Tesla Financing FAQ
Tesla drivers have the flexibility to choose from several compelling finance options to experience the thrill of owning Model S and Model X. With either a Tesla Value Loan, Hire Purchase or Financial Lease, Tesla drivers enjoy the advantage of low interest rates and competitive monthly payments. In addition, Tesla drivers benefit from the unique cost advantages for driving a Tesla, such as no first registration fee, cheaper fuel including free use of Tesla's Supercharger network and a reduced rate on the annual vehicle license fee. To calculate your monthly payments, use the Tesla Financing Calculator.
What is the financing program?
Tesla has partnered with ORIX to offer tailor-made financial solutions exclusively to Tesla customers with terms of 12 to 72 months and financing options equal to almost 100% of a vehicle's configured price. Both private and business customers can select either a Tesla Value Loan, Financial Lease or a Hire Purchase offering.
What is the difference between a financial lease and a hire purchase?
A financial lease offers low monthly payments in exchange for several monthly payments paid up front. Customers who desire a lower out of pocket financing option can choose a hire purchase with a down payment as little as $50,000 and no advance monthly payment. In both cases, customers can simply purchase Tesla after the term of the financing arrangement for a low transaction fee.
What is the Value Loan Program
Tesla Value Loan Program "VLP", is a financing program which allows customers to pay lower monthly installments with a shorter loan term commitment.
The loan balance does not fully amortize, thus leaving a balance at maturity (month 36). Customers can fully settle the balance with a payment from own funds or selling the car privately, or they can continue to monthly payments and apply for refinancing.
The Tesla Value Loan Program (VLP) significantly reduces monthly payments by up to 54% throughout the term of the loan, delivering increased affordability and flexibility to Model S Tesla owners. After a vehicle deposit of only 10% customers can drive away the Model S 70 for a monthly payment of HK$7,088 over 36 months, compared to HK$15,608 under normal financing options. When taking into consideration the various advantages of a fully electric Model S, such as fuel and licensing cost savings, the equivalent monthly cost of ownership is only HK$ 5,732 per month.
Tesla is committed to bringing innovative and convenient products to owners, beginning with the safety, technology, and performacne o the award-winning Model S and Model X. Tesla owners enjoy affordable monthly payments while their car consistently improves through innovative Over The Air (OTA) software updates. The Tesla experience ensures both individual and corporate drivers enjoy an unrivaled ownership experience.
When can I apply for financing?
We recommend applying for financing early to ensure a smooth delivery process. You should apply at least one month before delivery.
Can I finance a used Tesla?
Yes, ORIX provides financing for used Tesla vehicles.
What is the process for getting approved?
The application is just a few simple questions that can be completed online here. ORIX will follow up with a phone call to collect additional information including income verification documentation and communicate the approval decision directly with you.
Do I need to insure my Tesla?
Yes, your Tesla Delivery Specialist will ask for proof of insurance to finalize financing prior to delivery. You are able to finance your InsureMyTesla 3 Year Plan premium with ORIX for an even greater savings. Learn more about the InsureMyTesla insurance plan through AXA, or apply here.