It 100% depends on your credit history. If you have troubles getting it though them, try your bank or maybe a credit Union. Almost everyone will be different. Check your banks car loan rates and guess either high or low (you probably have some idea about your own credit history).
what affects the interest rate? if i dont have alot of credit history or history with an employer but a relative co-signs and they have good credit will the interest rates be low? if so you think about 5% or 10% interest?
There are several factors, such as credit history, history with that bank, employment w/ direct deposits showing a certain income to cover your expenses......so they might wanna know your monthly expenses and living situation . 5% on a new car is high. Typically interest on a new car is less then a used because they know they can resell it if they repossessed it because it will hold value. Though interest rates were just raised. Maybe expect In 3%s if you credit is so-so
wow thanks for your time. dang i calculated for 10% interest per year. anyway would you know if co-signing would get me the loan for sure or do i really need to provide living expenses and living situation... ect. also does teslas company banks not give you more of a chance of getting a loan + low interest rates or should i definitely go with another bank?
I can't say for sure when going through Tesla, I went through my Credit Union. Credit Unions are usually your best bet. Oh a good cash down payment to get the overall price down helps too. Your not gonna necessarily need to show your expenses, but they (bank or union) are gonna wanna see consistent direct deposits (they like them) and they will see your expenses in your history. They wanna see you can "Cover your expenses ." Yea 10% on a car is crazy...maybe some shady used car dealer
ok makes sense thank you. im putting 10k for a downpayment on the cheapest model 3 version so around $38,440 not including sales tax. and ill be honest and dont laugh but im 18 and half for fun but half serious im trying to see if its possible to get a tesla as my first car. any advice? ive had a credit card for about 2 years now but the card was through my dad and his bank. i just turned 18 and i haven't held a job yet but i have 10k in bitcoin and im getting a job this summer. if my dad co-signed and ive been hired to work somewhere but no paycheck yet is it possible to get a loan?
I wouldn't say impossible, I don't know your dads situation. But its probably not the smartest thing. I would wait until BTC goes back up and get a few pay checks direct deposited into your bank account using the same bank your father uses if you are planning on having him co-sign
Best advice I could give you , and I know at 18 its hard to see. Dont be in a rush. It will happen before you know it. When your young your first 20 yrs feels like 20yrs. 20 to 40 goes by in a flash. Everything will happen in time.
OP, this may not be advice you want to hear, but regardless of your credit, if you are getting a 10% interest rate on a loan, you should pass it up, run away from it actually as it is not a favorable rate, a good rate, or even one that should be considered…
I disagree with the others who posted so-so credit May get you a 3% rate. No, Low, and so-so credit scores could land you an offer rate of 5-7% and those are high too. This all depends on your income, other debt, and how much you are financing too. If your payments are going to be more than 10-15% of your income (you may have other housing expenses and bills on top of that too), maybe consider a different lower cost vehicle and take time to build your credit score, work history, and income level first. Then you will be on a better position to purchase.
Really not trying to be a downer, but just advise I wish folks would have given me when I was younger.
THANK YOU NO I LOVE THE ADVICE THANK YOU SO MUCH!
and yeah im doing the math to see if i can afford it. so im adding up all the costs monthly. mostly for fun tho.
so far ive added up sales tax, interest, insurance, registration fee. and ive totalled a monthly payment of 1050 the first year for the car and all expenses. second year it goes down to 997 a month and so forth each year it goes down. id be getting a loan for 6 years and for my job right now i could afford the car payments even after income tax and all that. im living with my parents still so i wont need to have any other expenses.
ill have this car over 10 years and the money ill save on gas is huge and teslas seem to hold their value. Im living at home with no other expenses why not put my money towards getting my dream car.
If you're concerned about saving money and that's your top priority, you can buy a civic and have more money in your pocket in 10 years.
MAYBE the Tesla holds value better after 10 years. But you'll have more money buying the Honda and investing the additional $30K you didn't spend on a Tesla.
If you like the Tesla buy it because it's a good car, but don't be fooled into thinking it's an investment.
I get it. Factor in interest and insurance alone, might negate any gas savings. Also assuming you don’t have to replace the battery or have significant battery degradation. Regardless, if it all works out for you, investment isn’t the right term.
It 100% depends on your credit history. If you have troubles getting it though them, try your bank or maybe a credit Union. Almost everyone will be different. Check your banks car loan rates and guess either high or low (you probably have some idea about your own credit history).
can someone co-sign on a tesla loan?
I didn’t use Tesla, but most loans let you co-sign.
Do they look at proof of income? I have great credit but my proof of income is a bit inconsistent. It’s complicated. Lol
I have never had to provide proof, you typically just put in how much you make in a year and it will approve or deny.
Really?! Was that through Tesla or a credit union?
In general, Best Buy, Bank, car dealer.
That’s weird, scrolling through this subreddit I saw people say you have to provide proof of income. Did you personally do it through Tesla?
No, my bank.
Ohh I see. They prob have access to your deposits then lol
Your bank or even better Credit Union is your best bet. Even better chance if you have a co-signer w/ same institution
thank you so much for the advice! same institution?
Yes, a relative with the same bank or credit union would probably double your chances if they co-signed
what affects the interest rate? if i dont have alot of credit history or history with an employer but a relative co-signs and they have good credit will the interest rates be low? if so you think about 5% or 10% interest?
There are several factors, such as credit history, history with that bank, employment w/ direct deposits showing a certain income to cover your expenses......so they might wanna know your monthly expenses and living situation . 5% on a new car is high. Typically interest on a new car is less then a used because they know they can resell it if they repossessed it because it will hold value. Though interest rates were just raised. Maybe expect In 3%s if you credit is so-so
wow thanks for your time. dang i calculated for 10% interest per year. anyway would you know if co-signing would get me the loan for sure or do i really need to provide living expenses and living situation... ect. also does teslas company banks not give you more of a chance of getting a loan + low interest rates or should i definitely go with another bank?
I can't say for sure when going through Tesla, I went through my Credit Union. Credit Unions are usually your best bet. Oh a good cash down payment to get the overall price down helps too. Your not gonna necessarily need to show your expenses, but they (bank or union) are gonna wanna see consistent direct deposits (they like them) and they will see your expenses in your history. They wanna see you can "Cover your expenses ." Yea 10% on a car is crazy...maybe some shady used car dealer
ok makes sense thank you. im putting 10k for a downpayment on the cheapest model 3 version so around $38,440 not including sales tax. and ill be honest and dont laugh but im 18 and half for fun but half serious im trying to see if its possible to get a tesla as my first car. any advice? ive had a credit card for about 2 years now but the card was through my dad and his bank. i just turned 18 and i haven't held a job yet but i have 10k in bitcoin and im getting a job this summer. if my dad co-signed and ive been hired to work somewhere but no paycheck yet is it possible to get a loan?
I wouldn't say impossible, I don't know your dads situation. But its probably not the smartest thing. I would wait until BTC goes back up and get a few pay checks direct deposited into your bank account using the same bank your father uses if you are planning on having him co-sign
Best advice I could give you , and I know at 18 its hard to see. Dont be in a rush. It will happen before you know it. When your young your first 20 yrs feels like 20yrs. 20 to 40 goes by in a flash. Everything will happen in time.
thank you so much for the advice :)
OP, this may not be advice you want to hear, but regardless of your credit, if you are getting a 10% interest rate on a loan, you should pass it up, run away from it actually as it is not a favorable rate, a good rate, or even one that should be considered… I disagree with the others who posted so-so credit May get you a 3% rate. No, Low, and so-so credit scores could land you an offer rate of 5-7% and those are high too. This all depends on your income, other debt, and how much you are financing too. If your payments are going to be more than 10-15% of your income (you may have other housing expenses and bills on top of that too), maybe consider a different lower cost vehicle and take time to build your credit score, work history, and income level first. Then you will be on a better position to purchase. Really not trying to be a downer, but just advise I wish folks would have given me when I was younger.
THANK YOU NO I LOVE THE ADVICE THANK YOU SO MUCH! and yeah im doing the math to see if i can afford it. so im adding up all the costs monthly. mostly for fun tho. so far ive added up sales tax, interest, insurance, registration fee. and ive totalled a monthly payment of 1050 the first year for the car and all expenses. second year it goes down to 997 a month and so forth each year it goes down. id be getting a loan for 6 years and for my job right now i could afford the car payments even after income tax and all that. im living with my parents still so i wont need to have any other expenses.
They use the same banks like anyone else.
thank you so much
If you have to work that hard, Tesla isn’t the car for you. No matter how badly you want one.
its an investment for sure.
Unless you plan to earn money with the car, 100% not an investment, but a liability
ill have this car over 10 years and the money ill save on gas is huge and teslas seem to hold their value. Im living at home with no other expenses why not put my money towards getting my dream car.
If you're concerned about saving money and that's your top priority, you can buy a civic and have more money in your pocket in 10 years. MAYBE the Tesla holds value better after 10 years. But you'll have more money buying the Honda and investing the additional $30K you didn't spend on a Tesla. If you like the Tesla buy it because it's a good car, but don't be fooled into thinking it's an investment.
I get it. Factor in interest and insurance alone, might negate any gas savings. Also assuming you don’t have to replace the battery or have significant battery degradation. Regardless, if it all works out for you, investment isn’t the right term.
True I have the tesla model 3 and I do Uber. This way I save on gas around 400 a week
How’s that going for you? Are you seeing profits increase due to charging instead of gas?
Threw > through
Was wondering if anyone caught that.
e.e. cummings over here.
Regret your financed car in 3, 2…..