Tesla Tips

Best Tesla Financing Options In 2024 (Recommended By Tesla Owners)

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Last Updated on January 14, 2024 by Rose Morah

If you are looking for Tesla financing options, this article has listed the three main tesla financing options.

NOTE: We are not promoting any of the listed Tesla financing options and do not earn any affiliate income from them. The information is based on the experiences of other Tesla owners.


How To Finance a Tesla (Tips and Tricks).

Tesla Delivery Checklist: Model 3 & Y.

Best financing options for Tesla

1. Digital Federal Credit Union (DCU)

DCU was in the past recommended by most people because it had a referral program and cheaper rates for EV financing.

The referral program no longer exists. But it still offers better rates for people looking to buy EVs compared to most other financing options in the US market.

What’s the easiest way to become a member of DCU?

  • Donating to their supported charities. You can donate as low as $10 and be able to easily open an account with DCU.
  • Check if the company you work for is a member.

I recommend this option if you do not qualify for a DCU membership (do not meet any requirements).

There are numerous people who work for large companies who have gotten DCU membership this way, even though they do not live, attend a school, or work in the communities listed on their website that qualify for automatical eligibility.

Be sure to go through their member eligibility on their official website.

Other things to know when applying for a loan through DCU

  • DCU is mostly all about self-service. Everything including the loan application is done online.
  • You will need to meet their requirements to get cheaper loan rates, such as direct deposits. 
  • To get cheaper rates on DCU when financing a Tesla, you should specify that you are buying an EV.  You can also take advantage of the member discount.

Getting cheaper auto loan rates on DCU also depends on the term.

For instance, are you going past 65 months or 72 months?

In recent months, DCU has been offering the best loan rates at 65 months with direct deposits and the rates go up after 72 months.

  • DCU deals with Tesla regularly, therefore, they are more aware of Tesla processes when buying the car.

What are the downsides of getting a Tesla loan with DCU?

There are too many strings attached!

See also:

Tips For Buying A Used Tesla (What To Look For).

Should You Buy Or Lease A Tesla?

Complete Guide To Buying A Tesla (What to Know Before Ordering A Tesla).

2. Financing through Tesla

This is another good way to finance your Tesla, especially if you are looking for a slightly easier purchasing process.

Advantages of financing through Tesla

  • If you qualify for their financing you can easily get approved in 60 seconds at best or 5 to 10 minutes.
  • You get to pick your Tesla without dealing with how the check gets there.
  • Tesla finances through many banks, which could possibly get you better rates (though not guaranteed! and rare).
  • If you are self-employed, it is easier to finance through Tesla.

If you are self-employed, the Credit Unions will not want to give you an auto loan and will make it difficult to get a loan with them.

However, with Tesla, getting loan approvals will be a matter of minutes. But of course, you may also have to put more downpayment depending on the price of the vehicle and configurations.

See also: Tesla Insurance VS Geico: Which Is Better?

What is the downside of financing through Tesla?

The rates you get when financing through Tesla are in most cases not better than those of credit unions. 

This means that you may end up paying more.

For example, the last time I checked this year, If I had bought a Tesla and financed it through Tesla, they would have given me a 3.24% rate with a credit score of 750+.

On the other hand, other good local Credit Unions would have given me 2.25%.

I may have gotten higher rates when financing through Tesla but this may not apply to everyone with the same credit score as mine.

This is because the loan rates on Tesla do not depend on only the credit score, but also on so many other factors.

This explains why people with the same credit score, like 750+, will end up getting different rates. For example, one may get 3.24% while another person gets 2.49%.

Therefore, I recommend checking out what loan rates Tesla will give you, then comparing your numbers with other good Tesla financing options.

See also: Used Tesla Delivery Checklist (Inspecting A Used Tesla).

3. Finance directly through your bank

Financing through your bank is the other great option.

Advantages of financing through your bank

  • When financing directly through your bank, you may end up getting better rates than the Tesla rates (not always guaranteed).
  • It is easier to call or talk to a real person in case of any issues arising.

You may also like: Tesla Solar VS Other Solar Companies: Is Tesla Solar Worth It?

Other credit unions that have good rates

  • PenFed.
  • Space Coast Credit Union (SCCU) in FL (for 84 months).
  • Carolina Cooperative Credit Union (for 84 months).
  • FedChoice Federal Credit Union.
  • EECU Credit Union.
  • State Department Federal credit union.