[thomas day]

I applied today and almost instantly it said credit agreement in place and passed. Surely they still need to do a credit check? Anyone know if it is indeed instant or takes a few days. If it is a few days then how do you know when you have passed.

 

[Tony Hoyle]

The initial credit check takes seconds.. they also review it manually but unless you hear different it's fine. Tesla aren't big on giving feedback for that stage (I never heard anything officially).

 

[DanPaul]

I wonder if the criteria is different (less "strict"?) for PCH as the car is always property of Tesla?

 

[6652]

I wonder if the criteria is different (less "strict"?) for PCH as the car is always property of Tesla?

I think PCH is more like a fat mobile phone contract, so as long as the basic info, security and credit history checks out, you’re good to go.

I don’t think there are any deep affordability checks.

 

[DanPaul]

You reckon it might be the same for PCP too?

I think PCH is more like a fat mobile phone contract, so as long as the basic info, security and credit history checks out, you’re good to go.

I don’t think there are any deep affordability checks.

 

[6652]

You reckon it might be the same for PCP too?

I don’t think that any car companies want to put barriers in the way of getting a car sold and out there, particularly at the moment.

They’ve always got the option of taking the car back, so it’s relatively risk free for them.

 

[cyclingaviator]

PCH, PCP and other dealer finance is secured on the asset, in this case the car, and therefore they don't need to do much of a deep dive.

 

[DanPaul]

That's reassuring to know

 

[TJEV]

Some lenders were only approving manually during last year, which was a royal pain.