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How to finance a Tesla

Compare options to get behind the wheel of the world's most well-known electric car brand.

Since Tesla doesn’t work with dealerships, you won’t have to worry about an interest rate markup if you decide to finance directly with the company. But you might still want to compare your other car loan options from third-party lenders to ensure you’re getting the best deal available to you.

How can I finance a Tesla?

If you’re looking to finance a car directly through Tesla’s in-house financing division, you won’t have to worry about dealership markup since it’s a direct-to-consumer car brand. You actually have to order your car on Tesla’s website before you can even apply for financing. Then within one month of your car’s delivery date, you can fill out a Tesla Financing application through your online account.

Since you have to wait anyway, you might want to take the time to compare car loans from banks, credit unions and online lenders as well. Prequalifying with a few different lenders can help you find the most competitive rate available to you. Tesla Financing may even be willing to beat the lowest rate you qualify for with a third-party lender.

Read our review of Tesla Financing

Compare car loans to finance a Tesla

Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
Starting at 1.79%
3 to 7 years
Active membership with PenFed
Low APR car loans from a well-known credit union.
No minimum credit score
3.9% to 27.9%
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates. Car Loans
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
CarsDirect auto loans
No minimum credit score
Varies by network lender
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Auto Credit Express Car Loans
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Monevo Auto Loans
3.99% to 35.99%
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
Quickly compare multiple online lenders with competitive rates depending on your credit.
Good to excellent credit
Starting at 0.99%
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out. Car Loans
Starting at 1.89%
550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.

Compare up to 4 providers

What will a new Tesla cost me?

A new Tesla will cost upwards of $35,000 — although you can expect to pay over double that for the Model S and Model X. How much you ultimately pay will depend on the model and trim you select, as well as any upgrades you want to include.

2019 Tesla Model 3

  • MSRP: $35,000
  • Build: Sedan
  • City/highway MPGe: 128/117
  • Range: Up to 332 miles

Tesla Cybertruck

  • MSRP: $39,900
  • Build: Truck
  • City/highway MPGe: Not available
  • Range: Up to 250 miles

2020 Tesla Long-Range Model Y

  • MSRP: $47,000
  • Build: SUV
  • City/highway MPGe: Not available
  • Range: Up to 300 miles

2019 Tesla Model S

  • MSRP: $70,115
  • Build: Sedan
  • City/highway MPGe: 102/105
  • Range: Up to 373 miles

2019 Tesla Model X

  • MSRP: $81,000
  • Build: Hatchback
  • City/highway MPGe: 91/95
  • Range: Up to 328 miles

Tesla Roadster

  • MSRP: $200,000
  • Build: Coupe
  • City/highway MPGe: Not available
  • Range: Up to 620 miles

Car insurance costs that come with driving a Tesla

Does a new Tesla come with a warranty?

Yes, all new Teslas are protected under a four-year, 50,000-mile limited warranty. However, the Battery and Drive Unit will have different coverage depending on your model.

  • Model S and Model X — covered for 8 years
  • Model 3 — covered for 8 years or 100,000 miles, whichever comes first
  • Model 3 with long-range battery — covered for 8 years or 120,000 miles, whichever comes first

Used vehicles don’t have their own warranty, but the original vehicle warranty may still be in place. You can also purchase an extended warranty that covers your Tesla for two years or 100,000 miles — whichever comes first.

Bottom line

With the cheapest Tesla ringing in at around $35,000, getting behind the wheel of this electric car brand isn’t as expensive as you might have thought. Applying for financing through Tesla Financing and a few other third-party lenders can help you find the most competitive deal out there.

Not sure what type of Tesla you want? Check out our guide to buying a Tesla to compare models, customization packages and more.

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