anything, you will just not get the rate you were hoping. Based on your current credit score, I think you’ll be fine.

Thank you very much! I am relieved to hear that. Y'all are awesome!

 

[carlhy]

Be sure to check with your Bank or Credit union as they typically offer better financing than Tesla. You can also get a pre-approval from them.

Thank you very much! I will keep that in mind!

 

[Mateo83]

I think the higher liability just means higher interest rate.

 

[carlhy]

I think the higher liability just means higher interest rate.

Thank you thank you! That does make sense.