Car Loan Options: Tesla's Financing Plans Explored

Tesla offers financing options for customers looking to purchase their vehicles. Customers can either finance their vehicles with a Tesla financier or use a third-party financier. Tesla also offers pre-qualification for financing, allowing customers to apply for financing before ordering their vehicles. Additionally, Tesla has partnered with financial institutions like Chase and Alliant Credit Union to provide financing options for customers. It is important to note that Tesla financing is not available in all states, and additional taxes and fees may apply.

Tesla offers financing options for its vehicles

Tesla offers a variety of financing options for customers looking to purchase their vehicles. These options include financing with a Tesla financier, using a third-party financier, or leasing a vehicle.

Financing with a Tesla financier involves purchasing a Tesla vehicle through a loan from Tesla. Customers can use the Tesla financing calculator in the Design Studio to estimate their payments and determine the right payment option. This calculator helps customers understand the estimated payments for both purchasing and leasing options. Tesla financing is not available in all states, and additional taxes and fees may apply. Furthermore, credit approval is required for Tesla financing, and customers must take delivery in specific states, as outlined by Tesla.

For those who prefer to use a third-party financier, Tesla also provides that option. Customers can apply for financing through their bank of choice or other financial institutions like Chase. It is recommended to explore different options to find the best rates available. Additionally, banks and credit unions may offer competitive Tesla financing rates, and members may even be eligible for discounts.

Leasing a Tesla vehicle is another alternative, with lease terms ranging from 24 to 36 months. However, leasing is only available to qualifying customers, and certain states, such as Arkansas, Kentucky, Nebraska, New Hampshire, Oklahoma, South Carolina, and Wisconsin, do not currently offer Tesla leases.

Regardless of the financing option chosen, customers must submit a credit application and meet certain requirements, such as being over the age of 18 and providing necessary underwriting information. Tesla provides pre-qualification for financing, allowing customers to assess their creditworthiness before proceeding with a credit application.

Financing is not available in all states

Tesla offers financing options for its vehicles, allowing customers to purchase a Tesla by financing with a Tesla financier or a third-party financier. However, it's important to note that Tesla Financing is not available in all states.

As of 2025, Tesla Financing is available for applicants in the following states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, and Washington. To qualify for Tesla Financing, customers must take delivery in one of these states.

Tesla has partnered with Chase to make the financing process more efficient and virtual. Buyers can purchase and finance their Tesla from the comfort of their homes, without needing to visit a showroom, bank, or business office. However, it's important to note that Chase is not responsible for any products, services, or content provided by Tesla as a third-party site.

For those not residing in the states where Tesla Financing is available, other options may be considered. Tesla offers pre-qualification for financing, allowing customers to apply for financing before ordering their vehicle. Additionally, customers can explore third-party financing options, such as auto loans from lenders specializing in loans for borrowers with fair or poor credit. It is recommended to shop around for the best rates and consider factors like APRs and loan terms.

Customers can use a third-party financier

If you are opting for a third-party auto loan, you must apply for and secure financing before purchasing through Tesla. You can start by checking with your local financial institution or bank. It is also a good idea to compare offers from online lenders and loan aggregators. Once you have secured approval with a lender, you must share that information with Tesla and provide the lienholder address.

To qualify for Tesla Financing, you must take delivery in one of the following states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, or Washington.

The Tesla financing calculator is available in the Design Studio to help you determine the right payment option. This calculator can estimate your payments for either purchase or lease. It is recommended to calculate how much you can afford before applying for an auto loan.

Pre-qualification is available for financing

Tesla offers pre-qualification for financing. This pre-qualification is optional and uses a soft inquiry on your personal credit report to assess your creditworthiness. Soft inquiries do not affect your credit score. However, it is important to note that the result of this pre-qualification is not an approval or denial of credit, nor a guarantee of financing. A credit application using a hard credit pull will still be required to finance a vehicle purchase through Tesla.

To apply for pre-qualification, you must first design your vehicle. Tesla provides a financing calculator in the Design Studio to help you estimate your payments and determine the right payment option for you. After designing your vehicle and reviewing the estimated payments, you can proceed with the pre-qualification application. This application will require you to provide personal information, such as your name, address, Social Security number, employment information, and income.

It is important to note that Tesla Financing is not available in all states. To qualify for Tesla Financing, you must take delivery in one of the eligible states, including Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, and several others. Additionally, certain restrictions may apply in specific states, such as Texas and Michigan, where customers are required to submit their final payment before scheduling their delivery appointment.

If you are approved for financing, you can accept the offer in your Tesla Account, and a Tesla Advisor will guide you through the next steps to take delivery of your vehicle. As your delivery date approaches, you will be prompted to confirm your lienholder's information and provide payment or proof of payment for the amount due. It is recommended to review the financing options available in your Tesla Account by selecting 'Finance' in the 'Payment Method' section.

Tesla financing rates are competitive

Tesla financing rates are as low as 5.59% on Cybertrucks and Models S and X, with loan terms ranging from 36 to 84 months. Tesla also offers promotional 0% APR financing for borrowers with excellent credit. These promotional rates are available for Tesla Models 3 and Y.

When it comes to financing a Tesla, you have options. You can finance directly through Tesla or through a third-party financier. Tesla offers pre-qualification for financing, allowing you to apply for a pre-qualification once you've designed your vehicle. This pre-qualification is based on a soft inquiry on your credit report, which does not affect your credit score.

It's worth noting that Tesla does not offer financing in all states. As of the time of writing, Tesla financing is not available in Alabama, Alaska, Arkansas, Iowa, Kansas, Kentucky, Louisiana, Maine, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Carolina, South Dakota, Vermont, West Virginia, Wisconsin, Wyoming, and Washington, D.C.

If you're looking to finance a Tesla, it's recommended to shop around for the best rates and consider your financial situation and ability to make payments.

Frequently asked questions