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Car loan questions

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Hello, going to try to make this as short as possible. I am currently in the market for a new car, i have my eyes set on a new Tesla model 3 performance. My credit is so and so, my best credit is equifax at 710 and transunion at 683. And recently i researched what credit bureau banks pull and i specifically applied on banks that pull equifax and transition, just to give you an idea, the car i want is worth around 55k, i am putting down 10k and paying the taxes and fees at 6k upfront, which means i am only financing 45k from the bank. i remember applying for Alliant, which denied me solely because of lack of an established credit, some other bank gave me a counter offer of 25k. I was wondering if anyone could give me tips on order to get approved for the loan that I’m asking for? I’m located in Southern California.

 

thank you!

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What is your highest installment credit line report to any credit file?

How long have you been on file with the bureaus?

How long have you resided at the same address?

How long have you held you current job?

What is your job title?

What is your DTI?

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3 hours ago, MarvBear said:

 

What is your highest installment credit line report to any credit file?

-around 3k, but my total installment loans i have on file currently is around 5k

 

How long have you been on file with the bureaus?

- I'm not quite sure how to answer that, but I've had bad credit for so long now and i think this was the year that i was able to turn it around, so i would say my credit didn't really get up to this number up until i would say May or June of this year. sorry not sure how to answer that question.

 

How long have you resided at the same address?

- about 5 years.

 

How long have you held you current job?

- almost 2 years

 

What is your job title?

-Operations Manager

 

What is your DTI?

-16.1% or 16.2% , I'm very frugal now ever since i really focused on my finance.

 

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what FICO reasons are listed for why your scores are so low? do you know your auto-enhanced FICO score?

 

You may need to spend less or put more down if you want a decent rate.

 

welcome to CB! :wave:

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1 hour ago, hegemony said:

what FICO reasons are listed for why your scores are so low? do you know your auto-enhanced FICO score?

 

You may need to spend less or put more down if you want a decent rate.

 

welcome to CB! :wave:

i was young and stupid, nobody taught me credit up until like late 2019 really and by then i already dinged up my credit. i went from 550 ish to where i'm at now. experian is my lowest at 625, still have a few dings on them that i'm working on but equifax and transunion are my best ones.

 

thank you im glad to be here!

Edited by Qqpewpew

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15 hours ago, Qqpewpew said:

my best credit is equifax at 710 and transunion at 683

Did you get these skores from Kredit Carma?

 

If so, you may have an awful surprise in store.

 

 

Edited by cv91915

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14 hours ago, Qqpewpew said:

How long have you been on file with the bureaus?

What I am asking is how long has a credit bureau had you in their system.  Doesn't matter when you started to have good credit.   How many years have they maintained a file on you whether it is good, bad, indifferent?

 

14 hours ago, Qqpewpew said:

What is your DTI?

-16.1% or 16.2%

Is the percentage you posted just reflective of the monthly obligations on your credit file(s).

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10 hours ago, cv91915 said:

Did you get these skores from Kredit Carma?

 

If so, you may have an awful surprise in store.

 

 

No, i got these scores based on the denial/counter offer letters i got from he banks that i applied in recently

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9 hours ago, MarvBear said:

What I am asking is how long has a credit bureau had you in their system.  Doesn't matter when you started to have good credit.   How many years have they maintained a file on you whether it is good, bad, indifferent?

 

Is the percentage you posted just reflective of the monthly obligations on your credit file(s).

1) quite some time, probably since 2014-2015 area?

 

2) yes based on my monthly obligation on my credit file.

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Well Tesla doesn't operate in a traditional dealer fashion.   So, I doubt they would employ someone like myself.  The sales assistant takes care of you from start to finish, I guess.

So, if their captive doesn't either approve the application on condition the app for more down payment, then you are pretty much left to your own devices.   The only reference I would have is whatever anyone would have posted on our forums.    If you have a 25K approval all on your own, then I think you did well.

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1 hour ago, MarvBear said:

Well Tesla doesn't operate in a traditional dealer fashion.   So, I doubt they would employ someone like myself.  The sales assistant takes care of you from start to finish, I guess.

So, if their captive doesn't either approve the application on condition the app for more down payment, then you are pretty much left to your own devices.   The only reference I would have is whatever anyone would have posted on our forums.    If you have a 25K approval all on your own, then I think you did well.

Yea, i haven’t really gotten in contact with Tesla rep because i wanted to see if i can get financing outside and not have to go through Tesla but will use them as last resort. Thank you again!

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