Tenet vs. Skyla Credit Union: Which offers better auto loans?

Auto Loans

A black father and his child sit in an electric car while it charges.

3 min read Published February 19, 2024

Written by

Emma Woodward

Edited by

Pippin Wilbers

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If you’re considering financing an electric vehicle, both Tenet and Skyla Credit Union offer advantages.

Credit unions’ perks include competitive rates, attentive customer service and member discounts. Skyla Credit Union offers financing options for electric and gas vehicles.

By comparison, Tenet is an online auto lender that caters only to those financing electric vehicles. The platform assists with the entire process, including navigating tax incentives and charging arrangements.

Tenet is best for drivers with good credit who need fast funding, while Skyla Credit Union is ideal for drivers looking to finance an expensive EV.

Tenet vs. Skyla Credit Union at a glance

There is no perfect auto loan for every driver. Instead, there is the right one for your needs and background. Weigh the specifics when determining which can make your EV dreams come true.

	Tenet	Skyla Credit Union
Bankrate score	4.4	4.1
Better for	Fast funding timeline Refinancing an EV	High max funding amount Low minimum funding amount
Loans offered	New and used EV loans, refinancing	New, used, refinancing
Loan amounts	$15,000-$95,000 ($150,000 for refi loans)	$3,000-$150,000
APRs	6.49%-15.75%	4.75%-16.50%
Loan term lengths	36-84 months	48-72 months
Fees	No fees	No fees
Minimum credit score	620	Not specified
State footprint	31 states and Washington, D.C.	50 states
Time to funding	As soon as one day following approval	Not specified
Autopay discount?	Yes, 0.25%	No
Refinancing restrictions	Vehicle age: Be a 2012 model year or newer Have under 120,000 miles	Not specified

Best for fast funding

Tenet

4.4

Learn more in our Bankrate review

Available for borrowers in 31 states nationwide and Washington, D.C., Tenet serves those refinancing or funding an electric vehicle. After choosing the right electric vehicle for your needs, Tenet can assist in the complicated tax incentive process.

Driving off in an electric vehicle can carry higher prices than a traditional option. But a minimum interest rate of 6.49 percent is competitive as 2023’s third quarter national average was 7.03 percent, according to Experian.

Tenet offers another way to reduce your monthly payment: Borrowers can defer making payments on 20 percent of the vehicle’s value and add it to the end of their repayment period. Note that interest accrues on the deferred amount. A Tenet spokesperson notes that many customers defer $7,500, the amount of the new EV federal tax credit.
Pros

Loan prequalification: Following a soft credit pull, borrowers can see expected rates and terms.

Vehicle add-ons: Borrowers can add a vehicle warranty, gap insurance and the cost of EV charging station purchase and installation to their auto loan. But remember, adding these costs to your principal means paying interest over time.

No fees: There are zero fees when applying, originating the loan or paying off early.
Cons

Limited state availability: Tenet only serves 31 states, unlike Skyla’s nationwide coverage.

High minimum loan amount: You must finance at least $15,000 to secure funding, making it a poor choice for less expensive EVs.

Vehicle restrictions: Unlike Skyla Credit Union, Tenet has detailed restrictions on vehicle mileage and age.

Best for high maximum loan amounts

Skyla

4.1

Learn more in our Bankrate review

California-based credit union Parsons Federal Credit Union completed a merger with Skyla Credit Union in August 2023. Outside of the auto loans offered, catering to a range of credit profiles, the credit union also offers refinancing.

You must be a member of the credit union to get a loan with them. Anyone can become a member through the American Consumer Council.
Pros

Low minimum APR: Skyla’s starting APR of 4.75 percent is lower than what Tenet offers its borrowers.

Wide range of loan amounts: Drivers can finance cars up to $150,000 — a high maximum in the lending space. And with a minimum of $3,000, you can also use their loans to finance inexpensive used vehicles.

Minimal fees: No fees are enforced for the loan application, documentation or early loan payoff.
Cons

Membership requirement: Only members can take out an auto loan with Skyla Credit Union.

No prequalification: You’ll have to apply for preapproval and take a small, temporary credit hit to see if you qualify with the lender.

Unspecified funding timeline: It’s unclear how long it takes for the loan to be funded following acceptance.

How to choose between Tenet and Skyla Credit Union

The right lender to secure an electric vehicle auto loan comes down to the state you reside in, how much you want to finance and how your credit will impact available rates.

Choose Tenet if you want access to vehicle insights

Many drivers choose to drive an electric vehicle for the environmental impacts that come along with it. As EV tech improves, access to related data can emphasize that you made the right decision buying green and help you save more money.

You gain access to an expansive dashboard when getting a Tenet auto loan. Here, you can see how you can save money, handle upcoming loan payments and explore how driving electric is positively impacting the planet.

Tenet also offers drivers the ability to refinance their current loans. Skyla Credit Union’s website mentions refinancing loans but gives few details, making it hard to assess whether they’re a good option.

Choose Skyla Credit Union if you want the most flexibility in loan amount

As mentioned, driving an electric car means more advanced technology and driving experience but also tends to mean a much higher price point. On average, a new EV sold for $53,353 in January, according to Kelley Blue Book.

Your lender must offer the financing amount you need. Skyla Credit Union offers funding for up to $150,000. And while financing so pricy a vehicle might not be in your budget, the wiggle room can be handy.

Skyla is also a good option if you need a small auto loan, as their loan amounts start as low as $3,000. Tenet’s lowest loan amount is $15,000.

Compare more lenders before applying

Both Tenet and Skyla Credit Union offer great auto loans whether you want to purchase a new ride or refinance your current loan. Your priority should be signing off on the right auto loan experience for your needs. Tenet is the way to go if you know which electric vehicle you want but prefer extra guidance specific to driving an EV. Meanwhile, Skyla Credit Union boasts similar rates with a wider range of loan amounts.