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- Tenet specializes in financing electric vehicles.
- The average cost of a new electric vehicle is $66,000.
- EVs can be more cost-effective than gasoline-powered cars.
Tenet considers the long-term value of EVs with a financing model to support the adoption of EVs. Tenet claims to save users up to $200 per month and allows you to apply the federal EV tax credit towards your payment. Most other auto loan companies do not differentiate EVs from traditional cars. Tenet offers rates as low as 5.50% with terms as long as 84 months.
Currently, Tenet provides EV loans in 33 states, with plans to expand nationwide by the end of 2023.
To finalize an EV loan, you must have a copy of the front and back of your Driver’s License, your vehicle insurance policy, and a document to verify your income. Income verification can be proven through a pay stub or W2 document. A 10-day payoff quote from the previous lender is required for refinancing.
Using the online platform, you can finish the online application in five to ten minutes. Tenet does not charge application fees.