For most lenders, your credit score will be a major factor when assessing your application and pricing your loan. Typically, the higher your credit score, the lower rate you’ll be able to access. This is because your lender will be relatively confident that you’ll be able to meet your repayment obligations. 

If you haven’t got a great credit score though, that doesn’t mean that all hope is lost. For some lenders, other factors are just as important as your credit score; like the vehicle you’re buying and the type of loan you’re after, as well as your current employment situation and other personal circumstances. 

If you’ve got any questions about how your credit score will impact your loan options, feel free to get in touch with our friendly finance team on 1300 755 494 or email us at contact@driva.com.au. 

There are a number of financing options available for your Tesla purchase, so it’s important to take the time to understand the difference between these loans and decide which works best for you.

Secured car loan

A secured consumer loan is a great option for individuals who are looking to finance a new or used car. A secured loan will use your Tesla as collateral against the loan, meaning you’ll be able to access lower rates. Your lender will have the security that if you were to default on your loan they’d be able to repossess your vehicle to recover their funds. 

Unsecured car loan

If you’re looking to finance an older vehicle, an unsecured consumer loan could be your best Tesla financing option. An unsecured loan won’t require you to use your vehicle, or any other asset, as security against the loan, but this normally means you’ll end up paying a higher rate. It also means that if you can’t meet your repayments, your lender won’t be able to immediately repossess your car - however, you’ll likely face legal action (which would be a messy process!).

Personal loans

An unsecured personal loan works in a very similar way to an unsecured car loan, except you won’t have the same restrictions on how you must spend your loaned money. This means you could put some of your loaned money towards other car-related costs, like modifications to the vehicle or ongoing costs. 

Commercial loan 

If you’re looking to purchase a vehicle to use for business purposes more than 50% of the time, there are a number of Driva commercial finance options available. Three of our most popular commercial finance options are chattel mortgages, finance leases and novated leases. 

There are a number of benefits to getting commercial finance, including tax benefits (depending on the loan this could be GST savings, income tax savings or the potential for tax deductions) and the ability to finance a much broader range of vehicles.

The rate you’ll be eligible for varies on a number of factors, including your credit score, the age of the vehicle you’re looking to finance, your chosen lender and your current employment situation. Driva has finance options available from 3.69% (4.90% comparison rate), and with a panel of more than 30 lenders, we’re pretty confident we’ll be able to find your best interest rate. To get an idea of what rates you might be eligible for, you can check out our loan calculator or get a free quote (with no impact on your credit score).

The Tesla Powerwall is a home energy storage product that can charge from solar or the grid and is a popular product for Tesla owners as it can charge a Tesla in just 2 hours. If you’re interested in financing a Powerwall, we can bundle this with a Tesla car loan.

It’s a good idea to think about all of the costs involved with buying a new Tesla before you start shopping. In addition to the purchase price of the Tesla, and the interest you’ll pay on top of your monthly repayments, there are several ongoing costs to consider. These include registration, insurance, maintenance and repairs, toll road costs and the cost of charging your new Tesla.

Read more: A Complete Overview Of Car Costs

Green car loans are a great option for drivers who are considering purchasing a more environmentally friendly car like a hybrid or electric vehicle. They work in the same way as a regular vehicle loan, but some lenders can offer an incentive for getting a ‘green car’ in the form of a lower rate.

Absolutely! If you’re not totally happy with your current interest rate or loan conditions, Driva can help you refinance it. Refinancing is a great way to access a lower fixed interest rate, for example, if your interest rate has recently improved, and can also allow you to access more favourable finance conditions.

A balloon payment is a type of financial product that involves making a large lump sum payment at the end of your loan (often around 30% of the loan amount) and making smaller monthly repayments over the duration of your loan. This financial arrangement will require you to carefully budget to ensure that you can make the final lump sum payment amount on time and in full. 

Balloon payments are normally used for commercial vehicle loans, but depending on your lender you could be able to access a balloon payment for a consumer loan.

Read more: What Is A Balloon Payment Car Loan? Everything You Need To Know

Changes in consumer behaviour, government regulations and advancements in technology have meant that electric vehicles have experienced unprecedented growth worldwide. Electric vehicles come with a number of benefits, including lower operating and maintenance costs and a lower environmental impact than fuel-powered cars. Additionally, some states and territories have incentivised Aussies to purchase electric vehicles by reducing (or abolishing) stamp duty.

Approval times tend to vary between lenders, but they generally take between 2 hours and 2 days. Approved applicants will then be able to make the most of their Tesla account, which includes owner resources, guides and important updates.