How EV Loan Refinancing Works: A Plain-English Guide
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Refinancing your EV loan is simpler than most people expect. You replace your existing loan with a new one at a lower rate, a different term, or both. Your new lender pays off the old loan, and you make payments with the new lender. Here's how it works in practice.
What Refinancing Actually Does
Your current loan has a specific balance, rate, and remaining term. Refinancing replaces all three with new terms.
Interest rate. If you can lower your rate, you reduce both your monthly payment and total interest paid. On a $35,000 balance, dropping from 8.5% to 5.75% saves roughly $2,800 in total interest over a 48-month remaining term.
Loan term. Extending your term lowers your monthly payment but increases total interest. Shortening it does the opposite. You can also keep the same term the main benefit is the lower rate, which will still lower your monthly payment modestly.
Lender. You can refinance with any lender, you don't have to stay with your current one. Many EV owners refinance out of bank or dealer financing into Tenet financing to lower their monthly payment, reduce total interest, or both.
The Process, Step by Step
- Check your rate at tenet.com. Enter basic personal info and your VIN. Takes two minutes. Soft pull only — no credit impact.
- Review your offers. Choose the rate and term that fits your goals.
- Sign digitally. Accept your offer and sign the loan agreement online.
- Tenet pays off your old loan. Tenet contacts your current lender and issues a payoff. Your old loan closes.
- Start paying Tenet, or a Credit Union partner. First payment due 30-45 days after funding.
- Title update. Tenet is added as the new lienholder automatically — no DMV visit needed in most states.
Total time from application to funding: typically 24–48 hours.
What You Need to Refinance
- Your VIN (found in the door jamb or on the dashboard)
- Your current lender name and approximate payoff balance
- Basic personal information (name, address, date of birth, income)
- Your driver's license
How Much Can You Save?
At a $35,000 remaining balance with 42 months left:
| Original Rate | Refinance Rate | Monthly Savings | Total Savings |
|---|---|---|---|
| 9.0% | 5.25% | ~$57/mo | ~$2,390 |
| 8.0% | 5.25% | ~$43/mo | ~$1,806 |
| 7.0% | 5.75% | ~$22/mo | ~$924 |
The higher your current rate and the more balance remaining, the larger the savings.
Tenet's Refinancing 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 application fee. No prepayment penalty.
Can You Add GAP When Refinancing?
Yes. Refinancing creates a new loan origination, which means you can add GAP at that point. If you didn't add GAP when you originally financed and want it now, refinancing through Tenet is the moment to add it.
One Last Thing
Refinancing is one of the highest-value financial actions available to EV owners who financed at a higher rate. The process is fast, there are no fees with Tenet, and the savings are permanent.
Check your refinance 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.