Finance Application Process
Financing your Tesla can be done in a few simple steps online:
1. SELECT YOUR PAYMENT METHOD
Customers have a number of financing options available to them: Tesla offers select financial solutions through preferred banking partners, is happy for customers to work with their own banks, or enables customers to pay cash for their vehicle of choice.
To learn more about the Tesla financing philosophy and about the solutions offered, read more.
You can select your payment method when placing your order, or at any other point, in your Tesla Account.
2. SUBMIT YOUR APPLICATION
Submit a credit application either prior to or after placing your order.
This can be done by clicking on the Apply for Financing link on our Design Studio, or via your Tesla Account. You will then be re-directed to our preferred partner’s portal, where you can submit a credit application at any time, and from the comfort of your own home.
After submission, our preferred financing partners aim to have a credit decision ready for you as soon as possible. At times, they may require additional information before coming to such a decision. In these cases, Tesla will reach out to you directly with which documents are required. Once an application has been approved*, your financing will be ready to go, and you may safely proceed with placing your Model S or Model X order if you haven’t done so already. *Subject to the credit decision of our third party partner.
4. FINALISE YOUR FINANCING
When the delivery date of your Tesla is near, we will contact you to discuss how to finalise your finance, including which documents to bring to delivery and what to expect from signing your contract.
We are here to help. Should you have any additional questions regarding your financing journey with Tesla, please contact us on 01628 450 606.
FAQ - Payment Method
What is the difference between personal and business financing?
Tesla’s preferred financing partners offer Hire Purchase and Contract Purchase options for both private individuals and for business customers. The down payment requirements, interest rates and fees are the same for both individuals and businesses. The finance approval process, however, may differ between the two in terms of approval times and documentation requirements. To better understand which option may ultimately be best for you, please consult your accountant.
Does Tesla also offer leasing?
Contract Hires are indeed also available to you through third party leasing companies. Typically a financing solution for business customers, please contact us if you have further inquiries about the advantages of this option and how to apply.
I usually lease my vehicles through one particular company; do you work with them?
Tesla has relationships with a number of leasing companies throughout the United Kingdom. We suggest that you begin with contacting your leasing company of choice to determine how it has worked with us in the past. If this would be the company’s first experience with Tesla, please contact our Tesla Enterprise team for more information about how to get started.
Where do I find the fees associated with financing?
Please refer to this detailed overview of our financial solution offerings for more details regarding applicable interest rates and fees.
I’d like to see a financing quote before I apply. How do I go about this?
A financing quote can be obtained via our website. To view yours, first configure a vehicle on our Design Studio for either a Model S or Model X. The vertical, black payment panel on the right-hand side of the page will then display estimated monthly payments for both Hire Purchase and Contract Purchase options. Should you be happy with one of these quotations, you can then obtain a personalised quote via our preferred financing partner’s online quoting tool. This can also be accessed via the Design Studio or through My Account (if you already have saved a configuration or have an existing order).
By clicking on the Apply for Financing link, you will be taken to the partner’s portal, where you can create a quote based upon your configuration. From there, you will be able to choose to e-mail this quote to yourself for further consideration, or to submit a credit application from the same page. Please be aware that credit applications are non-binding.
Why are there two figures given for monthly payments on the Design Studio?
Regardless of the payment method, you will find two figures in the vertical, black payment panel on the right-hand side of the Design Studio.
The first of these figures is an example of the effective cost of driving a Tesla when compared to an Internal Combustion Engine car. This therefore takes into account the lower cost of electricity compared to petrol, the lower cost of maintenance (due to fewer moving parts), as well as any government incentives that other vehicles may not be eligible for. We show this sample rate to customers for full transparency, and to indicate the savings that could apply as a Tesla driver.
The second figure states the actual monthly payment, without factoring in any potential savings. The finance parameters for this payment can be found in the panel itself or in the representative example that can be linked to from the Design Studio.
FAQ - Credit Applications
How can I apply for financing?
To apply for financing, as with getting a quote, begin by configuring a vehicle on the Design Studio for either the Model S or Model X, or by logging into your Tesla Account (if you already have saved a configuration or have an existing order).
On the Design Studio, the Apply for Financing link is located at the bottom of the Hire Purchase or Contract Purchase tab (within the vertical, black payment panel on the right-hand side of the page).
In your Tesla Account, this link can be found under Payment Options, where you should choose “Tesla arranged financing”. From there, clicking on the link will take you to our preferred financing partner’s application page, where you will find a quoting tool and subsequent credit application.
When should I apply for financing?
It is suggested that you apply for financing either prior to or at the time of ordering. You can place an application via the Design Studio or via you Tesla Account using the steps above.
Is it possible to be declined for financing?
It is possible that you may not receive a credit approval on your first try. However, in this case you can expect to be contacted by a Tesla representative who will provide advice on next steps, including any alternative options.