Question: How long does it take to get approved through Tesla financing? I’m itching to get a new Tesla. I applied for financing yesterday, but I haven’t heard anything back.
Answer: Typically, your credit application will get processed within 48 hours. It’s possible you’ll hear back within minutes. Or the decision could take longer, according to Tesla’s website, depending on unanticipated factors.
You’ll want to start your credit application once you’ve put in an order for the Tesla you want to finance. Credit approvals are typically valid for up to 60 days. You’ll need to do this whether you want to purchase and/or lease a new Tesla. But if your vehicle’s delivery date is far away and occurs after the application’s expiration date, it’s possible you’ll need to submit a new application. The expiration date varies by financial institution.
You must be 18 years old or older and have a social security number to apply for financing. The credit check will put a hard inquiry on your credit — which could lower your credit score — and additional inquiries may occur depending on your situation.
How can I find out the status of my credit application?
Go to your online Tesla account and search for “Payment Method.” This is where you’ll receive a message whether your credit application was approved or denied. Either way, a Tesla representative will also contact you to initiate next steps.
Here are steps you can take to help you save time:
- Unfreeze and/or unlock your credit. If you had previously reached out to the credit bureaus to freeze your credit, you will need to remove this before you send in your application. Making sure your credit is unlocked will make the process much easier.
- Determine if Tesla Financing is available in your state. Tesla Financing is not available in all states so you may need to locate a third-party financier.
- Apply for pre-approval with Tesla Financing and other financiers. Keep in mind that this will not result in a guaranteed approval for financing and there will be a soft inquiry on your personal credit report.
- Gather insurance quotes. Financial institutions typically require you to have adequate comprehensive insurance and collision for the new car before you can drive it home.This applies to leasing, too.
- Double check names on the credit application. The name on the application needs to be the same name as indicated on the vehicle registration.
Staying organized and keeping these steps in mind will help you mitigate some delays as you apply for financing your new Tesla.
Andrea Richard is a writer and editor with nearly 15 years of experience crafting content for a variety of industries. In writing for Jerry, Andrea’s mission is to deliver relatable and informative content so readers can better understand the costs associated with car ownership and car leasing. A native Floridian and a road trip enthusiast, Andrea first learned to drive on a Honda Accord when CDs were still a thing. She has served on the Society of Professional Journalists Florida board of directors and volunteers as a judge for national journalism contests. Her work has earned several awards for feature writing, investigative reporting and branded content campaigns.
Chris Burkhardt is a writer and editor with over a decade of experience across various storytelling mediums. With Jerry, Chris hopes to help anyone with a question about their vehicle easily find the answers they are looking for. Whether you need to know how much insurance costs for a classic car, how to replace a broken light or tell if you need an oil change, Chris wants to help you find solutions the best he can. Prior to joining Jerry, Chris was a digital content producer and writer for NBC and a freelance editor for NerdWallet. A graduate of the University of Oregon’s School of Journalism and Communication, if Chris is not working on content, he’s sure to be found cheering on his Ducks!
