When purchasing a vehicleopens in same window, consumers can apply for financing either through their car dealership or directly through their bank of choice. It’s always important to shop around for the best rates. But there are some considerations that are different for electric vehicles (EVs)opens in same window — in particular for the EV-only manufacturers like Tesla that sell their models through online pre-orders, rather than through traditional showrooms.
That’s why Tesla and Chase have teamed up to make the financing process as efficient and effortless as possible. Here’s how:
- 90-day rate lock: Most banks or dealerships lock approved financing for up to 30 days, but the waiting period for all four Tesla models after the pre-order is placed was about 60 days, as of May 2024. That’s why Chase offers a special 90-day rate lock for Tesla models — giving customers assurance that their financing rate will be available when the car arrives.
- 100% virtual application process: While Tesla stores are available to buyers who wish to see or test drive Tesla models and ask questions, if desired, buyers don’t ever have to visit a showroom — or bank or business office — if they don’t want to. In fact, they can purchase and finance their new Tesla entirely from the comfort of their own home. Here’s a typical process:
- Place pre-order online with Tesla
- Apply for financingopens in same window online with Chase, getting an answer in minutes
- Receive final paperwork via email from Tesla when the car is ready
- Upload final buyer documents to Chase’s online portal
- Sign the final contract/closing documents
- Pick up new EV at a Tesla store — or in some cases Tesla will deliver the car directly to you
Ready to get started? Here’s how.
After you’ve ordered your new Tesla online, get started with your Chase financing by visiting chase.com/autoopens in same window. Once approved, your rate will be locked for 90 days and finalized when you update the final sales documentation from Tesla.
To learn more about EVs, visit www.Chase.com/EVopens in same window.
Tesla is solely responsible for its products and services and for promotional statements about them, and is not affiliated with Chase or its affiliates. Auto finance accounts are owned by Chase and are subject to credit approval, terms and conditions.
