![]() ![]() Be sure to fill out the application as thoroughly as you can. You can get pre-qualified for a loan by applying before you order your Tesla. Those requirements aren’t as strict as some other auto loans, so more people can take advantage of them. ![]() You also can’t have any active bankruptcies. Other requirements to receive a loan include being 18 or older and earning at least $4,000 a year. You can get a rate as low as 3.9% or as high as 27.9%, and loan terms may vary. The program doesn’t have a minimum credit score requirement. CarvanaĬarvana is an excellent auto loan program for any car, including a Tesla. See Related: Best Credit Builder Loans 3. Not the best for someone with a poor financial history.Even if you don’t get a loan through them, you may learn enough to help you choose the best loan. If you don’t know where to start with a car loan, it may be an excellent resource. MyAutoLoan has a helpful glossary of loan terms and a financing guide. Then, you’ll be able to choose the best loan for you. After you fill out an application, you can get up to four offers for an auto loan. You will also need to be making at least $24,000 a year, and you can’t have active bankruptcies.Īnyone 18 or older and is a US citizen or permanent resident can apply. Interest rates start at 1.89%, but you’ll need better credit to get that low rate. To qualify for a loan, your credit score must be at least 550, which is a pretty low minimum. If you’re currently leasing a Tesla, the service can help you buy out the lease. You can use it to buy a new car, a used car, or refinance your current loan. MyAutoLoan is a website that lets you find the best car loan for your new Tesla. See Related: What is the Average Tesla Repair Costs? Full Budgeting Guide 2. It may involve more than one check on your credit.The application period lasts for 60 days.Can finance with Tesla or another lender.You don’t need to give a ton of details.You don’t have to pay to submit your loan application, and you can receive a decision usually within 48 hours. If you choose to prepay, you can do so with no penalties. Tesla will then require your social security number, phone number, and employment details to process your application.Īfter Tesla approves you, you’ll be able to make payments to your account. You can select Tesla as the financier for setting your monthly payment and the loan agreement terms. As long as you’re over 18 and have a social security number, you can click on “Loan” to start your application. Once you place an order for your Tesla, you will need to go to the Payment Method section in your account. And while you can get a loan quote, that amount may differ after you complete an application. If you do qualify, you may need to pay more than the loan amount to cover fees and taxes. Unfortunately, Tesla Lending isn’t available in every state. The company offers a financing calculator to help you determine the best option for you. Tesla offers loans through a Tesla financier or a third-party lender. One of the best ways to finance a Tesla is to go directly to the automaker. ![]()
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