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Tenet EV auto loans: 2023 review

2023-01-01 00:00:00

At a glance

4.1
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
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About Tenet

  • Moneybag

    Loan amount

    $15,000-$95,000

  • Credit Good

    Min. credit score

    670 (purchase), 620 (refinance)

  • Rates

    APR from

    5.30%-9.50% (with autopay)

  • Funds available in

    As soon as one day following approval

Tenet pros and cons

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

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

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 33 states Tenet operates in

Your vehicle must:

  • Be a battery electric or plug-in-hybrid 
  • Be a 2011 model year or newer 
  • Have under 120,000 miles 
  • Not be a commercial vehicle 

What we like and what we don’t like

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

What we like

  • 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.

What we don’t like

  • Not available in all states: Tenet currently only operates in 33 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 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.
 

New and used EV loans

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

The lender offers extras such as gap insurance, an extended warranty or charger installation. 

One perk is the ability to defer up to 25 percent of the principal loan balance and add it to the end of your repayment period, potentially reducing the monthly payment. Make sure to research EV tax credits to help lower your federal and state tax liability. 

EV loan refinancing

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 preapproval 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 you are refinancing your 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 

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 17 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.

Methodology

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 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