Best Tesla finance rates compared
Vehicle | Model 3 RWD |
|---|---|
Estimated cost | $61,900 |
Monthly repayments (6% p.a. interest) | $1,197 |
Monthly repayments (8% p.a. interest) | $1,255 |
Monthly repayments (10% p.a. interest) | $1,315 |
Vehicle | Model 3 Long Range |
Estimated cost | $71,900 |
Monthly repayments (6% p.a. interest) | $1,390 |
Monthly repayments (8% p.a. interest) | $1,458 |
Monthly repayments (10% p.a. interest) | $1,528 |
Vehicle | Model S Long Range |
Estimated cost | $107,700 |
Monthly repayments (6% p.a. interest) | $2,082 |
Monthly repayments (8% p.a. interest) | $2,184 |
Monthly repayments (10% p.a. interest) | $2,288 |
Vehicle | Model S Long Range Plus |
Estimated cost | $117,920 |
Monthly repayments (6% p.a. interest) | $2,280 |
Monthly repayments (8% p.a. interest) | $2,391 |
Monthly repayments (10% p.a. interest) | $2,505 |
Vehicle | Model Y RWD |
Estimated cost | $65,400 |
Monthly repayments (6% p.a. interest) | $1,264 |
Monthly repayments (8% p.a. interest) | $1,326 |
Monthly repayments (10% p.a. interest) | $1,390 |
Vehicle | Model Y Long Range |
Estimated cost | $78,400 |
Monthly repayments (6% p.a. interest) | $1,516 |
Monthly repayments (8% p.a. interest) | $1,590 |
Monthly repayments (10% p.a. interest) | $1,666 |
Vehicle | Model Y Performance |
Estimated cost | $91,400 |
Monthly repayments (6% p.a. interest) | $1,767 |
Monthly repayments (8% p.a. interest) | $1,853 |
Monthly repayments (10% p.a. interest) | $1,942 |
| Vehicle | Estimated cost | Monthly repayments (6% p.a. interest) | Monthly repayments (8% p.a. interest) | Monthly repayments (10% p.a. interest) |
|---|---|---|---|---|
Model 3 RWD | $61,900 | $1,197 | $1,255 | $1,315 |
Model 3 Long Range | $71,900 | $1,390 | $1,458 | $1,528 |
Model S Long Range | $107,700 | $2,082 | $2,184 | $2,288 |
Model S Long Range Plus | $117,920 | $2,280 | $2,391 | $2,505 |
Model Y RWD | $65,400 | $1,264 | $1,326 | $1,390 |
Model Y Long Range | $78,400 | $1,516 | $1,590 | $1,666 |
Model Y Performance | $91,400 | $1,767 | $1,853 | $1,942 |
What to know about Tesla finance in Australia
Tesla is by far Australia’s most popular electric vehicle manufacturer and its Model 3 is now consistently one of the top-selling new cars on the road.
With prices starting from around $62,000 for the 2023 Model 3 RWD (currently its most affordable model), buying a Tesla is a significant investment.
That’s why finding the best Tesla interest rate you can is crucial. Even a small difference in interest rates can add up to thousands of dollars in extra interest over the life of your car loan.
You should also compare the rates and charges on Tesla finance deals, such as discharge fees and late repayment fees.
Tesla finance options at a glance
- Finance for Tesla Model S, Model 3, Model X and Model Y
- Low rate secured car loans
- Tesla business finance options
- Novated lease for Tesla
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
- Pre-approval available
How to get the best Tesla finance deal in 2024
The interest rate on your Tesla finance will be the biggest factor in determining your overall costs. But getting the best Tesla car loan overall means looking a bit deeper than the advertised rate alone.
Ongoing finance rate
Some car finance deals feature an initial low rate that increases to a higher one after an intro period. Look for Tesla finance options with a low rate for the entire term.
Fees
A lot of lenders charge application and ongoing fees, which can add up significantly. But it’s possible to save by shopping for Tesla financing deals with low or no fees.
Finance term
Avoid signing up for a loan term that’s longer than you need. While you may have lower regular repayments with a longer term, you’ll pay more interest overall.
Repayment flexibility
You’ll save on interest over the life of your Tesla car loan if you’re able to make extra repayments without being stung with fees.
Eligibility for Tesla finance
To be eligible for a Tesla car loan, you’ll need to be:
- Over 18 years of age
- An Australian citizen or permanent resident
- Employed with a regular source of income that can afford the loan repayments
- Able to meet the lender’s other credit criteria (credit score, other debt, etc.)
How to apply for Tesla finance
Here’s a quick overview of the process for applying for Tesla finance:
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Compare your tailored Tesla car loan quotes
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Choose your best deal suitable for you
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Make an application with the lender
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Provide documents to support your application (i.e. payslips and bank statements)
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Hang tight while the lender assesses your information
If successful, you’ll be granted either car loan pre-approval up to a certain amount (this means it’s time to go find your Tesla), or final approval if you have already decided on the model you want to buy.
With some lenders it’s possible to apply for and be approved for Tesla finance the same day.
Options for financing a Tesla
1
Secured vs unsecured Tesla finance
Financing your Tesla with a secured car loan will almost certainly be cheaper than unsecured finance. This is because your Tesla will be used as collateral to secure the loan, reducing risk for the lender.
However, depending on the lender, with secured Tesla finance you may only be able to finance the vehicle itself. That means if you want to also cover the cost of a fast charger or battery for your home, you may need to cover that separately.
With a personal loan, you would be able to cover additional expenses but your interest rate will likely be higher.
2
Tesla green loans
If you’re buying a Tesla, you may be eligible for special electric vehicle finance through a green loan. This is a type of loan offered by some lenders (with a discount on standard car loan rates) specifically for environmentally-friendly vehicles and other green purchases.
Financing a Tesla this way means you could get a discounted interest rate and lower fees. For example, CBA is currently offering eligible retail customers a secured personal loan with a fixed rate of 6.49% p.a. (comparison rate 7.90% p.a.*), as of 6 March 2024.
3
Tesla commercial finance options
If you’re going to be using your Tesla primarily for business purposes (i.e. more than 50% of the time), you could be eligible for a type of business vehicle finance, known as a chattel mortgage. This works in much the same way as a secured car loan, but with additional tax benefits for businesses.
There are also lease options available for businesses that want to finance a Tesla that way.
4
Tesla car loan vs novated lease
Another option is a Tesla novated lease which allows you to finance a new or used Tesla through your employer. Particularly for electric vehicles, there are considerable tax advantages to a novated lease compared to a car loan.
With a novated lease, you’ll pay for your Tesla as well as running costs (charging, insurance etc.) using your pre-tax salary. You’ll also get a GST discount on the cost of the vehicle and car running costs.
Novated leases on eligible Model 3 and Model Y variants are also exempt from fringe benefits tax. This means significant savings compared to other options for financing a Tesla in Australia. The FBT exemption applies to Teslas (and other EVs) valued below the luxury car tax (LCT) threshold.
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