Inquiries don’t matter, (unless you’re really close to sub-prime).
More importantly, why would you apply for financing now for a car that’s 3 months out from delivery? Does Tesla finance offer a 3-month rate lock?
Just curious, how did you get to 60K? Ordered LR? I assume that based on your Edd?
Just worried my credit will go way lower. Currently I’m at 850 credit score.
I was stupid. I thought applying for financing Tesla gonna lock me with the rate and get the money and I’ll just wait for delivery. Now I see that’s not the case. I believe Tesla Financing is 90 days unless i’m wrong? Damn it’s 60 days… I made a huge mistake.
I got the LR with white/black interior. (358miles)
you need the credit for something in the next year? its not worth stressing about,
No, but I don’t want to lose my status of “Excellent” credit. I worked extremely hard to get to 850! lol
You’re overthinking it
You didn’t make a huge mistake, LOL, (as I said, Inquiries don’t mean squat to an 850 score), I’m assuming a perfect FICO 8 as opposed to the Auto enhanced FICO 8 most auto lenders use. 850 FICO 8 probably translates to an 875+ Auto 8 if you have previous auto loan(s).
The only way your score would drop dramatically would be in the case of a Hard Negative, (I.E., a new 30-day delinquency), =approx. -100-125pts, (but you’d still be tier 1). At your level of creditworthiness, you don’t Apply" for credit, you just “Choose to open” a new tradeline that you want, and your DTI supports, LOL.
Interesting comment about the 60-day lock. It kind of explains why Tesla’s captive recently moved from 2.49 to 2.74, (pricing in now an anticipated 25 basis point lift-off by the Fed in March).
Lmao. Bruh an inquiry at worst causes a 5 point drop. It’s meaningless. This is some serious #okboomer shit.
$40k cash down, worrying about 1 credit hit. You are gonna need to do more research about like everything.
Lol thanks guys! Love this LeaseHackr Fam!
I’m not gonna go with Tesla Financing. I may just do the DCU Auto Loan. that 1.49% is a steal! vs the 2.74. I just hope I get the Tesla quickly before the rates go up…with my luck probably next month… or a few days. LOL
Cheers, hope you get the car you want in a few days my friend.
However, since you seem to be “Interest Rate Averse”, and that’s why you plan to put $40K down to avoid cheap debt for only a year, I suggest you google “US Savings Bonds Series I”, (perhaps a 30K down payment is better, or $20K if you’re married)?
There could be a better place to park $10K-20K of cash than Tesla’s captive lender?
Let’s see what happens. I’ll report back. I’m into stocks, so have a good amount invested in TSLA, AAPL and others. Lol
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