After applying for Tesla credit, you need to sit back and wait until the approval arrives. But how long does it take for Tesla to approve your credit request? What if your Tesla credit decision pending status doesn’t change for days?
If your credit request is approved, it can take only a few minutes for Tesla to update the status and notify you via email. For most users, the credit decision changes within 48 hours. However, it can take longer for some legal or financial document issues, but you need to contact Tesla support if it takes more than 60 days.
Read on to know all about Tesla’s credit pending decisions. We’ll discuss the average time it takes and what to do if your credit decision status hasn’t been updated yet.
How Long Does It Take Tesla to Approve Credit Decision?
After you’ve submitted your credit application, Tesla takes about 48 hours to approve or disapprove your request. Many users got approved in just 5 minutes. In some rare cases, the process can take weeks. Here are the details:
Only A Few Minutes
As Tesla advertises, they can provide a credit decision in only a few minutes. Meaning their credit evaluation process is streamlined and efficient. Tesla probably uses automated systems to quickly assess your creditworthiness based on the information you provide in your application.
24 to 48 Hours
In some cases, Tesla or their affiliated financial institution takes up to 24 to 48 hours to make a credit decision. It typically happens when your credit application requires a more in-depth review.
Factors like a complex financial history or additional documentation are responsible for such delays.
Up to 60 Days
If your credit pending status doesn’t update for days, you should wait up to 60 days before reapplying. The Tesla team might contact you during this period to inform you why it’s taking so long to approve or disapprove your request.
It typically happens when any legal or financial issues require thorough investigation or verification.
Tesla Credit Decision Pending for Too Long: What to Do?
As mentioned, Tesla’s credit evaluation process is pretty efficient. It doesn’t take long for most users to update their credit status. So, if your pending status is not updated for days, it can be concerning.
Here’s what you can do in such scenarios:
Check Your Email and Application Status
It’s possible that the Tesla team has already tried to reach you via email or sent notifications to your Tesla account. Hence, the first thing you need to do is check your emails and log into your Tesla account for any updates or texts.
From your Tesla account, go to the ‘Payment Method’ section to check the updates. Also, look into the spam folders of your email account, as Tesla’s emails often end up there.
Contact Tesla Customer Support
If Tesla hasn’t contacted you yet, you can reach out to the financing team. You can email them and provide your VIN. Another way to contact the Tesla support team is to use your Tesla account, go to ‘Question Center,’ and then tap ‘Contact Us.’
They can give you an estimated timeline for when you can expect to receive a decision. You can also identify any specific issues causing the delay.
Review Your Application and Credit Report
While applying for Tesla credit, you need to provide your employment status, verified address, insurance, ID, and many other necessary information. If the credit decision is pending too long, recheck the provided information.
Make sure that there are no errors or discrepancies that are delaying your approval. You can get a free copy of your credit report from each of the three major credit bureaus once per year.
Even minor errors or omissions in your credit application can lead to delays. So, you must correct any mistakes and resubmit the application if necessary.
How to Get Tesla Financing Approval Fast and Easy?
You need to reapply for Tesla financing when the credit pending status doesn’t update after two months or gets rejected. Below are some effective tactics you can follow to get approval within minutes:
Have the Proof of a Stable Income Source
Before approving your financing request, Tesla makes sure you have a stable income source for monthly payments. Therefore, having proof of a stable income source is a must to get easy approval.
W-2 forms, pay stubs, tax statements, 1099s, etc., are some documents you’ll need to provide for an estimation of your annual income.
Pay Your Previous Loans
Your credit history plays a huge role in getting Tesla’s credit approval fast. So, if you have any previous unpaid loans, you must clear them to get fast approval. It allows you to lower the ratio of debt to income.
Therefore, your credit history will indicate that you have paid your debts on time, so you’re capable of doing the same later.
Improve Your Credit Score
Although Tesla doesn’t specify what the required credit score is to get financing approval, having a great credit score helps. A higher credit score can help you secure better financing options.
To get your credit score, you can visit the official website of your credit card issuer. There are many free and paid credit score services available for this job. Your credit score largely depends on the payments, total amount of balance and debt, and the length of your credit history.
Focus on these factors to get a higher score. Aim for a credit score of 700 or above for quick approval. Here’s a list of different credit score ranges and how good they are to get financing approval:
| Credit Score Range | Status |
| 300 to 579 | Poor |
| 580 to 669 | Fair |
| 670 to 739 | Good |
| 740 to 799 | Very Good |
| 800 to 850 | Excellent |
Update Your Visa Status
If you’re in the US on a visa, it can be a bit difficult to get Tesla’s credit approval. Make sure your visa status is still valid and updated while you’re applying.
For proper authorization and visa status verification, contact your employer or the USCIS (United States Citizenship and Immigration Services).
Submit Correct Information
When completing the financing application, provide accurate and honest information. Any false or misleading information can lead to delays or denials in the approval process.
FAQs
Got more questions? Let’s take a look at some common queries regarding Tesla’s financing system.
According to Tesla, you can’t get pre-approved or pre-qualified for Tesla financing. If you’re seeking pre-approval, you need to do it through your bank. Apart from that, the only way to know whether you’ll get Tesla financing is to apply for it and wait until it gets approved.
When your financing request gets rejected, the Tesla team will contact you to discuss what you need to do further. It typically takes one business day. Your Tesla representative will let you know the issues with your request. Once you fix them, you can reapply from your Tesla account.
Final Words
Your Tesla credit decision pending status shouldn’t take more than two days to update. Whether you get approved or rejected, you’ll be notified via email. Within one business day, a Tesla representative should contact you to discuss further steps.
However, if things don’t go right, you can always reach out to Tesla customer support for help. Don’t worry if you don’t get approved instantly, as too many applications can delay the approval process.
Even if you don’t get financing the first time, you can always reapply and team up with third-party lenders.
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