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

Securing financing from a credit union boasts several perks for borrowers, including more 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 4.1 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 $3,000-$150,000
APRs 5.89%-16.35% 4.99%-16.99%
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 No
Refinancing restrictions
  • Vehicle age: Be a 2012 model year or newer
  • Have under 120,000 miles
 Not specified

Tenet auto loans

Available for borrowers in 31 states across the country, Tenet offers a funding experience catered to those interested in purchasing or refinancing 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 5.89 percent is competitive as 2023’s first quarter national average was 6.58 percent, according to Experian. Remember that the best rates are reserved for those with strong credit — with weak credit, you could receive a rate closer to the maximum of 11 percent, on par with the national average for subprime borrowers.

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 seamlessly 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.

Skyla Credit Union auto loans

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. Eligibility to become a member is based on where you live, who you work for or who you are related to. But anyone can become a member through the American Consumer Council.

Pros

  • Low minimum APR: Skyla’s starting APR of 4.99 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.
  • Unspecified requirements: The credit union uses standard credit measurements but does not disclose specific requirements. Because Skyla Credit Union doesn’t offer 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 you’ll have to become available 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.

But if you’re still stumped after comparing those factors, Tenet is better for those who want a loan built specifically for electric vehicles, while Skyla caters best to those who need small or large loan amounts.

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.

On top of the environmental perks that come with a Tenet auto loan, the lender 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 $53,469 in July 2023, according to Kelley Blue Book.

When choosing the right lender, it is important that available loan amounts cater to this. Skyla Credit Union offers funding for up to $150,000. And while financing a vehicle with that high a price tag might not be in your budget, the wiggle room can come in 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, so your priority should be signing off on the right auto loan experience for your needs. Tenet is the way to go if you are sure about 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.