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Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
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Bankrate Score
Loan amount
$15,000 to $95,000
Min. credit score
Not specified
APR from
4.45%
Funds available in
As soon as one day
Before signing off on an EV auto loan with Tenet, consider all that it has to offer.
Fully online experience
Loan preapproval
Tenet dashboard
Not available in all states
Vehicle restrictions
High minimum loan amount
While Tenet is not available nationwide, it does offer loan preapproval and a fully online experience.
Fully online experience. Tenet’s site allows drivers to explore financing options all from the convenience of one place.
Loan preapproval. Loan preapproval is offered following a soft credit pull.
Tenet dashboard. Drivers can manage savings, upcoming payments and environmental impact on the Tenet dashboard.
Not available in all states. Tenet currently only operates in 31 states and Washington, D.C.
Vehicle restrictions. Financed vehicles must fall into specific categories on aspects such as vehicle mileage and age.
High minimum loan amount. The minimum amount available for financing is higher than usual at $15,000.
The perfect candidate for financing with Tenet is a driver who is interested in driving an electric vehicle but is unsure about the cost accompanying it. Eco-friendly vehicle options tend to have a higher upfront cost, the long-term cost of ownership can be lower than their gas-powered counterparts.
So, while the minimum loan amount of $15,000 is higher than traditional loan options, the cost is in line with typical EV prices — especially those that Tenet partners with. This means that Tenet could be a good fit for a driver who wants to buy an electric vehicle but is apprehensive about the upfront price and wants support throughout the process.
Tenet uses credit score as its primary measure of risk. If you don’t have a strong credit background it is important to consider how your APR and the amount you can borrow will be affected.
Overall, Tenet wants to help EV drivers make investments to better the planet, according to Liegl. Along with this goal, the financing company has recently announced a partnership with Xperience, which now enables drivers to bundle EV-exclusive extended warranties with their purchase.
Tenet offers auto loans for electric vehicles and refinancing for those already driving an electric car.
Tenet’s interest rates range from 4.45 to 9.99 percent and loans can be financed between 36 and 84 months. The most competitive rates will be given to drivers with a strong credit score.
The application process is fairly straightforward and fully online. The application can be completed within five minutes, and the entire process from prequalification to onboarding should take no longer than three weeks to complete.
Apply for loan preapproval. First, you can apply for preapproval to get what rates are available based on your credit. You will undergo a soft credit pull, which does not negatively affect your credit score.
You will need to share the following:
Your name
Email address
Physical address
Date of birth
If you are refinancing your must share the following:
Social Security number
Driver’s license
Information about your current lender and loan
Vehicle color
A voided check or bank information to set up autopay
Proof of insurance
Choose a loan offer. Tenet will present you with loan options that fit your financial needs. If you are refinancing you will also be able to compare your current loan with the new one. When selecting an offer for either product, you will undergo a hard credit pull which can temporarily impact your credit score.
Finalize the offer. To seal the deal you must simply fill out a few documents — all done online.
The timeline for funding your vehicle depends on whether you buy from a dealer or directly from a manufacturer. Tenet will also assist you in navigating any EV tax incentives available in your state, which for many drivers can be used to lower the vehicle down payment.
Funding for refinance loans can take one to two weeks, but Tenet will work directly with your previous lender and refund if any overpaying occurs.
Tenet outlines a few requirements when it comes to both the loan holder and the vehicle.
You must be:
At least 18 years old
A U.S. citizen or permanent resident
Reside in one of the states Tenet operates in
Your vehicle must:
For more information regarding a loan application or current loan, drivers can find support by contacting the customer service team by email call or text. Hours of operation are between 10 a.m. and 6 p.m. ET, Monday through Friday. Tenet also offers a chat function directly on its site where users will receive a response via email within a few hours — pending it is sent during working hours.
Overall score
3.9
Availability
3.8
Tenet offers a high maximum loan amount, but is unavailable in 19 states.
Affordability
3.4
The minimum APR and standard acceptance criteria are balanced by a low maximum APR.
Customer experience
3.8
Tenet offers a fully online experience with support five days a week.
Transparency
4.5
With the option to prequalify and the ability to see fees Tenet scores high for transparency.
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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Tenet: 2022 Auto Loan Review – Bankrate.com
