Skip to Main Content

Tenet EV auto loans: 2023 review

2023-05-18 00:00:00

At a glance

Rating: 4.1 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.2 stars out of 5
  • Affordability
    Rating: 3.6 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
Compare auto loan rates
See rates

About Tenet

  • Moneybag

    Loan amount


  • Credit Good

    Min. credit score


  • Rates

    APR from


  • Funds available in

    As soon as one day following approval

Best for EV drivers  

Although drivers interested in buying electric can use any traditional auto loan that fits their needs, a loan with Tenet offers an EV-specific experience. The lender assists borrowers with all aspects of driving electric, including tax incentives. The lender currently offers financing for electric vehicles along with the option to refinance current EV loans.

Tenet pros and cons

Before signing off on an EV auto loan with Tenet, consider both its perks and limitations.


  • Checkmark

    Fully online experience

  • Checkmark

    Loan prequalification

  • Checkmark

    Tenet dashboard


  • Close X

    Not available in all states

  • Close X

    Vehicle restrictions

  • Close X

    High minimum loan amount

Founded in 2021, online EV loan platform Tenet aims to enable climate-conscious drivers to make the switch to electric. Tenet offers financing for electric vehicles along with the option to refinance current EV loans.

Do you qualify?

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 
  • Living in one of the 32 states Tenet operates in

Your vehicle must:

  • Be a battery electric or plug-in hybrid 
  • Be a 2012 model year or newer 
  • Have under 120,000 miles 
  • Not be a commercial vehicle 

Tenet versus LightStream

An unsecured auto loan with Lightstream boasts a smaller loan minimum, ideal for a driver looking to finance a less pricy climate-conscious vehicle. Both lenders have terms up to 84 months which can mean a lower monthly cost. However, Tenet does offer the ability to get prequalified for a loan whereas LightStream does not.  

Tenet versus Skyla Credit Union

While Skyla Credit Union doesn't offer specific EV financing options, it provides an extra-low starting rate and loan amounts up to $150,000. Plus, this credit union considers factors beyond your credit score while deciding whether to approve your loan application. But to secure auto financing you must be a member of the credit union, which is a straightforward process but still an extra step. See our full Skyla vs. Tenet comparison for help comparing the two.

What we like and what we don’t like

While Tenet is not available nationwide, it does offer loan prequalification and a fully online application process. 

What we like

  • Fully online experience: Tenet’s site allows drivers to explore and apply for financing options in one place.
  • Loan prequalification: Loan prequalification is offered following a soft credit pull, giving you a chance to view your possible rates and compare with other lenders.
  • Tenet dashboard: Drivers can manage savings, upcoming payments and environmental impact on the Tenet dashboard.

What we don’t like

  • 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. However, EVs and hybrid vehicles do tend to be more expensive than conventional ones.

How to contact Tenet

For more information regarding a loan application or current loan, drivers can find support by contacting the customer service team by email at or by phone at 877-378-3638. Hours of operation are between 10 a.m. and 7 p.m. ET, Monday through Friday. 

Auto loan types offered

Tenet offers auto loans for electric vehicles and refinancing for those already driving an electric car. Note that stated rates include an autopay discount.

New and used EV loans

  • Amounts: $15,000-$95,000
  • Terms: 36-84 months
  • APR: 5.89%-16.35%

Tenet offers new and used purchase loans for EVs with highly competitive rates. The lender offers extended loan terms of up to 84 months, which can lower your monthly payment but will mean paying more in interest over the loan term. 

One perk is the ability to defer payments on up to 20 percent of the vehicle's value and add it to the end of your repayment period, reducing the monthly payment. Interest accrues on the deferred amount. A Tenet spokesperson notes that many customers choose to defer $7,500, the amount of the federal tax credit for new EVs.

EV loan refinancing 

  • Amounts: $15,000-$95,000
  • Terms: 36-84 months
  • APR: 5.89%-16.35%

If you currently have an electric vehicle and seek more competitive loan terms, Tenet may be able to assist by refinancing your loan. Your savings will vary depending on your loan amount, the term you select and your credit rating and history. Make sure to compare auto loan refinance rates before committing.

How to apply for an EV loan with Tenet

The application process is straightforward and fully online. Start by applying for loan prequalification to view rates that are available to you based on your credit score. You will undergo a soft credit pull, which does not negatively affect your credit score. 

If there’s a match, review the loan offers and select the option that best suits your needs. If you are refinancing you will also be able to compare your current loan with the new one and choose the top offer. Either way, moving forward with the loan application will result in a hard credit pull that can temporarily impact your credit score. 

Next, uploading any financial documents the lender requests and filling out a few forms — all done online. If Tenet approves your loan, you’ll sign online too. The timeline for funding your vehicle depends on whether you buy from a dealer or directly from a manufacturer.

 If refinancing, you must share the following:

  • Social Security number
  • Driver's license
  • Information about your current lender and loan (including the payoff amount)
  • Vehicle color
  • A voided check or bank information to set up autopay 
  • Proof of insurance 

Features and additional perks 

Tenet auto loan borrowers can bundle add-ons like vehicle warranty, gap insurance and EV charging station installation with their loan. When signing off on auto loan add-ons, calculate how those new costs fit into your monthly budget.  

Fees and penalties 

Tenet does not charge any fees, including application, origination or prepayment penalties.

Tenet FAQs 

How Bankrate rates Tenet

Overall score 4.1
Availability 4 Tenet offers a high maximum loan amount and flexible repayment terms but is unavailable in 19 states.
Affordability 4.3 The higher minimum APR and standard acceptance criteria are offset 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 preview rates, Tenet scores high for transparency.


Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
  • Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
  • Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.

Editorial disclosure: All reviews are prepared by 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
Writer, Auto Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Auto Loans