You’ll need a stronger financial profile to get financing for the other models due to the significant price difference. Obtaining a loan with a low Tesla financing APR is going to be a lot easier for a Model 3 or Model Y. However, a Model S will cost $94,990 before personalization options, and pricing for the Model X starts at $104,990. It costs less than the average cost of a new car at $47,000. The most affordable model, the Tesla Model 3, retails for $44,990. The price range of a Tesla EV can vary a lot from one model to another. See Related: Best Alternatives to Yahoo! Finance Financing Different Vehicles If you’re somewhere in the good range, Tesla will look at other factors like your income and debt level to make a decision.ĭoes Tesla finance bad credit? It’s unlikely that you will qualify for a Tesla auto loan with a poor or fair credit score. Tesla may or may not approve your application if you have a score below 700. You’ll qualify for a better APR and save on the cost of borrowing if you have a score in the excellent range (above 780). On average, buyers have a score of 700 or above when applying for a Tesla loan. For instance, a buyer with an excellent credit score might qualify for a higher APR compared to a buyer with a lower credit score and a stronger income. These factors include your income, your current level of debt, and how much you’re willing to pay as a down payment. While your credit score is an important factor that auto lenders will consider, it’s important to keep in mind that they also look at other factors. Tesla doesn’t have any official guidelines regarding credit scores available online. See Related: Greensky Finance Review: Is It Legit? What Is a Good Tesla Financing Credit Score? You won’t be able to apply for financing via Tesla if you live in a state where Tesla doesn’t have a sales license.Ĭurrently, Tesla has a sales license in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Hawaii, Indiana, Massachusetts, Maryland, Missouri, Mississippi, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, and Washington. However, not all buyers can get financing. Tesla offers financing for its entire current lineup, including the models S, X, Y, and 3. Tesla Auto Loan Requirements: Who Can Apply for Financing? You should also know that Tesla will offer you an APR based on your credit score and financing profile. Like every auto lender, Tesla has some requirements you have to meet to qualify for financing. See Related: How Self Driving Cars Impact Society How to Get Approved for Tesla Auto Loan One of the advantages of getting a loan through Tesla is that you can make your car loan payments via your Tesla account or on the Tesla app.Usually, you’ll have to make your first Tesla auto loan payment 30 or 45 days after the delivery. You can find your loan details in your Tesla online account, along with information on how to make payments.If Tesla didn’t approve your request for financing, you’ll hear back from a Tesla representative who will help you explore other options.You’ll have to sign the loan agreement at least 24 hours before the scheduled delivery date. If you selected Tesla as your financier, Tesla will review your application and get back to you with a financing offer that you can approve online.For the next step, you’ll have to enter your personal information, contact information, Social Security number, and employment details.On the next screen, you’ll have to indicate the total amount you want to finance and the duration of the loan.You can select Tesla as your financer or select a third-party lender. There are different options available.If you select the loan option, you’ll start a credit application. You can choose to pay with cash, apply for a lease, or apply for an auto loan.You can then log into your Tesla account again and select a payment method. You should receive a confirmation for your order.You will be able to confirm the scheduled delivery. Your order will then go through, and you’ll be able to review the details of the vehicle you selected.You’ll have to place an order for the Tesla EV you want and choose how you want to customize the vehicle if applicable.You can apply for financing after placing an order for a Tesla vehicle.
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