If you submit a full loan application and are approved, we will send you a loan approval with a loan qualification amount.
This figure reflects the maximum loan amount we can lend to you and is based on your annual income. In addition to the loan qualification amount there are other parameters that may affect how much you can borrow. Your loan qualification amount may also give you some flexibility when selecting different trims for your EV.
This letter also includes the minimum down payment and the maximum MSRP multiple. Both of these parameters may impact your borrowing amount depending on the final purchase price of the vehicle.
The minimum down payment reflects the amount of cash or trade-in value you need to contribute to the transaction.
The maximum MSRP multiple is the level at or above the manufacturer's suggested retail price to which we will lend. For example if the MSRP of the vehicle is $40,000 and the MSRP multiple is 1.10 or 110%, we will lend $44,000 ($40,000 x 1.10) for that specific vehicle. All of these data points will be detailed in your approval letter.
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