Tesla Car Loans

Lock in the right car loan for your Tesla by applying right here with Savvy.

No obligation. It won't affect your credit score.
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, updated on July 5th, 2023       

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Compare Tesla car loans with Savvy

As the world’s largest seller of electric vehicles, Tesla has been making waves in the Australian automotive market in recent years as people across the country make the switch to more sustainable, eco-friendly modes of transport.

If you’re in the market for a Tesla, Savvy can help you secure a competitive car loan to buy your vehicle. We’re partnered with a wide range of lenders to help you buy your Tesla the right way.

Get a quote with us today and have your Tesla signed, sealed and delivered before you know it.

Car Loans for Tesla

The features and benefits of Tesla car loans

Competitive interest rates

By applying with Savvy, we can help you compare a wide range of lenders so you can secure a competitive and low interest rate on your electric car loan deal.

Variety of models to choose from

Whether you’re looking to buy a Model S, Model 3 or any other Tesla model, you can access the financing you need for the vehicle you choose by applying with Savvy.

Repay your loan at your own pace

You’ll have the option to choose the period over which to repay your car loan, with terms as short as one year and as long as seven available to enable you to pay at your preferred pace.

Borrow 100% of your car’s purchase price

There’s no requirement for you to pay a significant portion of your car’s value as a lump sum upfront, with 100% financing possible (as well as on-road costs).

Available for individuals and businesses

You don’t have to be an individual buying a Tesla for private use to get approved for a loan. If your business is switching to electric vehicles, there are options open to you.

Fixed, consistent repayments

You won’t have to worry about your repayments changing from month to month throughout your term, as your interest rate will be locked in from the beginning.

Why finance your Tesla through Savvy?

How to apply for a Tesla car loan with Savvy

Our Process

Get a quote and apply with us

Get a quick quote with us. Once you’re ready to submit your application, your consultant can begin comparing options to find which is the best one for you.

Speak with your consultant

Your consultant will give you a call to confirm the best option available to you for your Tesla purchase. After you give the all-clear, they’ll get to work progressing the application.

Sit back and let us prepare your application

From there, you can relax as your consultant prepares your application for formal submission and approval to maximise your chances of getting the green light.

Receive formal approval and sign off on your deal

Once your lender has given the all-clear, you’ll be sent a loan contract to sign and return electronically, after which the funds can be sent to the seller and you can take ownership of your Tesla.

More Tesla car loans questions

Which Tesla models can I buy with a car loan?

There’s a variety of Tesla models available on the market right now in Australia, all of which you’ll be able to purchase with a car loan through one of Savvy’s diverse and reputable lenders. The models you can purchase in Australia right now are the following:

  • Tesla Model 3: the most affordable model available in Australia currently, the Model 3 is a sedan available in Rear-Wheel Drive, Long Range and Performance models.
  • Tesla Model Y: this medium SUV is also available in Rear-Wheel Drive and Performance variants and is also amongst Tesla’s more affordably priced models.
  • Tesla Model S: the four-door coupe Model S is capable of travelling as far as 637km per recharge and is amongst Tesla’s flagship models.
  • Tesla Model X: another Tesla SUV model, the Model X is considered to be more premium than the Model Y, which is reflected in its pricing.

On top of these models, Tesla’s high-powered sports car, the Roadster, is set to be made available for purchase in Australia but is only currently open to reservations. It’s expected to arrive on our shores in 2023. The controversial Cybertruck pick-up model isn’t available in Australia either but is unlikely to be released outside of North America at this stage.

Should I take out a green car loan to buy my Tesla?

A green car loan is one of the best car loans for purchasing a Tesla or any other electric, hybrid or otherwise environmentally friendly vehicle. This product is no different from standard car loans in terms of its structure but comes with a valuable interest rate discount, which can reach up to 0.7% p.a. Over the life of your finance agreement, this could amount to a significant saving of hundreds of dollars, if not upwards of $1,000. Take the following example:

You’re looking for a loan to help you purchase a Tesla Model Y for $80,000. One lender offers a seven-year loan at 6.5% p.a., which would cost you $19,788.21 in interest overall. However, by taking up their green car loan option, which comes with a 0.7% p.a. discount, you’d save over $2,200 across your term.

Common queries about Tesla car loans

How do I work out how much my car loan will cost overall?

There’s a range of variables which can impact the cost of your car loan, such as the term you choose, your credit score and even how frequently you make your repayments. However, if you’re looking to crunch the numbers, you can use Savvy’s car loan repayment calculator to help you determine the cost of car loans based on loan size, term length, interest rate, instalment frequency and whether you make a deposit.

Are there any incentives for purchasing an electric car?

Yes – there’s a range of incentives offered to electric vehicle buyers in each state and territory. This can range from discounts on purchase price to registration and stamp duty waivers (or a combination), so it’s important to check what applies in your state or territory before buying your Tesla.

Which on-road costs can I include in my Tesla car loan?

Car loans aren’t just able to cover the purchase price of your Tesla vehicle, but also several on-road costs too. Some of these include:

  • Stamp duty
  • Vehicle registration
  • Comprehensive car insurance
Is it better to use a secured or unsecured loan to buy my Tesla?

In almost all cases, it’s better to use a secured car loan to purchase your Tesla than an unsecured car loan. This is because secured finance utilises the vehicle itself as collateral for the loan, which gives you access to a higher borrowing power and lower interest rate overall. Unsecured car loans are more useful when the vehicle is outside of your lender’s requirements, particularly regarding age. They typically come with maximum borrowing ranges of $75,000 and higher rates and fees.

Should I take out finance through my Tesla dealership?

Probably not – in terms of dealership finance compared to car finance, it’s typically better to avoid financing through a dealer. This is because it can often be more expensive to do so, as dealers give you less choice when it comes to your loan and can charge higher fees and/or interest overall. You’re better off comparing your car loan options with Savvy so you can make an informed decision on which is best for you.