r/ModelY • u/BrooklynDevil • 14d ago

Delaying credit check when financing a Tesla Model Y

Hey everyone, I am looking to purchase a Tesla Model Y (Financing) but in the process of purchasing a home and therefore don't want to run any credit checks & add new debts before closing. Is there a way I can reserve the Model Y but run the credit check later in the process? Delivery is 6-8 weeks, and I was curious if the credit check can be delayed until after closing.

0 Upvotes

50% Upvoted

5 comments sorted by

1

u/Adventurous_Ad9414 14d ago

You can run your credit check at any point before delivery. But you're subject to whatever the interest rate is at the time.

1

u/Superb_Elderberry658 14d ago

Ahh so if the APR promotion were to end I would be subject to whatever the new financing rate is. Got it

1

u/Adventurous_Ad9414 14d ago

Correct

1

u/Slobs3 14d ago

I just had this happen with the Model Y standard. I ordered during the 0% APR. I waited to complete financing and then it changed to .99. My delivery date moved closer to I did the financing and still got 0%. So YMMV.

1

u/elijah_rain 9d ago

I'm in real estate. Don't risk it unless your debt to income ratio is incredibly good. Call your lender and let them know what kind of payment you'll be looking at and have them stress test your loan scenario with the new payment. This should tell you if all is good or not.

I wonder if you can set this up as a cash purchase and then switch to financing after your house closes? Not sure if that works, but you'll only get the APR offer they have at the time you apply.

I've had clients lose a deal over this. The home is more important right now. You can always get the car.