You may be able to find loan terms up to 84 months, longer than those offered by Tesla, at potentially lower rates. Tesla loan features. Err Tesla financing is easy as pie. That’s partly because Teslas are so expensive, requiring large loans that might not be available to fair or bad-credit borrowers. I got 3.9 from Tesla finance … Guaranteed Asset Protection (GAP) is available on most all autos. Once I added a co-applicant my application was approved within one hour. How to apply. They can usually find an offer from the 3-4 banks they partner with. Leasing from Tesla is available in 39 states and Washington D.C. You must return the car to Tesla at the end of the lease. The only challenge is getting a good rate . Up to 7 years loan repayment: Model S, Model 3, Model X and other Tesla models; New Tesla financing: 100% financing (purchase price plus tax, license and service contracts) Used Tesla financing: Up to 100% of the Kelley Blue Book or NADA Used Car Price Guide retail value plus tax, license, and service contacts Tesla Loan Application. Financing a Tesla through a bank or credit union is similar to other luxury car loans. It depends on your lender, though you might have more luck if your credit score is above 670 — what most consider to be good credit. What credit score do I need to finance a Tesla? Other financing options. The biggest red flag, however, is the over 1,500 complaints on the BBB site as of October 2020. You can still get a car loan with bad credit. I overpaid my car loan and they applied it to the next month instead of principle. Used Tesla Cars in Reading Despite being a relatively new company, Tesla has already found itself rubbing shoulders with the some of the biggest names in the motor industry. You might be eligible for a loan offer based on a program with Alliant Credit Union available in all 50 states. New Cars. Terms up to 84 months are available based on the loan amount and credit score. They pissed me off recently so I’m refinancing my car Saturday at the credit union for 4%. To be considered “New” the vehicle must be the current year or newer and purchased new within the last 180 days. Search used Tesla Model 3 inventory in your area. I was denied with a 740 credit score (via Tesla Financing/whatever bank they went through) because I had never taken out an auto-loan before and had no "comparable credit history" other than student loans from awhile ago. If you have a lot of debt, a history of nonpayment, and a bad credit score, you’ll have a higher interest rate and the loan will cost you more money over time. On the other hand, the bad news is that you had to be within the first 200,000 cars in order to get this credit, and all of the spots are already taken. I used tesla financing and got 3.75% with Wells Fargo. While these aren’t all specific to the financing program, they do speak to more than a few unhappy customers overall. It just may take a few extra steps. Have you taken out a car loan before? One way to buy a Tesla without paying the full cash price upfront is to get a loan with a Tesla financing program.