Heads up if you’re switching your Tesla order and need to reapply for financing
This is my first time buying a car so I’m not sure if this is common knowledge, but figured it was worth sharing in case anyone else is in the same spot.
I have a Model Y AWD on order with financing already approved. Just got a VIN assigned for a Model 3 Premium RWD and was about to submit a new financing app for the M3 since it’s the cheaper car.
Talked to my Tesla adviser first and he flagged something I hadn’t thought about. If you apply for financing on a second Tesla while your first order is still active in the system, the lender sees two open auto loan applications under your name. They can read that as you trying to finance two cars at once, which throws off your debt to income and either gets you denied or stuck in review. He also confirmed the second application would be another hard credit pull, so you’d take a second hit on your credit for nothing if it gets denied or has to be redone.
His advice was to wait for the adviser from my pickup location to call back, cancel the original order through them, and then give it about 5 to 6 days for the cancellation to fully exit the system before reapplying for the M3 financing. That way the lender sees one clean application instead of two competing ones.
So if you’re switching configurations or trims and your first order already had financing attached, talk to your adviser before submitting anything new. Saves you a possible denial and a wasted hard pull on your credit.