After ordering your new vehicle on Tesla.com, you'll have the option to select your payment method. If you opt for finance, you'll then be redirected to our website to complete the application process smoothly.

We'll promptly confirm receipt of your application with an acknowledgment text message. Your case will then be reviewed, which typically takes one business day. If your application is approved, we'll provide you with an update directly and provide you with access to our customer portal. This update will include a request for any documentation required to progress your application. Additionally, we'll notify you when your loan documents are ready to be e-signed.

If you are having trouble completing any of the steps above, please in our enquiry form for a callback from a member of our Tesla team.

Hire purchase is a financial arrangement where an individual or business acquires an asset by paying an initial down payment, followed by regular installments over a fixed period. The asset remains the property of the lender until the final installment is paid. During the hire purchase period, the buyer has possession and use of the asset but does not own it outright until the final payment is made.

Higher Purchase agreements allow individuals and businesses to spread the cost of the asset over time while still benefiting from its use.

Personal Contract Purchase (PCP) is a car finance option where the buyer pays an initial deposit followed by fixed monthly installments over a set term, usually three or four years. At the end of the term, the buyer has three options:

• return the car with no further payments (subject to mileage and condition restrictions)
• make the final payment to purchase the car outright including the Guaranteed Minimum Future Value (GMFV), or;
• use any equity in the car as a deposit for a new PCP agreement.

PCP is popular for new car buyers because it offers flexibility and lower monthly payments, making it attractive to those who want to drive a newer or higher-value car without the large upfront cost. The lower monthly payments in a PCP agreement are primarily due to the inclusion of the GMFV. The GMFV represents the estimated residual value of the vehicle at the end of the contract term. With a PCP agreement, the buyer is not financing the entire purchase price of the vehicle during the contract period, but rather the difference between the initial purchase price and the residual value.

You should have received a text message confirming receipt of your application. Your application will now be reviewed by our underwriters, this can take up to one business day.

If you have applied and have not heard any further update after one business day, please contact our Tesla team by filling in the enquiry form above.