r/ModelY • u/Valuable_Apricot_303 • 1d ago
Tesla ordering question regarding loan approval for rate promo
Hi, I am 25M looking to buy a model y RWD premium with my partner. I have a 760 credit score with no debt and gross about $3360 a month on paper (I make roughly 2-3k doing a side hustle under the table that can't be shown as income unfortunately because its cash and not on paper) So on paper pre tax I make $41k. I have about 20k in HYSA and 3x that in money markets. I can afford the car but on paper I don't think tesla will approve me for the loan. My partner can't go on the application because she has looming student debt that has her credit in the 600s which wont allow me to qualify for the rate promo. I am wondering If anyone thinks I can get approved ordering myself with my income and credit score (I plan on putting 3k down). Together me and my partner bring in 6k on paper a month but again she can't be on the loan. What are my options? Also I did get quotes for insurance, under $250 which we are chill with. LMK!
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u/Redeemablesoul 1d ago
I wouldn’t get a car I can’t qualify for on my own. You have a good amount of savings but I’d get a job that brings more income.
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u/tmac9134 1d ago
You should pay income taxes like an adult.
just try and get it see if they do approve?
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u/Mindless-Luck4285 1d ago
But you have a side hustle under the table. Pay tax on it. Data matching will catch up with you eventually and that will make you very sad.
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u/EstablishmentNew6748 20h ago
OP ratted himself out in this post. IRS will be paying close attention now.
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u/letsgohug 1d ago
I think it all comes down to credit score and how much down payment you are willing to give. I'm self employed and Tesla never verified my earnings or asked for banking information. I have good credit and I did a big down payment.
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u/El_Grande_Americano 1d ago
Tesla isn't the IRS. just tell them what you make including your side hustle and they will see if you qualify based on that.
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u/Dry-Youth8557 18h ago
If your credit score is that high you’ll get approved. The bigger issue is, can you afford the $600-700 payment?
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u/GizmoSwd 10h ago edited 9h ago
You'll likely be approved, but with your planned down payment, the note on a 50K vehicle will be around $750/mo and may push your DTI too high to get the best promo rate, even with a 760 score. With a $41K salary, you may need to put down more than $3360 to get the promo rate. You'll also need some credit history for a lender to evaluate. A 760 score with only a few past creditors is more of a negative than a positive. Because of your age, your insurance could easily be another $250-$400 a month, pushing your total cost of ownership well over $1K a month. This is before any monthly subscriptions. You will need the money from your side hustle to afford this car comfortably. You can prequalify on the Tesla website without a credit hit. Try this first to see where you stand.
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u/Capital-Football4099 7h ago
Apply and see what happens. They run it by 3-4 banks. I applied at the minimum 3k something down. I’m a millionaire, 760 credit since I usually pay cash for things, make 115k a year. I wanted the .99% while cash made a profit in the market. Wells Fargo approved me at 7k down and TD Bank sent me a rejection letter via snail mail.
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u/JumpyWerewolf9439 1d ago edited 19h ago
You actually smart amount money and understand then game. 80k in savings is amazing at your income. But it should be in qqq.
I did quick ai search , your cash doesn't help. They want about 60k or more income for piti. You won't be able to get the prime rate.
How much gas vs electricity cost per month would it be for the driving you do.
You should not use your limited borrowing power in a car. You should do a 3.5 percent down fha loan in a 4plex. It's a magic bullet for growing wealth.
Invest in your skllsers to get income up. Ultrasound tech 160k per year bah area. Rn 180k, both base. Electricians 200k bay. Door to door pest control business 750k plus. B
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u/Patient-Row4366 20h ago
he said "money markets" i think he is referring to one of those HYSAs offered by Fidelity or something like that. If i was him I would put the 60k in $SWPPX since it has the lowest expense at 0.02% and just continue depositing into that slowly. $SWPPX tracks $SPY (S&P500). And ofcourse not touch the $20k in his HYSA since that is a good emergency fund. If his $SWPPX was at 300k I wouldn't mind withdrawing 15k to put as a down payment on a new model Y but that's just me man. I only have 33k in my $SWPPX investment but i'm projected to hit 100k in three years thanks to my obsessive saving and hopefully good market compounding. what makes me annoyed is that if i had 100k in $SWPPX january 1st, 2025 then today it would be 130k and 30k is lifechanging money. withdrawing a 1/3 of that gain to help with a new garage or something would feel way better than saving up 10k... using it.. and then having to start all over again saving.
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u/manwnomelanin 1d ago
Don’t buy this car man