Why should I finance my EV with Tenet?

Tenet considers the long-term value of EVs with a financing model to support the adoption of EVs. Tenet claims to save users up to $200 per month and allows you to apply the federal EV tax credit towards your payment. Most other auto loan companies do not differentiate EVs from traditional cars. Tenet offers rates as low as 5.50% with terms as long as 84 months.

Where does Tenet operate?

Currently, Tenet provides EV loans in 33 states, with plans to expand nationwide by the end of 2023.

What documents do I need for a loan?

To finalize an EV loan, you must have a copy of the front and back of your Driver’s License, your vehicle insurance policy, and a document to verify your income. Income verification can be proven through a pay stub or W2 document. A 10-day payoff quote from the previous lender is required for refinancing.

How long does it take to apply?

Using the online platform, you can finish the online application in five to ten minutes. Tenet does not charge application fees.

Tenet Financing

Written by Faith Foushee

Edited by Hannah Hillson

Last updated 05/23/2023

Businesswoman buying new electric car
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Key Points

Tenet specializes in financing electric vehicles.
The average cost of a new electric vehicle is $66,000.
EVs can be more cost-effective than gasoline-powered cars.

Electric vehicles (EVs) vastly differ from internal combustion engine (ICE) vehicles. Apart from the aesthetics, maintenance, and mechanics, EVs can be more expensive upfront than gas-powered cars, depending on the make and model. For example, the 2023 Ford F-150 start at $33,695, while the 2023 F-150 Lightning costs $57,869. Before you start shopping for an EV, consider the different methods for purchasing your next ride.

Tenet is a financing company specifically for EVs. The company partners with eco-conscious lenders to offer competitive rates, saving you time and money. Traditional automotive loans do not account for the long-term value and sustainability of EVs, resulting in overcharged loan payments. Learn more about Tenet financing, eligibility requirements, and how you can apply today.

Tenet financing overview

Tenet offers competitive rates to finance or refinance a new or used EV with no hidden fees. With Tenet’s fully digital platform, you can apply, qualify, and sign up all in one place. Start by inputting a vehicle type, your credit score, and loan terms. You will then receive a list of EVs with the estimated Annual Percentage Rate (APR) and average monthly loan amount. You can apply online if you find a desirable loan. A full credit check occurs after submitting an application.

The company has several options to fit your budget, including loan terms between 36 and 84 months. You can also apply incentives and rebates to your financing plan to reduce the total cost, such as the federal Clean Vehicle Credit. The following lists eligibility requirements for a Tenet financing plan.

Age: Must be 18 years or older.
Credit score: 620 minimum (refinance), 700 minimum (new purchase).
State: Able to contract for automotive financing in your state of residence.
Citizenship: U.S. citizen, permanent or non-permanent nonnative resident.

What types of vehicles can I finance with Tenet?

Tenet finances EVs from most major car manufacturers such as Tesla, BMW, Audi, Porsche, and more. Tenet only finances new and used EVs for non-commercial use. The model must be 2010 or newer and have less than 120,000 miles. Hybrid vehicles are not eligible unless they are plug-in-hybrid.

Tesla is one of the most well-known EV companies in the country. With Tenet, you can receive financing for a Tesla Model 3, Model Y, Model S, or Model X. The APR and monthly payment vary based on your credit score, verified income, and financed amount.

The benefits of EVs

Ambitious climate goals around the country are driving an increase in EV popularity. EVs do not actively produce greenhouse gas emissions like ICE vehicles because they do not have fuel tanks or tailpipes. In areas that use low-polluting energy sources, like California, EVs have fewer life-cycle emissions than areas that use conventional energy sources. Over time, EVs save money due to lower fuel costs and less required maintenance. Charging an EV instead of paying for gas can save up to 75% on fuel costs.

Reduce your carbon footprint and explore EV loans and financing with Tenet today.

Tenet FAQs

Tenet considers the long-term value of EVs with a financing model to support the adoption of EVs. Tenet claims to save users up to $200 per month and allows you to apply the federal EV tax credit towards your payment. Most other auto loan companies do not differentiate EVs from traditional cars. Tenet offers rates as low as 5.50% with terms as long as 84 months.
Currently, Tenet provides EV loans in 33 states, with plans to expand nationwide by the end of 2023.
To finalize an EV loan, you must have a copy of the front and back of your Driver’s License, your vehicle insurance policy, and a document to verify your income. Income verification can be proven through a pay stub or W2 document. A 10-day payoff quote from the previous lender is required for refinancing.
Using the online platform, you can finish the online application in five to ten minutes. Tenet does not charge application fees.