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Tenet EV loans: 2022 review

2022-11-02 21:39:27

At a glance

3.9
Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.8 stars out of 5
  • Affordability
    Rating: 3.4 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
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About Tenet

  • Moneybag

    Loan amount

    $15,000 to $95,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    4.45%

  • Funds available in

    As soon as one day

Tenet features: 

Before signing off on an EV auto loan with Tenet, consider all that it has to offer.

 

PROS

  • Checkmark

    Fully online experience

  • Checkmark

    Loan preapproval

  • Checkmark

    Tenet dashboard

CONS

  • Close X

    Not available in all states

  • Close X

    Vehicle restrictions

  • Close X

    High minimum loan amount

Tenet, an online EV loan platform, has a simple mission, says founder Alex Liegl, "To help anyone drive electric for less.” Founded in 2021, Tenet has already enabled many climate-conscious drivers to make the switch to electric. Tenet offers financing for electric vehicles along with the option to refinance current EV loans.
 
 

Pros and cons of Tenet auto loans 

While Tenet is not available nationwide, it does offer loan preapproval and a fully online experience. 

Pros

  • 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.

Cons 

  • 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.

Who is Tenet best for?

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. 

Types of auto loans offered  

Tenet offers auto loans for electric vehicles and refinancing for those already driving an electric car. 

Interest rates and terms 

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. 

How to apply for an EV loan with Tenet

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. 

  1. 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 

  1. 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. 

  2. 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. 

Auto loan requirements 

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:

  • Be a battery electric or plug-in-hybrid 
  • Be a 2010 model year or newer 
  • Have under 120,000 miles 
  • Not be a commercial vehicle 

Customer service 

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.

How Bankrate rates Tenet

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.

 
 
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter

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.

Edited by Auto loans editor