Tesla Financing Deals

	Starting APR 6.44%	Loan terms 24-84 months

If you’re in the market for an electric vehicle, you’ve probably considered a Tesla. But Teslas aren’t cheap: Their prices range from around $43,000 to over $100,000. In other words, you’ll probably need a loan to make your purchase happen.

You can buy a Tesla with a loan from Tesla Finance LLC or from a third-party lender, like your bank or credit union. It’s worth considering the third-party option since Tesla doesn’t disclose much information about its loan terms, including the credit score you’ll need to qualify for Tesla financing.

On this page

Tesla financing options

Buying a Tesla

Tesla is by far the largest EV manufacturer in the world. The company manufactures electric vehicles, sells new and used EVs and sells car insurance. Even the most affordable Tesla is pricey compared to other EVs on the market, so Tesla also offers financing to make its vehicles accessible to more buyers.

Tesla Finance doesn’t offer loans in all states and doesn’t disclose all of its loan terms up front, but rates appear to start at 6.44% APR for all new purchases. Here’s what else we know:

• Loan terms are 24 to 84 months
• No application fee
• 0% to 50% down payment
• Tesla lending is only available to borrowers in 26 states

Leasing a Tesla

Tesla offers lease options, but you may find that Tesla has more restrictions than other lenders. A few things to know before applying:

• Annual mileage limits vary
• Repayment terms are 24 to 36 months
• Leases can be extended once for up to six months
• Leasing is not available in Delaware, Kentucky, Michigan, Mississippi, Nebraska, New Hampshire, Oklahoma or Wisconsin

Tesla financing pros and cons

Tesla Finance doesn’t charge some of the fees other lenders charge, like an application fee or a loan prepayment fee. But other details of Tesla auto loans aren’t clear up front, like credit requirements and available loan amounts, and Tesla doesn’t offer financing in all states.

A closer look at Tesla financing

Loan preapproval isn’t available for Tesla financing, so the only way to know whether you qualify is to apply and submit to the hard credit pull. Your credit score will take a small hit during this process, but the impact is temporary.

In addition to not offering preapproval, Tesla doesn’t have some of the features that other manufacturer lenders offer, like discount programs for college graduates and service members. On the other hand, other car makers that offer lending often have terms and requirements that vary from one dealership to the next, while Tesla terms seem consistent.

State restrictions

Depending on where you live, there might be special rules or restrictions on buying or financing a Tesla. Here’s a breakdown:

• Customers in Texas, New Mexico, Iowa and Michigan must submit their final payment before delivery can be scheduled.
• Lending is available for applicants who live in the following states:

• To qualify for lending, you must have the vehicle delivered to one of the above states or Mississippi.

Used Teslas

Tesla doesn’t sell certified pre-owned vehicles (CPOs), but every used Tesla must pass a 145-point inspection. Used Teslas also have limited warranties, which include an additional one year or 10,000 miles beyond any warranty that’s still in place from the original sale.

To purchase a used Tesla, you’ll have to visit a Tesla location, or you may be able to have the car delivered depending on where you live. Tesla charges a nonrefundable delivery fee of $500 to $2,500.

Charging equipment

Charging equipment does not come standard with every Tesla vehicle. Tesla’s Wall Connector charger costs $425, and it can cost anywhere from $750 to $1,500 to have a standard home charger installed.

How to apply for financing through Tesla

You can apply for Tesla financing online once you’ve started your order for the car of your choice. Here’s what the application process looks like:

1. Sign into your Tesla account.
2. Select “Loan” or “Lease” as a payment method. If applicable, choose your lease term and preferred annual mileage.
3. Enter the amount you want to finance and your preferred monthly payment and loan term.
4. Submit your Social Security number, phone number, residence and employment information.
5. If approved, sign your loan or lease agreement in your Tesla account.

Most credit decisions are available within 48 hours, though some may only take a few minutes and others may take more time. Credit approval is good for 60 days. If your credit application is denied, a Tesla representative will contact you within one business day to discuss the next steps.

Your first payment on your Tesla loan will be due 30 or 45 days after your delivery date.

How Tesla financing compares

Tesla Finance isn’t the only way to get a loan for an EV purchase. If you’re looking for another make of EV, like a Toyota Prius, you may be able to find 0% APR financing. Alternatively, Bank of America and other banks offer EV lending, and they often have interest rate discounts for customers. When you’re shopping for a loan, you can fill out a single form with LendingTree and receive up to five auto loan offers from lenders.