Financing Your Vehicle

Tesla offers the ability to purchase your vehicle by financing with a Tesla financier.

Getting Started

Start your order and design your Tesla vehicle.

The Tesla financing calculator is available to help you determine the right payment option. Tesla Financing 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 Your Vehicle

After placing an order, get started by downloading the Tesla app. Use the Tesla app to review and confirm your delivery, registration and trade-in details.

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

Submit a Credit Application

To submit a credit application, follow these steps:

Sign in to the Tesla app and complete the initial self-guided delivery tasks.
In the ‘Financing’ section, select ‘Yes’ when asked whether you plan to lease or finance your vehicle.
Select ‘Tesla Loan’ as the financing type to start your application process.
Review and confirm additional information including your preferred down payment, monthly payment and monthly term.
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 can check the status of your application from the ‘Financing’ section in the Tesla app.

If you’re approved, you can review and accept the offer from the Tesla app and a Tesla Advisor will reach out to you with next steps to take delivery of your vehicle. In the event that your lease application is denied, a member of the Tesla team will contact you 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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Making Payments

The amount and due date of your payments is outlined in your Retail Installment Contract. You can find a copy of your Retail Installment Contract in the ‘Documents’ section of your Tesla app along with other documents.

You will receive a welcome packet a couple weeks after delivery from your financier. 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 Retail Installment Contract.

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Finance Payoff

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

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Hardship, Delinquency and Additional Support

Contact your financier directly if you’re having trouble making payments. Your finance contract outlines the name of your financier. You can find a copy of your contract in the ‘Documents’ section of your Tesla app along with other documents.

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 for 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 Financing is available for applicants in the following provinces: AB, BC, MB, 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 ‘Financing’ section of the Tesla app. Once a credit decision has been made, you’ll be notified in your account. Leasing decisions are valid for 60 days.

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