How do I get approved for a 50k car loan?

What can I do to make sure I get approved for a 50k car loan? I want to buy a Tesla Model 3 that’s going for a little less than 50k. I’m willing to make high payments every month if that’s what it takes. How do I make sure that my loan application gets approved?

Answer
Teslas are very cool! There are a few things that you can do to improve your chances of getting approved for a 50k car loan before committing to buy one, including:
  • Paying off debts to improve your debt-to-income ratio.
  • Making a large downpayment.
  • Shopping around with multiple lenders to make sure that you get the highest available loan.
The best things you can do to ensure that you get approved are boosting your credit score and increasing your gross monthly income. While you might be willing to make large payments every month, your credit score and income will ultimately determine if your lender believes you can make those payments.
If you have a good credit score, you’ll be allowed to take out a loan with monthly payments that are a higher percentage of your gross monthly income. If your credit score is 660, for example, you’ll usually be able to take out a loan with monthly payments equaling 20% of your gross monthly income. If your credit score is 560, however, that number drops to 15%.
Keep in mind that when you buy your new Tesla, you’ll also need to pay for insurance to protect it. Luckily, the Jerry app makes it easy to find the best insurance rates available! Jerry gathers personalized quotes from over 50 top insurers. Once you find one you like, Jerry will help you sign up and cancel any old policies you don’t need anymore.
Liz Jenson
Answered on Nov 17, 2021
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