Okay, so my wife and I are getting ready to purchase our Model 3. We aren't fully decided but we are looking at financing options and scenarios. I have good credit at 780 and should rise to over 800 in the next month as I just paid off a card from our honeymoon from 2018. We both bring in 7300 a month combined before taxes, after taxes its about 5800 a month a have a w2 job while she has a w2 part time and a 1099 full time teaching online (she started doing this 1 year go). I am giving this info for feedback as I'd like to know if lenders would lend to us, which I think they should since we have a low DTI and I have decent credit history at 28 years along with her at 27 years old.
Our DEBT will be this when we decide to apply:
Mortgage $1,350 (15 yr )
Credit Cards monthly $100 (balance 4,000 , 2 cards)
Total Debt 1350 + 100 = 1450
Before Tesla DTI Gross 19% DTI NET = 25% (not sure if they look at Gross or NET)
Tesla Loan = $50k (I want to get the LR AWD)
Payment calculator says payments for 72month with 5k down will be $716 with 5k down (no AutoPilot) or $794 with 5k down with Auto Pilot.
The most I would like to give down is 5k though I could give 7500 tops.
So say with Tesla Loan our new DEBT would be
1450+794 (if i grab AP) = $2244 DEBT and our Income being $7300 Gross ($5800 NET)
SO DTI Gross would be 30% or 38% if they look at NET. Which do they look at when making decisions, and do they look at current DTI or the proposed DTI after loan.
We won't have any more car loans when we go with getting Tesla. My current lease will be up ($517 and my wifes car loan will be paid off since she will finish her 60 month loan in April) Which is why we would only have Mortgage and Tesla Loan and DTI would be good in my opinion but I don't know everything these banks look for. I get consistent overtime for the last 5 years so will they take the overtime and will they take all of my wife's income or just the w2 income, even if she can prove her 1099 income is consistent and paid bi-weekly?
We have 5800 NET income to play with and with Tesla our Debt would only be $2244 per month. We are simplistic couple, with no children (we won't have children for another 3-5 years) and we don't spend much on going out etc, we do like to travel 3-4 times a year which is what we use the excess monthly profits for as well as our 401ks health etc. Is it too crazy for us to think we can afford this? I mean for the last 5 years we have had 2 car payments for 330+517, combined >$800 so would a bank notice that and allow us to have a tesla loan for $700-790 as our only new loan? We have 100% payment history and both 780 and 750 score which will likely be in 800+ by the time we apply. Would we still be candidates for <4% interest? I have had 0.9% interest before on a previous car years ago before I leased my current one.