What does Tesla say about financing in the US, and what should I ask my lender?

Who this guide is for

This guide is for the United States. It follows four Tesla support pages and one Federal Trade Commission (FTC) page, which we read on October 22, 2026. It gives no interest rates, payments or offers: they change and depend on your credit and your car. It does not replace the advice of your lender or a qualified professional.

What Tesla says about how you can pay

Tesla’s financing page says you can purchase or lease through three options:

• Lease. “Leasing is only available to qualifying customers.” (For the UK, where the product is called Personal Contract Hire, see Tesla Personal Contract Hire in the UK: what to check before you sign.)
• Finance. You can finance “with a Tesla financier or a third-party financier.” Tesla adds that “Tesla Financing is only available to qualifying customers.”
• Pay cash. You can buy the car outright by paying the full amount upfront. Tesla says there are several options for making the final payment in time for delivery.

The page says business-only, trust and commercial leasing or financing options were not available at the time we read it.

The credit application

If you plan to lease or finance, Tesla says you must submit a credit application. After you order, you sign in to your Tesla Account to confirm your delivery details, complete your payment information and begin the application. Tesla says you will need underwriting information such as your Social Security number, phone number, and residence and employment information.

If you lease or finance with Tesla, you must sign the Lease Agreement or Retail Installment Contract in your Tesla Account before delivery, and the credit applicants must be present to take delivery.

If you bring your own financing

This is the part buyers ask about most. The Delivery Day page says:

• Before your appointment, you must submit your insurance details, final payment and necessary documents in the Tesla app.
• If you use self-arranged financing, most lenders will require a Motor Vehicle Purchase Agreement (MVPA). You can find it in the Tesla app once your vehicle is ready for delivery.
• “You are responsible for securing and submitting the amount financed and any remaining balance due prior to delivery. Delivery cannot take place until we receive the funding in full.”

What the pages do not say: how long Tesla takes to receive funds from a lender, what happens to your appointment if the funds are late, or what a lender needs from Tesla besides the MVPA. Ask Tesla in writing.

Our suggestions, not Tesla’s: ask your lender how and when it sends the money, and whether it needs the MVPA before it can issue funds. Then ask Tesla which date the funds must be received by.

Final payment and delivery day

The Delivery Day page lists the documents you may need at the appointment: final payment, driver’s license or licenses, auto insurance, and trade-in ownership documents. It says “Final payment requirements vary based on location and purchase method. Credit cards are not accepted for final payment.”

Tesla also says customers in Texas, New Mexico, Iowa and Michigan must submit final payment before scheduling their delivery appointment, because of state restrictions.

If you lease

Tesla’s leasing page says leasing is only for qualifying customers, is not available in all states and may involve additional taxes and fees. It says estimated lease payments are not guaranteed and are subject to underwriting. Some other points from the page:

• Lease approvals are valid for up to 60 days. If your delivery date is pushed back after your application expires, you may need to reapply.
• The name on the lease application must match the name on the vehicle registration, and that person must take delivery.
• At least one hard pull of your credit report is required. Tesla recommends lifting credit freezes before you apply.
• Leased vehicles are for personal use only, and Tesla says lease transfers are not available after November 27, 2024.
• Tesla lists minimum insurance requirements for its leases, including physical damage insurance for the full value of the car. It says to list Tesla Lease Trust as lienholder and additional insured. For a lease through a third-party lessor, refer to your lessor.

If your delivery date moves, see why the Tesla delivery date keeps changing. For the trade-offs between leasing and buying, see lease or buy a Tesla. For the insurance step, see insuring a Tesla before delivery.

If your trade-in is still financed

Tesla’s trade-in page says you can trade in a car you are still financing. It will calculate and compare the pay-off amount and any equity, positive or negative, and add it to your Motor Vehicle Purchase Agreement. It also says that financing above 100% loan-to-value may raise your APR, and to refrain from paying off a loan or lease in full before the trade-in if the last payment is near your delivery day. For the full detail, see how a Tesla trade-in works.

What the FTC says

This section comes from the FTC, not from Tesla. It is general advice about car financing, written for dealer purchases. Tesla is not a traditional dealer, so check how each point applies to your order. The FTC page is dated July 2022.

• The FTC describes two ways to finance: direct lending from a bank, finance company or credit union, and dealership financing. It says that getting pre-approved before you shop means you know the terms in advance, including the APR, the length of the loan and the maximum amount you can borrow.
• Its advice is to know your total cost, not just the monthly payment. It adds that longer loans can lower payments but may have high rates, and that you could end up owing more than the car is worth.
• It says to compare financing offers, including the APR, the loan term and the amount financed.
• On trade-ins, it says that if you owe more than the car is worth, that is negative equity, and to ask how it will affect your new financing: it may increase the amount you borrow, the length of the agreement or the monthly payment.
• It says add-ons are not free, that it is okay to say no to them and to ask the price.
• It says to review the terms before you sign, not to be rushed, and not to leave without a signed copy of the completed contract.

Questions to ask, in writing

Our suggestions, not Tesla’s:

• To Tesla: if I bring my own financing, which date must the funds arrive by, and what happens to my appointment if they are late?
• To Tesla: does my state require final payment before I can schedule delivery?
• To Tesla: if I have a trade-in that is still financed, how will the pay-off and any negative equity appear in my purchase agreement?
• To the lender: what is the APR, the term and the total amount financed, and does the lender need the MVPA before it sends funds?
• To both: ask for amounts, rates and conditions in writing, with the date, and keep screenshots of your Tesla Account.

Before delivery

Whatever you choose, delivery day is a deadline, so make sure the documents Tesla lists are ready. For accessories you want to order, see Model Y accessories before delivery. If you are looking at a used car instead, see what to ask a private seller.

TSL Check is the iPhone app we make for the car you are about to receive. Its delivery checklist takes you around the car area by area, with the severity of each item and a photo and a note on whatever you find (how it works). It has no connection to your financing or payments.

Whatever you find at delivery, ask the advisor to record it before you sign, and keep a copy.