How to Choose the Right EV Car Loan (2026 Guide)
On this page
Most buyers focus on the wrong variable, and end up paying more than they need to. Here's how to evaluate EV loan options properly.
The Variables That Actually Matter
Loan amount. How much you're borrowing total. The higher the loan amount the higher the monthly payment. Purchase price and size of downpayment are in your control. This is the most important factor.
APR (Annual Percentage Rate). The interest rate on your loan. A 1% difference in APR on a $40,000 loan over 60 months is roughly $1,200 in total interest.
Loan term. Longer terms lower monthly payments but increase total interest. Shorter terms do the opposite. Choose based on what you can actually afford monthly, then look at total interest as a secondary consideration.
How to Evaluate a Loan Offer
- Monthly payment: Is this comfortably within your monthly budget, <10% of your income is normally a good rule of thumb.
- Total interest paid over the full term: multiply monthly payment by term, subtract the loan amount
- APR: makes total cost comparable across different term lengths
- Prepayment penalty: This matters if you might pay off early. Tenet charges none.
- Fees: application fees, origination fees. Tenet charges none.
The Right Loan for Different Situations
Buying new: Get pre-qualified with Tenet before buying. You'll have an offer in hand to compare against what the dealer or OEM might arrange.
Buying used: Get pre-qualified before you start shopping. Know your rate and budget. Your Tenet offer is easy to use at any dealer or marketplace.
Refinancing: Find your current payoff amount, monthly payment and remaining payments left. Use Tenet's rate check to see refinance options. If the total payments remaining could be reduced by $500, it's worth the 10-minute process to refinance.
Tenet's Rates
| Credit Score | APR |
|---|---|
| 760+ | From 5.25% |
| 720+ | From 5.75% |
| 680+ | From 6.25% |
| 620+ | From 7.50% |
Rates as of April 2026, subject to change. Minimum loan balance $10,000. Regional rates as low as 4.40%. No fees.
One Last Thing
The right EV loan is the one with the lowest total cost that fits your monthly budget. That almost always means shopping beyond the most convenient option at point of purchase.
Check your EV loan rate with Tenet — two minutes, no credit impact.
Rates as of April 2026, subject to change. APR range 5.25%–18.99%; regional rates as low as 4.40% through select credit union partners. Minimum loan balance $10,000. Tenet Energy Inc., NMLS #2262929.