Imagine walking down the street and spotting a sleek, stylish Tesla car. It catches your attention, and you can’t stop thinking about it.
Unfortunately, you don’t have the money to buy it outright. That’s where the Tesla credit comes in.
With this credit, you can apply for financing to purchase Tesla products. But what if you applied for this credit, and it’s still pending? Should you be worried?
Tesla requires two days on average to process customers’ credit applications and email them a credit decision. However, sometimes, it could take minutes, and in unforeseen situations, it takes longer. However, it may be wise to review your application if it takes too long. And if denied, they’ll provide alternatives on what to do next.
Tesla’s credit program helps many Tesla owners finance purchases, and it may be frustrating to have yours pend for so long.
Hence, you shouldn’t skip this article if you need information on how to get your application accepted faster. We’ll also discuss what credit score will boost the process’s speed.
How Long Does Tesla Credit Decision Pending Last?
Tesla’s credit decision usually lasts for 48 hours. But it could take some minutes for others who meet all eligibility criteria.
Tesla financing also favors old customers with an excellent credit history. Such ones are lucky enough to get their credit decisions in some hours.
You can check your application status from the payment method page on your Tesla account. And if it takes too long, consider reviewing your application.
There might be an error or incorrect details that you need to change. This financing application process doesn’t take long if you’re yet to do it.
And if you’ve heard many people complain about their pending for too long, it doesn’t mean yours will, too.
Below are the steps to apply.
Check the financing options on your Tesla account and click on finance to see available ones.
After deciding which option you want, you must have your social security number ready to complete the application.
To complete your loan or lease financing application, you must provide details about your desired loan/lease amount, monthly payment, and term.
In addition, confirm your data, including your social security number, contact number, address, and employment details. After filling out all this information, apply for a review.
After you submit your credit application, Tesla will review it and contact you after reaching a decision.
You can easily reapply with these steps if your info changes or your approval is invalidated.
Tesla will give you a credit decision within a few minutes or two days. You can verify that in the payment section of your Tesla account.
It’s vital to know that there isn’t any pre-approval process for Tesla financing. And you may have to provide a significant down payment before getting your vehicle.
If you need more information on financing options you’re eligible for, it’s best to consult your bank or other financial institutions.
Why Is My Tesla Credit Decision Pending for Too Long?
Tesla credit decisions usually take 48 hours, so worry sets in when your application pends past this period, even extending to a week.
You may feel like Tesla’s about to deny your application, or you’ve done something wrong. But this might not always be the case.
We’ve discussed below five reasons why Tesla credit pends for too long.
#1. The Verification Process
Tesla has a thorough verification process to guarantee the accuracy and authenticity of all credit applications.
This process usually involves verification of income, employment, and financial info, which is time-consuming.
#2. High Volume of Applications
Remember, you’re not the only one who needs this credit loan. Many others wish to own Tesla cars and finance related purchases, so numerous people are applying, too.
Such application influx can cause delays, especially with their rigorous verification process.
#3. Technical Issues
Sometimes, Tesla’s credit system may suffer technical problems, causing delays in credit approvals.
These issues may result from software malfunctions or server troubles, requiring troubleshooting and resolutions.
#4. Document Requirement
Tesla requires a specific document from all applying customers for their application.
So, if you fail to provide these needed documents or if there are mismatches, there will be delays in your approval.
#5. External Factors
Sometimes, factors you have no hand in, such as economic situations, lending regulations, or unforeseen occurrences, can delay your application.
These factors are beyond Tesla’s control and yours, even though they don’t work in your favor, so you’ll have to be patient.
Note: These potential reasons don’t apply to every individual case. So, if you are concerned about your application, contact Tesla’s customer support for tailored assistance.
Issues about applications pending for too long frustrate Tesla customers. They don’t wish for a credit approval denial because of its many advantages.
But that doesn’t mean the financing program doesn’t have its downsides. Look at the table below to understand the pros and cons of this program.
|Financing makes purchasing Tesla products more affordable.
|Applying for car financing programs can maximize your debt-to-income ratio (DTI).
|Tesla credit has flexible terms and payment options.
|It may require paying more in interest. It may require you to pay more in accrued interest.
|Tesla’s electric vehicle rank can make one eligible for the federal tax credit of $7500.
|There are no pre-approval processes offered.
|Paying off the loan early incurs zero fees.
|Tesla doesn’t specify credit score eligibility for an approved application.
|Extending your payment over time allows you to buy higher Tesla models.
|This financing program isn’t available in all the states.
What Credit Score Do You Need for a Positive Tesla Credit Decision?
Tesla doesn’t specify a minimum credit score requirement to qualify all credit applicants for approval to finance their Tesla-related purchases.
However, applicants/borrowers should do well to have good or excellent credit, as a low one will do them no good.
We’ve mentioned factors that may affect your credit score below.
- A low debt payment history significantly reduces your payment history. And it contributes 35% to your credit percentage of 100.
- The sum you’ve borrowed also affects your credit. And this part contributes 30% to your credit.
- Your credit history length contributes 15% to this total.
- Your success rate of handling several debts and various credit types also influences it. And it contributes 10% to the total percentage.
- Lastly, newer debts lessen your ability to settle previous ones, and such hard pull or new credit inquiry can affect your credit score. This part contributes 10% to the total.
Ensuring you don’t default on these factors will help you maintain a good credit score.
Check out the credit score range rating below.
|Credit Score Range
If you wish to apply for a Tesla credit and discover a low credit score, here are ways to raise it:
- Read your credit report and dispute any error
- Pay your bills on time
- Timely bill payment
- Limit applying for new credit
- Consider keeping old accounts
- Maintain a low credit utilization
- Use different credit types
If, after everything, Tesla financing doesn’t work for you, consider applying directly from third-party lenders.
How to Get Tesla Credit Decisions Faster?
Checking your credit application status and constantly seeing a pending notification is disheartening.
You’ll surely be desperate for information on how to hasten this process and get an approved decision.
And that’s what we’ve provided you with below.
#1. Stay Updated with Tesla’s Announcements
Tesla often reveals new and significant updates regarding their decisions. So, keeping up with this news on their official website or social platforms informs you about any changes.
This way, you can adjust the details you put in your application to correspond.
You can also engage with Tesla communities, as some people with insider information can drop helpful, valuable insights.
#2. Elevate Your Credit Score
Although Tesla didn’t specify the minimum credit score required for approval, a low one won’t do you good.
So, it’s vital to make timely payments and maintain a low level of credit card balance.
If you have a reputable credit history, it reduces the review process timing, making you get a decision in even a few hours.
#3. Fill Accurate Information in Your Applications
Some customers exaggerate details or unknowingly provide information with discrepancies.
Doing this gives the Tesla team greater work as they have to confirm all information corresponds or request additional details thoroughly. And they all take time, something you don’t have.
#4. Socialize with Tesla Employers and Attend Related Conferences
Having someone put in a good word for you goes a long way in hastening this credit decision process.
So it’s advisable to attend conferences to learn more about the latest developments and gain insight into their decision-making strategy.
Building connections with industry experts and employers you meet in such gatherings also gives you inside information.