Purchasing a Tesla Model 3, Model Y, Model S, or Model X involves understanding the specific mechanics of electric vehicle financing. Unlike traditional auto loans that may rely solely on sticker price, Tesla financing rates (APR) fluctuate based on the specific term length you choose—often ranging from 36 to 84 months—and your creditworthiness.
This Tesla Financing Rates Calculator is designed to help prospective buyers estimate their monthly financial commitment by factoring in variables unique to the purchase process, such as the initial upfront payment, trade-in equity, and applicable state taxes.
Key Factors Affecting Your Tesla Payment
Vehicle Purchase Price: This is the base price of the configuration you select (e.g., Long Range vs. Performance), including options like Full Self-Driving (FSD) capability or premium paint colors.
Annual Percentage Rate (APR): Tesla's financing partners offer competitive rates, but these rates are highly sensitive to market conditions. Promotional APRs are sometimes available for specific models to incentivize delivery.
Upfront Payment: Also known as the amount due at signing. Increasing this amount reduces your financed balance and, consequently, your monthly obligation and total interest paid.
Finance Term: While a 72 or 84-month term lowers the monthly payment, it increases the total finance charges over the life of the loan. Tesla loans commonly default to 72 months in many estimators.
How Tax Credits Impact Financing
It is important to note that federal and state EV tax credits do not directly lower the loan principal unless they are applied as a point-of-sale rebate. If you are eligible for the Federal Clean Vehicle Credit, applying this amount as part of your Upfront Payment can significantly reduce your financing costs.
Using This Calculator
To get the most accurate estimate:
Enter the total Vehicle Purchase Price found on the Tesla design studio.
Input your expected Trade-in Allowance if you plan to sell your current vehicle to Tesla.
Specify your Upfront Payment. Tesla typically requires a minimum order fee which counts toward this.
Adjust the APR based on current rates advertised on Tesla's website or your bank's auto loan offers.
Disclaimer: This calculator provides estimates for educational purposes only. Actual financing rates and terms are subject to approval by Tesla's financing partners and individual credit history. Taxes and fees vary by state and registration location.
function calculateTeslaPayment() {
// 1. Retrieve Input Values
var priceInput = document.getElementById('vehiclePrice').value;
var upfrontInput = document.getElementById('initialPayment').value;
var tradeInInput = document.getElementById('tradeInValue').value;
var aprInput = document.getElementById('aprInput').value;
var termInput = document.getElementById('loanTerm').value;
var taxInput = document.getElementById('salesTax').value;
// 2. Parse values and handle empty inputs
var price = parseFloat(priceInput) || 0;
var upfront = parseFloat(upfrontInput) || 0;
var tradeIn = parseFloat(tradeInInput) || 0;
var apr = parseFloat(aprInput) || 0;
var months = parseInt(termInput) || 72;
var taxRate = parseFloat(taxInput) || 0;
// 3. Logic: Calculate Tax Amount first (Usually taxed on price before trade-in in many states,
// but some states tax difference. We will assume tax on full price for conservative estimate
// or tax on price minus trade-in if we want to be specific.
// Standard formula: Tax = (Price) * Rate.
// Let's assume tax is on the Price to keep it standard for generic use).
var taxAmount = price * (taxRate / 100);
// 4. Calculate Net Financed Amount (Principal)
// Principal = Price + Tax – TradeIn – Upfront
var principal = price + taxAmount – tradeIn – upfront;
// Validation: Principal cannot be negative
if (principal 0) {
if (apr === 0) {
// Simple division if 0% APR
monthlyPayment = principal / months;
totalInterest = 0;
} else {
// Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyRate = (apr / 100) / 12;
var x = Math.pow(1 + monthlyRate, months);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
// Calculate Totals
var totalPayments = monthlyPayment * months;
totalInterest = totalPayments – principal;
}
}
// Total Cost of Vehicle = Price + Tax + Total Interest
// (Does not subtract trade-in or upfront because those are parts of the payment source, not cost reduction)
totalCost = price + taxAmount + totalInterest;
// 6. Update UI
document.getElementById('monthlyPaymentDisplay').innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalFinancedDisplay').innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalInterestDisplay').innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalCostDisplay').innerText = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show results area
document.getElementById('resultsArea').style.display = 'block';
}