This is another re-posted article from last year. We used Tenet to purchase a Tesla Model 3, which turned out to be a terrible decision. It never rented well and is no longer in our fleet. But I would absolutely recommend using Tenet if you’re looking to finance an EV.
Tenet is an alternative car financing company providing loans for EVs. They partnered with Turo to offer hosts an opportunity to add up to 6 EVs to their fleets. And on top of this they can lower your monthly payment by offering to defer up to 25% of your principal balance until your final payment.
I was intrigued, but wasn’t sure I would qualify since I’d already financed so many cars to get started on Turo. I contacted Tenet on Twitter to find out more. They said that since I’d received the promotional email then I was pre-approved and they urged me to apply. So I gave it a try.
This is where things got a little confusing. I got through the application process, then without any notifications regarding the approval status I landed on a page asking me to sign a loan agreement. I wasn’t sure I’d been approved so I was hesitant to sign anything. So I just left it alone.
A representative from Tenet called me a few days later asking if I’d picked out a vehicle to purchase. I was still confused since no one actually told me whether I was approved or not. But the rep confirmed that I was, and that I had 30 days to pick a car. It was time to go EV shopping!
I went with a Tesla Model 3 – an easy decision based on a number of factors like price, availability, and popularity on Turo. I was surprised to find several used Model 3s on Tesla’s site selling for under $40k. But they were all Standard Range Plus FWD variants, and being in the Northeast I wanted a Long Range with AWD. These were going for slightly higher prices. I decided it was worth it to spend the extra money and found my car a few weeks later.
Forbes had a recent article titled “Electric cars are already cheaper than gasoline ones; financing companies are trying to show that” where they highlight Tenet’s unique approach to making EVs more affordable.
The buying process at Tesla vs. the Nissan dealership we went to for our first few cars was like night and day. As I explained previously, we were in the Nissan dealership for over 6 hours when we bought our first cars. The process with Tesla was so much more seamless, since everything is done online. I uploaded some documents then picked up the car a couple weeks later. I don’t think I’m ever going back to a traditional dealership again.
Tenent’s process was just as seamless (once I knew I was approved). I just uploaded the required documents and that was it. They’re experienced working with Tesla so listing them as the third party financing company was a breeze – you can pick Tenet from a drop-down menu when purchasing the car on Tesla’s site.
I brought the car home on a Friday and listed it on Turo that night. I’m excited to see how it performs in my area where, surprisingly, there aren’t many listed. Of course I’ll keep you posted on the progress.
If you’re interested in applying for financing with Tenet, you can use my referral link and get $100 off your first monthly payment.
