Our car loan payment calculator helps you estimate your monthly payment. Tesla Financing requires a minimum 10% down payment.
What is Tesla Financing?
Tesla financing is a unique finance offering that combines a traditional loan with our Resale Value Guarantee to give owners the tax advantages of ownership, along with the reduced resale risk and convenience of a lease.
Can I use Tesla Financing for a business purchase?
Yes. However, you must qualify as an individual and Tesla will add your business to the loan after you are approved. The vehicle registration must list both your name and the business.
In which states does Tesla offer this financing?
At this time we are limited to offering this financing in CA, CO, FL, GA, IL, MA, MN, MO, NC, NV, NY, OH, OR and WA. If you reside outside these states, please contact Tesla for additional options. Customers may also secure financing through their preferred lending institution, but they will not qualify for our Resale Value Guarantee.
What is the process for getting approved?
The process is similar to other car financing applications. Once an order is complete, customers can apply directly from My Tesla, our online dashboard.
Can I pay off my loan early?
Although there is no pre-payment penalty, to exercise your Resale Value Guarantee, your loan must remain open for a minimum of 36 months from purchase date and remain in good standing for the duration of the loan.
Can I deduct the Federal Tax Credit of $7,500 from my down payment due at delivery?
Tax incentives provide an excellent way to cover the cost of your down payment, but this benefit is realized when you file your annual tax returns. You will still need to pay the full down payment on your loan at delivery.
Resale Value Guarantee
What is the Resale Value Guarantee?
Tesla’s Resale Value Guarantee allows owners to sell their Model S back to Tesla between the end of months 36 and 39, regardless of the loan’s term. The resale amount is specified at the time of delivery and is forecasted to be higher than any high volume premium sedan brand (Audi, BMW, Mercedes, Jaguar or Lexus). This value is equal to 50% of the original base purchase price of the 60 kWh Model S plus 43% of the original purchase price for all of the options, including the upgrade to the 85 kWh battery pack (exclusive of taxes, fees, and accessories).
Is the bank backing the Resale Value Guarantee?
No, the Resale Value Guarantee is an agreement between Tesla and the vehicle’s original owner.
What are the stipulations (fine print)?
To qualify for the Resale Value Guarantee, you must finance (on approved credit) a minimum of 60%, up to a maximum of 90%, of the Model S configuration price. To exercise the Resale Value Guarantee, the loan must remain open for a minimum of 36 months after the purchase date, and the account must remain in good standing. Please see the Resale Value Guarantee terms and conditions for further details on the program. There are three versions to choose from based on your country and language: United States, Canadian in English, and Canadian in French.
From where is Tesla drawing the residual value comparison?
Tesla uses the average residual values as forecasted by ALG, an independent third party. While Tesla may periodically review the calculation of the Model S residual value for its program, your particular residual value will not change once it is given to you. Your guaranteed residual value will be reflected in your purchase documentation.
What are the mileage limitations on the Resale Value Guarantee?
The Resale Value Guarantee allows up to 15,000 miles a year, with a $0.25 per mile overage charge for each mile over that amount.
How do you adjust for any excess wear and tear on my Model S?
Tesla will perform an appraisal and adjust the Resale Value Guarantee amount if we identify abnormal wear and tear or damage.
When can I return my Model S?
Your vehicle will be eligible for purchase at any time between the end of months 36 and 39 of your loan.
Is the Resale Value Guarantee transferable if I sell my car?
No, the Resale Value Guarantee is an agreement between Tesla and the original owner only.
Who is eligible for the Resale Value Guarantee?
Any customer who finances their Model S via Tesla using one of our partners (Wells Fargo and US Bank) is eligible for the Resale Value Guarantee.
Can this program apply to existing Tesla-financed Model S customers?
Unfortunately, the Resale Value Guarantee program cannot be retroactively applied to owners who have already taken delivery of their Model S.
If I finance outside of Tesla Financing, am I eligible?
No, you must finance through Tesla with Wells Fargo or US Bank to be eligible for the Resale Value Guarantee.