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What credit score do you usually need to finance a Tesla?
What credit score do you need to finance a Tesla? I've had my eye on a Tesla for years now and am almost ready to take out a loan.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Tesla Financing has no minimum credit score requirement, but borrowers with a score of at least 720 tend to qualify for the best rates. In general, anything over 660 is considered an acceptable credit score for a
car loan
.
If your credit score is below 660, you may still qualify for a loan through Tesla Financing, but you’ll likely be required to provide additional information, such as proof of income.
If you’re unable to qualify on your own for a Tesla car loan
, another option may be to consider adding a co-signer to your loan. This allows Tesla, or another lender, to use the co-signer’s good credit to help you qualify for your loan.
No matter what your credit score, it’s always a good idea to shop around before settling on a lender for your vehicle financing. Borrowers are often able to find more competitive rates when looking at bank loans and credit union loans
as opposed to car dealerships.View full answer
- Gregory R.
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