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EV Life Financing 101
What is the process for using an EV Climate Loan with Tesla?
What is the process for using an EV Climate Loan with Tesla?

Steps and process for financing a Tesla vehicle with EV Life

Kevin Egolf avatar
Written by Kevin Egolf
Updated over a week ago

Tesla's vehicle purchasing process differs from traditional dealership experiences. The good news is that we are experts in working with Tesla and can assist you throughout the process.

Your Tesla journey begins with placing a vehicle order, which can be done at a Tesla store or directly online. During the ordering process, Tesla will inquire about your preferred financing option for the vehicle. It is recommended to specify third-party financing using EV Life. If you didn't do so initially, don't worry, as it can be adjusted later without any issue. After initiating your order, Tesla will generate a Motor Vehicle Order Agreement (MVOA) for your records, and no action is required regarding the MVOA.

Approximately a week before your scheduled delivery date (or shortly after placing an order if you purchased from inventory), Tesla will assign you a Vehicle Identification Number (VIN). This is where EV Life comes into play. You will need to inform Tesla that you are utilizing EV Life as your third-party financing option. We recommend sending them the Tesla Dealer Letter. When sending the Tesla Dealer letter you should also let Tesla know the funding amount you wish to apply with our financing. Typically, people have a desired down payment in mind and finance the remaining balance. In such cases, you can let Tesla know that you will be financing the remaining balance after your specific down payment and any trade-in or other credits.

Using this information, Tesla will generate a Motor Vehicle Purchase Agreement (MVPA) for you. Please note that the MVPA is different from the MVPO. Once you receive your vehicle, you will need to provide us with a copy of your MVPA. It's important to know that the MVPA may not always be available within the Tesla app, so you might need to log in to your Tesla account to access it.

In addition to the MVPA, we will require copies of a valid photo ID and proof of insurance. In certain circumstances, there may be a need for proof of address, such as a utility statement or phone bill. Documents can be uploaded here.

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