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Tenet auto loans: 2024 review

2024-01-01 13:59:00

At a glance

4.4
Rating: 4.4 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.2 stars out of 5
  • Affordability
    Rating: 4.8 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 5 stars out of 5
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About Tenet

  • Moneybag

    Loan amount

    $15,000-$95,000 ($150,000 for refi loans)

  • Credit Good

    Min. credit score

    620

  • Rates

    APR from

    6.49%

  • 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.

Green circle with a checkmark inside

Pros

  • Fully online experience
  • Can assist with home charger installation
  • Tenet dashboard
Red circle with an X inside

Cons

  • Not available in all states
  • Vehicle restrictions
  • 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 31 states Tenet operates in

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.
 
Tenet versus Skyla Credit Union

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.
  • Can assist with home charger installation. Tenet partners with Treehouse to help customers install a home EV charger.
  • 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 support@tenet.com or by phone at 877-378-3638. Hours of operation are between 10 a.m. and 6 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: 6.49%-15.75%

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-$150,000
  • Terms: 36-84 months
  • APR: 6.49%-15.75%

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 you prequalify you’ll receive loan offers. Take the time to review them 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, you’ll upload any financial documents the lender requests and fill 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.

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 4.4
Availability 4.2 Tenet offers a high maximum loan amount and flexible repayment terms but is unavailable in 19 states.
Affordability 4.8 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 5.0 With the option to prequalify and preview rates, Tenet scores high for transparency.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

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
Writer, Auto Loans and Personal 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