Financing your new electric ride
Tesla Auto Loans
Calculate your tesla loan payment¹
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Tesla loan calculator
As with any loan, the main question is, "How much will a Tesla cost per month?" It's important to consider not only the vehicle's sticker price but also your down payment, how much you need to borrow, the APR and the loan term. Use our Tesla loan calculator to estimate your Tesla monthly payment and get a better idea of how much car you can afford.
What to know about financing a Tesla
Unlike some dealerships, Tesla is not a lender. Instead, you work with one of their lending partners or a third-party financial institution of your choosing. To make that choice easier, Mountain America provides competitive financing and favorable terms for all current Tesla models—3, S, X and Y.Tesla loans feature:
- Fixed auto loan interest rates as low as % APR (OAC) with MyStyle® Checking loan rate discount
- No application fees
- Terms up to six years⁵
- Onsite financing—tell the dealership you want Mountain America financing
- Auto loan refinancing options
Tesla auto loan FAQs
How does financing a Tesla work?
During the checkout process on Tesla.com, you'll review the amount due upon delivery. If you selected the third-party lender option, enter Mountain America as your lienholder and confirm the price. When your delivery date comes closer, Tesla will confirm the details of your loan and ask you for payment (or proof of payment) for any outstanding balance, such as the down payment and any other relevant fees.
Tesla also acts as a loan broker for their cars. If you take this route, select Tesla Finance, and Tesla will forward your loan application to their lending partners, informing you of any offers that come back.
What credit score do I need to finance a Tesla?
Tesla does not state a minimum credit score for financing. However, as with other brands, you will have much better luck securing a lower APR if you have a better score. Try aiming for a credit score of 720 or higher to get the best possible rate.
What information do I need to apply for Tesla financing?
To be eligible for Tesla financing, you and any co-signers will need to verify your current income. Additionally, you'll need to make sure you have a good or great FICO® Score,⁶ as higher credit scores lead to better interest rates. When it’s time to apply for your loan, you'll need the following information:
- The year, make and model of the vehicle.
- Your personal info, including your full name, contact information, date of birth, a valid driver's license in the state where your vehicle will be registered and Social Security number, if applicable.
- Your residence info, including your address, how long you've lived there, your renter/owner status and the amount of your rent or mortgage payment.
- Your gross annual income and your employer's contact information.
Can I refinance a Tesla?
If you currently own a Tesla and would like to lower your interest rate or monthly payment, you can do so by refinancing your loan with a financial institution like Mountain America. Be sure you have all the necessary documents, including the Tesla's mileage and VIN, your current loan numbers, valid driver's license and verification of your income and credit history. With this information, your financial institution can see whether you qualify for a lower interest rate and set new loan terms for your vehicle to lower your monthly payment.
Get your Tesla at a lower rate
Apply online or at a local branch. Or ask for Mountain America financing during your Tesla ordering process.Apply online
Additional resources
Autocheck
Find a car
Auto insurance
Loan relief plans
- Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
- FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
