Tesla vehicle prices in 2024 range from $38,990 to $99,990 and they can be financed by any of the eight partner banks of Tesla.
This means that you can probably finance a Model 3 with a FICO score of 670. But if you’re eyeing that new angular Cybertruck, then you’ll most likely want a Very Good FICO Score (740-799) to get approved for a loan with decent rates.
There are no hard credit score requirements for auto loans, however. There’s always a chance to get approved for a loan even if you have a Fair Credit Score (580-669) but you can expect to get non-ideal rates.
What are the Partner Banks of Tesla?
Tesla has partnered with the following financial institutions to offer financing options for its vehicles:
- Ally
- BMO
- Capital One
- Chase
- Santander
- TD Bank
- US Bank
- Wells Fargo
💡 Pro Tip: Choose the financial institution that you have a good history with to increase your chances of getting approved for an auto loan with great terms.
Tesla Vehicle Price Estimates in 2024
To figure out the required credit score and estimated rates on your Tesla auto loan, you’ll need the price of the vehicle that you want to finance.
| Tesla Model | 2024 Price Estimate |
| Model 3 (Rear-Wheel Drive) | $38,990 |
| Model Y (Rear-Wheel Drive) | $44,490 |
| Model S (All-Wheel Drive) | $72,990 |
| Model X (All-Wheel Drive) | $77,990 |
| Cybertruck (Rear-Wheel Drive) | $60,990 |
| Cybertruck (All-Wheel Drive) | $79,990 |
| Cybertruck (Cyberbeast) | $99,990 |
💡 Note: If you’re wondering why these prices are much higher than the ones listed on the Tesla website, it’s because Tesla deducts the Federal Tax Credits and estimated gas savings on their displayed prices by default.
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What’s the Estimated APR for a Tesla Auto Loan According to Credit Score?
According to Experian’s State of the Automotive Finance Market Report, these are the average APR for auto loans (new vehicles) according to credit score during the last quarter of 2023.
| Credit Score | Average APR in Q4 2023 |
| 781+ | 5.64% |
| 661 – 780 | 7.01% |
| 601 – 660 | 9.60% |
| 501 – 600 | 12.28% |
| 300 – 500 | 14.78% |
💡 Note: According to this data set, 81.73% of all the auto loans taken out in Q4 2023 were from people with credit scores of 661 and above. This reinforces our early estimate that you’ll likely need a credit score of 670 to finance a Tesla vehicle.
