The first step in obtaining Tesla financing is to submit a credit application. The website will direct you to a lender that works with Tesla. Once you complete the application, you’ll receive a date and time when the car will be delivered. You’ll then need to sign the Loan Agreement in your Tesla Account and take delivery of your new vehicle.
You’ll need to have a high enough credit score to qualify for a Tesla loan. The best deals are usually reserved for people with excellent credit. It’s a good idea to check your credit score using a service like LendingTree before signing on the dotted line. Tesla’s website makes the entire process simple. It even prompts you to specify whether you’d like to pay with a Tesla auto loan or lease.
The loan calculator on the Tesla website will help you get an idea of how much you can afford to pay each month based on your credit score. Tesla’s lender partners can help you secure financing for any Tesla model you want. Loan rates start at 2.49% APR for people with sterling credit, but this can vary significantly from lender to lender.
Tesla offers 100% financing on the Model 3, Model X, and Model S. You must make a down payment of $4,500 or more. In addition, you must pay a one-time destination fee of $1,200. You’ll also need to pay applicable taxes and registration fees. You may also qualify for an EV rebate.