Find your best Tesla finance rate with Driva
Compare 30+ lenders before financing your new car.
Tesla is an American electric vehicle and clean energy company based in Texas, whose mission is to “accelerate the world’s transition to sustainable energy”. In addition to producing industry-leading electric cars, Tesla also designs and manufactures battery energy storage, solar panels, and other related products.
Whether you’re after a compact SUV like the best selling Model Y, or are looking for a more affordable option like the Model 3, Driva can help you find your best rates from our panel of more than 30 lenders.
Car & personal details
Give us the details of the vehicle you’re looking at and your personal profile
We check your profile against thousands of lender policies to find your matches. No impact on credit score!
Approval can take anywhere from 2 hours to 2 days depending on which lender you’ve chosen.
Pick up your car!
The fun part. Search private sales and dealerships - or ask Driva to match you with a dealer!
Learn more about Tesla car finance
How does Tesla finance work?
All of our lenders will require you to be at least 18 years old, hold a valid driver’s licence and be either an Australian citizen or a permanent resident. Depending on the lender, there might be some additional eligibility requirements you’ll need to meet.
Getting your personalised quotes takes less than 60 seconds and won’t impact your credit score. You’ll be able to see all of your best finance options in one place from more than 30 lenders.
Once you’ve decided which lender you’d like to proceed with, we’ll do all the necessary checks to make sure your application is likely to be approved. We’ll then submit it to the lender who will run a full credit assessment.
The only documents you’ll need to have on hand are your driver's licence and two recent payslips. We’ll also need to see a bank statement, but can help you retrieve this easily online (without needing to contact your bank). In some cases, your lender will require more information - so we’ll let you know immediately if (and why) you need to provide additional documents.
Whether you’ve got your eye on the affordable Model 3 or the spacious Model X, Driva can help you find the most competitive rates on your dream car! We have a range of Tesla financing options available, from our popular secured consumer loan product to a range of commercial finance options. Get started by accessing your personalised EV loan rates here.
What credit score do I need for Tesla finance?
For most lenders, your credit score will be a major factor when assessing your application and pricing your loan. Typically, the higher your credit score, the lower rate you’ll be able to access. This is because your lender will be relatively confident that you’ll be able to meet your repayment obligations.
If you haven’t got a great credit score though, that doesn’t mean that all hope is lost. For some lenders, other factors are just as important as your credit score; like the vehicle you’re buying and the type of loan you’re after, as well as your current employment situation and other personal circumstances.
If you’ve got any questions about how your credit score will impact your loan options, feel free to get in touch with our friendly finance team on 1300 755 494 or email us at email@example.com.
What are my Tesla financing options?
There are a number of financing options available for your Tesla purchase, so it’s important to take the time to understand the difference between these loans and decide which works best for you.
Secured car loan
A secured consumer loan is a great option for individuals who are looking to finance a new or used car. A secured loan will use your Tesla as collateral against the loan, meaning you’ll be able to access lower rates. Your lender will have the security that if you were to default on your loan they’d be able to repossess your vehicle to recover their funds.
Unsecured car loan
If you’re looking to finance an older vehicle, an unsecured consumer loan could be your best Tesla financing option. An unsecured loan won’t require you to use your vehicle, or any other asset, as security against the loan, but this normally means you’ll end up paying a higher rate. It also means that if you can’t meet your repayments, your lender won’t be able to immediately repossess your car - however, you’ll likely face legal action (which would be a messy process!).
An unsecured personal loan works in a very similar way to an unsecured car loan, except you won’t have the same restrictions on how you must spend your loaned money. This means you could put some of your loaned money towards other car-related costs, like modifications to the vehicle or ongoing costs.
If you’re looking to purchase a vehicle to use for business purposes more than 50% of the time, there are a number of Driva commercial finance options available. Three of our most popular commercial finance options are chattel mortgages, finance leases and novated leases.
There are a number of benefits to getting commercial finance, including tax benefits (depending on the loan this could be GST savings, income tax savings or the potential for tax deductions) and the ability to finance a much broader range of vehicles.
Don’t take our word for it
We always recommend a second opinion. Read our customer reviews.
Looking for something else?
Have a question?
What’s the difference between an APR and a comparison rate?
When you’re comparing your rate options, you’ll see that for each finance option there is an APR and a comparison rate. The lender quoted APR is the base rate you’ll need to pay on the loan, but we recommend not relying too heavily on this as it doesn’t include any fees or charges so can be quite misleading. Instead, it’s a good idea to look at the comparison rate of each loan option, as it includes nearly all fees and charges (excluding things like stamp duty), so it’s a much more accurate indication of how much you’ll need to pay.
What Tesla finance rate will I be eligible for?
The rate you’ll be eligible for varies on a number of factors, including your credit score, the age of the vehicle you’re looking to finance, your chosen lender and your current employment situation. Driva has finance options available from 3.69% (4.90% comparison rate), and with a panel of more than 30 lenders, we’re pretty confident we’ll be able to find your best interest rate. To get an idea of what rates you might be eligible for, you can check out our loan calculator or get a free quote (with no impact on your credit score).
Can I get Tesla Powerwall finance?
The Tesla Powerwall is a home energy storage product that can charge from solar or the grid and is a popular product for Tesla owners as it can charge a Tesla in just 2 hours. If you’re interested in financing a Powerwall, we can bundle this with a Tesla car loan.
What are the costs involved with purchasing a Tesla?
It’s a good idea to think about all of the costs involved with buying a new Tesla before you start shopping. In addition to the purchase price of the Tesla, and the interest you’ll pay on top of your monthly repayments, there are several ongoing costs to consider. These include registration, insurance, maintenance and repairs, toll road costs and the cost of charging your new Tesla.
Read more: A Complete Overview Of Car Costs
Can I get a green car loan?
Green car loans are a great option for drivers who are considering purchasing a more environmentally friendly car like a hybrid or electric vehicle. They work in the same way as a regular vehicle loan, but some lenders can offer an incentive for getting a ‘green car’ in the form of a lower rate.
Can I refinance my Tesla?
Absolutely! If you’re not totally happy with your current interest rate or loan conditions, Driva can help you refinance it. Refinancing is a great way to access a lower fixed interest rate, for example, if your interest rate has recently improved, and can also allow you to access more favourable finance conditions.
What’s a balloon payment? How does it work?
A balloon payment is a type of financial product that involves making a large lump sum payment at the end of your loan (often around 30% of the loan amount) and making smaller monthly repayments over the duration of your loan. This financial arrangement will require you to carefully budget to ensure that you can make the final lump sum payment amount on time and in full.
Balloon payments are normally used for commercial vehicle loans, but depending on your lender you could be able to access a balloon payment for a consumer loan.
Read more: What Is A Balloon Payment Car Loan? Everything You Need To Know
What are the benefits of buying an electric vehicle?
Changes in consumer behaviour, government regulations and advancements in technology have meant that electric vehicles have experienced unprecedented growth worldwide. Electric vehicles come with a number of benefits, including lower operating and maintenance costs and a lower environmental impact than fuel-powered cars. Additionally, some states and territories have incentivised Aussies to purchase electric vehicles by reducing (or abolishing) stamp duty.
How long will it take to get Tesla finance approved?
Approval times tend to vary between lenders, but they generally take between 2 hours and 2 days. Approved applicants will then be able to make the most of their Tesla account, which includes owner resources, guides and important updates.