Overview of Tenet EV Financing
Founded in 2021, Tenet is an online lending platform specializing in loans for electric vehicles (EVs) and EV refinancing. With many drivers making the switch to electric, Tenet aims to make EV adoption more accessible through competitive loan options.
Tenet offers purchase financing and refinancing for:
- New electric vehicles
- Used electric vehicles
- New plug-in hybrid vehicles
- Used plug-in hybrid vehicles
Loans range from $15,000 up to $95,000 with personalized fixed rates and terms up to 84 months. Applications and management happen 100% online.
Let’s review Tenet’s EV lending options to see if they can accelerate your transition to electric.
Requirements for Tenet EV Loans
While open to all credit types, Tenet does have a few baseline eligibility rules.
Borrower Requirements
EV loan applicants must:
- Be at least 18 years old
- Provide government ID
- Have verifiable income
- Reside in an eligible state
Tenet currently operates in 32 states plus Washington D.C.
Vehicle Requirements
To finance the EV itself, vehicles must:
- Be a battery electric or plug-in hybrid model
- Be a 2012 model year or newer
- Have under 120,000 miles
- Not be used commercially
So Tenet works for financing newer electric and hybrid passenger vehicles in most states.
READ ALSO: CarMax: 2024 Auto Loan Review
Tenet Electric Vehicle Loan Terms
As an online lender, Tenet offers clear terms upfront instead of hiding details until after application.
Loan Amounts
EV loans range from:
Minimum: $15,000
Maximum: $95,000
While minimums run slightly higher, maximums near six figures allow financing expensive electric models like a Tesla.
APRs and Interest Rates
All Tenet borrowers qualify for the same standardized rates no matter what EV they choose.
Current advertised APR ranges are:
36 Month Term – 5.89% to 16.35%
60 Month Term – 6.04% to 16.50%
84 Month Term – 6.19% to 16.65%
Actual APR offered depends primarily on your credit score and history. Rates start as low as 5.89% for those with excellent credit. Even average credit scores may see rates under 10%.
Loan Repayment Terms
Available EV loan terms span:
- 36 months
- 60 months
- 84 months
The 36-month term brings the lowest total interest fees, while the 84-month term drops the monthly payment by spreading repayment over 7 years.
How To Apply for a Tenet Electric Car Loan
Applying for financing through Tenet takes just minutes online.
Pre-Qualify
First, use their quick pre-qualification form to view personalized EV loan rates. Pre-qualifying utilizes a soft credit check that won’t impact your score.
See available terms and estimated payments to consider if Tenet offers compelling rates for your financial situation.
Submit Application
If happy with pre-approved options, continue to the full Tenet application. Here they require documentation like:
- Proof of income
- ID
- Previous auto loan statements
- EV vehicle registration
Submitting the official application triggers a hard inquiry into your credit report.
Get Funding & Purchase EV
Upon final approval, Tenet sends loan funds directly to the EV seller. Then just take ownership of your new electric vehicle!
The online process takes all guesswork out of finding the best rates.
Refinancing Your Current EV Loan
In addition to financing a new EV, Tenet lets drivers refinance existing electric car loans potentially at lower interest rates.
Minimum requirements to refinance:
- 620 credit score minimum
- $15K loan balance outstanding
- Loan originated at least 1 year ago
So those with good credit and relatively newer EV loans may realize big savings from Tenet’s low published rates. Refinancing is also 100% online.
Follow the same application steps, providing details on your current auto loan like lender information and payoff amounts. Tenet handles contacting existing financiers to swap loans for a smoother transition.
Additional Tenet EV Loan Perks
Along with low electric car loan rates, Tenet offers a few additional benefits:
Defer Payments
Borrowers can defer payments on up to 20% of the EV loan balance to the end of the term. This lowers initial monthly costs while waiting for tax credit reimbursement.
Bundled Add-Ons
Add optional protections like warranty plans to your loan for a simplified one-payment financing experience via Tenet.
EV Owner Community & Blog
As an electric-focused lender, Tenet provides community forums and EV driving resources for customers. Ask questions to fellow EV owners or learn about managing electric vehicle costs.
So Tenet delivers more than just auto loans – they offer a full suite of education, resources, and technology to facilitate EV adoption.
Comparing Tenet Against Other EV Lenders
While still a newer platform, how does Tenet stack up versus other top electric car loan options?
Credit Unions
Credit unions offer the lowest electric vehicle loan rates but maximum financing amounts tend to be lower. Application processes also vary widely by credit union. Tenet provides more consistent nationwide financing terms.
Traditional Banks
Large banks like Chase place more emphasis on applicant credit scores than Tenet. And rates for those with good credit aren’t meaningfully lower at big banks. But money-saving perks like deferred payments are less common from traditional lenders.
Other Online Lenders
Competing lending marketplaces let borrowers compare even more personalized offers but applications take longer. Tenet focuses specifically on EVs allowing instant pre-approval transparency with fewer hoops.
So while not always the absolute cheapest financing, Tenet offers electric car buyers fixed competitive rates instantly which counts when trying to calculate complicated EV ownership costs.
Should You Get A Tenet Electric Vehicle Loan?
Below are some of the notable pros and cons of financing your electric car through Tenet:
Pros
- Pre-qualification for precise rate estimates
- Some of the lowest published EV loan rates
- Deferral program lowers initial payments
- Hands-free refinancing at lower rates
- Charging station and tax credit guidance
Cons
- Origination or early payment fees
- Loans not available in all states
- Relatively high minimum loan requirements
- Limited loan servicing post-funding
- EV purchase restrictions on vehicle age and mileage
For those hoping to capitalize on the convenience and potential fuel savings of electric vehicles, Tenet reduces the hurdle. Applications see prompt approvals at highly competitive interest rates you qualify for upfront without surprises.
Just confirm you meet state and vehicle eligibility rules before applying. And ensure you’re comfortable with loan management primarily occurring online after funding rather than via phone support.
To Recap: Who Should Use Tenet EV Financing?
Overall Tenet auto loans most benefit:
Drivers Looking to Switch to Electric – Tenet guides first-time EV buyers through incentives while offering guaranteed low rates.
People with Good Credit Histories – While open to all, excellent credit means 5.89% APRs as low as any lender.
Those Wanting Refinancing – Existing EV owners paying higher rates elsewhere likely qualify for big savings.
Anybody Valuing Transparent Online Applications – Upfront rates, instant decisions, and completing forms online brings simplicity.
Essentially most electric vehicle shoppers stand to save money on competitive interest charges using Tenet financing. Just ensure you review all loan details and terms during application, as post-purchase support remains limited.
While still growing, Tenet brought efficiency to the historically confusing process of calculating EV costs. Drivers embracing eco-friendly transportation deserve lending specifically designed around electric cars. Tenet delivers exactly that – forward-thinking loans to power forward progress.
READ ALSO: Overview of Carvana Auto Loans
Frequently Asked Questions About Tenet EV Loans
Below are answers to some of the most common questions asked around financing electric vehicle purchases using Tenet loans.
How long does Tenet take to approve electric car loans?
Tenet touts very fast approvals, often in less than 10 minutes for complete applications. Here are the general timelines:
- Instant pre-qualification rate checks
- 10 minutes for loan decisioning
- 1 week for loan funding
So you can potentially finance your electric vehicle fully in under 2 weeks total through Tenet. That’s industry-leading processing speed.
What electric vehicles does Tenet finance?
Tenet finances new and used battery electric (BEVs) or plug-in hybrid (PHEVs) passenger vehicles including:
- Tesla
- Nissan Leaf
- Chevy Bolt
- Toyota Prius Prime
- Ford Fusion Energi
- BMW i3
And many more electric models – just confirm vehicle age and mileage restrictions. Commercial EVs are not eligible.
What credit score is needed for Tenet EV loans?
Tenet advertises approving loans for those with credit scores as low as 620 (higher for refinancing). But even borrowers in the mid 500s may qualify in some cases.
Each applicant is assessed individually for credit risk, but a 620 FICO score is a good minimum benchmark to expect approval.
Does Tenet offer electric car leasing?
No, Tenet currently only provides electric vehicle financing via purchase loans or refinancing. So it does not offer EV leasing options – you must own the vehicle.
If you need flexibility for lower commitment, consider an EV lease through another lender.
How do I pay my Tenet electric vehicle loan?
Tenet offers an online portal and mobile apps to manage payments. Options to pay your bill include:
- Automatic bank account withdrawals
- One-time bank payments
- Pay by phone
- Mail-in checks
Review all the flexible electric car loan payment methods when you sign your final loan agreement.
Hopefully this overview gives electric vehicle shoppers more clarity around the loan process. Find out if Tenet financing fits your clean transportation goals.
In another related article, Overview of Caribou Auto Refinancing Loans
