Tesla Lending

Tesla offers the ability to purchase your vehicle over time by securing a loan with a Tesla financier.

Getting Started
Financing With a Loan
Taking Delivery
Making Payments
Financial Payoff
Hardship, Delinquency and Additional Support
Frequently Asked Questions

Getting Started

Start your order and design your Tesla vehicle, then select ‘Loan’ as a payment method.

The Tesla financing calculator is available to help you determine the right payment option. Tesla lending is not available in all provinces and additional taxes and fees may apply. These estimated payments are not guaranteed and are subject to credit approval.

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Financing With a Loan

After placing an order, sign in to your Tesla Account to review and confirm your delivery, registration and trade-in details.

To qualify for Tesla lending, you must take delivery in one of the following provinces: AB, BC, NS, ON, QC, SK.

Submit a Credit Application

In the ‘Payment Method’ section of your Tesla Account, view the financing options available to you by selecting ‘Finance.’
Select ‘Loan.’
To finance with Tesla:

Select ‘Tesla’ as your financier and confirm the amount to finance and your preferred monthly payment and loan term. Review the price details to continue your application. Complete your application by submitting your social insurance number (optional), phone number and residence and employment information.
We will review your credit application upon submission. If your information changes or your credit approval expires, you can resubmit your credit application by following the same steps above.
You will be notified of the credit decision within the ‘Payment Method’ section of your Tesla Account.

If you are approved, you can accept the financing offer in your Tesla Account and a Tesla Advisor will reach out to you with next steps to take delivery of your Tesla vehicle. In the event that your credit application is denied, we will contact you within one business day of the decision to discuss next steps.

Note: You must be over the age of 18 and have a social insurance number to submit a credit application.

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Taking Delivery

Your Loan Agreement will be available for review in your Tesla Account at least 24 hours prior to your delivery appointment. All loan paperwork will be executed at delivery of your Tesla. All credit applicants must be present and proof of insurance must be provided when you take delivery.

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Making Payments

The amount and due date of your payments is outlined in your Loan Agreement.

You will receive a welcome packet a couple weeks after delivery from your lender. Your monthly automatic payments will be set up when signing your finance paperwork. The mailer may be undisclosed and may be easily mistaken as junk mail. Your first payment is due 30 days from the delivery date and your monthly payment will be due on that same day each month going forward. Payment must be made to the lender from your Loan Agreement.

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Finance Payoff

There are no prepayment penalties associated with Tesla financing and our partners. Contact your lender directly for payoff details and instructions for remittance.

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Hardship, Delinquency and Additional Support

Contact your lender directly if you’re having trouble making payments. Your finance contract outlines the name of your lender.

Royal Bank of Canada: (800) 769-2511
Scotiabank: (844) 320-6431
Bank of Montreal: (844) 837-9228

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Frequently Asked Questions

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You can apply any time after you place your vehicle order. The credit approvals are valid up to 90 days, but rates are good for 30 days from approval. If your delivery date falls after your credit application expires, you may need to start a new application.
Tesla lending is available for applicants in the following provinces: AB, BC, NS, ON, QC, SK.

The name on the credit application must match the name of the vehicle registration and this person must take delivery of the vehicle. For applications supported by a small business, the credit report of the individual applicant will be used to assess the application. Unfortunately, business-only, trust and commercial finance applications are not accepted at this time.
At least one hard pull of your credit report is required; however, for some applicants, additional inquiries may be needed as we work to find you the best credit offer possible.
Tesla does not currently offer a credit pre-approval process. You’ll be able to submit a credit application in your Tesla Account once your vehicle order is placed.
Many credit decisions are available within a few minutes, with most available within 48 hours. However, some may occasionally take longer due to unforeseen circumstances.

You can check the status of your application in the ‘Payment Method’ section of your Tesla Account. Once a credit decision has been made, you’ll be notified in your account. Leasing decisions are valid for 90 days.

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