Tesla, a California-based electric-car manufacturer, is headed by Elon Musk, CEO. Tesla offers auto financing through financial institutions for selected Tesla models, much like how dealerships finance. Tesla offers direct leasing for some models. There are limitations to Tesla Financing.
Limited loan options
Tesla only offers loans for new Model S and Model X vehicles. You can also get loans for your used Tesla vehicle.
Tesla only offers leases on new Model S, Model X, and Model 3 cars.
If leasing is something you are considering, you will have the option to purchase a Model S or Model X after your lease ends. However, you will not be able to purchase a Tesla Model 3 once your lease ends.
You will need to get financing for your Tesla model through a lender such as a bank or credit union.
Terms for loans and leases
There are limited loan-term options available, and they can vary depending on the vehicle. The Model X offers only 60- and 72 month loan terms, while the Model 3 or Model Y has 48, 60, and 72 month loan terms. The Model S has loan terms of 36, 48, 60, 72, and 72 months. These are the most common terms for loans, but other lenders might offer longer terms.
Tesla Financing also offers 36 month lease terms for the Model 3 but 24 and 36 month terms for the Model S and Model X. All leases include 10,000, 12,000, or 15,000 annual mileage options.
Financing available from the comfort of your home
You can order your car online, apply for your loan or lease, and even purchase a vehicle through Tesla Financing. You first design and order your Tesla via the Tesla website. Tesla recommends that financing be applied for within 30-60 days of delivery. Loan offers are valid for between 30-60 days. Lease offers last for 90 days.
Tesla’s financing process is unique to those of other automakers. You may be able choose the car that you like and apply online for preapproval. However, you will need to visit the dealership to complete the loan and pick up your car. For finance companies that do not offer preapproval, it may be necessary to go to the dealership to choose your vehicle before you apply for a loan.
Take a closer look at Tesla Financing
These are just a few more facts about Tesla Financing.
- The ability to finance a Tesla through Tesla Financing is dependent on where you live. Tesla Financing is not available in Delaware and Iowa, Kentucky, Louisiana Mississippi, Mississippi, Nebraska. New Hampshire. Oklahoma. Rhode Island.
- Federal incentives for Tesla cars have ended. However, depending on whether Tesla is purchased or leased, you might be eligible to receive tax credits or rebates at state level.
Is a Tesla Financing auto-loan right for you?
Tesla financing could be a good option if you are looking to purchase or lease a Tesla. This is especially true if you plan to order your Tesla online.
If you need financing for a Roadster, Cybertruck, or if Tesla Financing isn’t available in your state, you will have to search elsewhere for an auto loan.
How to Apply for a Loan from Tesla Financing
After you have ordered your Tesla, you can apply online for financing. Tesla recommends that you apply online for a Tesla loan/lease when you are within 30-60 days of the estimated delivery date. A member of the Tesla Financing Team will reach out to you within two days of your application for a loan or lease.
It’s a smart idea to review your credit before you apply for an Auto Loan with Tesla Financing. Also, compare other loan offers. Understanding your credit score can help you set expectations. In general, higher credit scores will lead to higher interest rates. Shopping around will help you find the best terms and loan rate for your situation.