If you are looking at a Tesla, you may be offered finance through Tesla itself, through your bank, or through a broker. All three can work, but the headline rate in an advertisement is only one part of what a loan costs. This guide explains how to compare a Tesla or manufacturer-arranged finance offer with a loan arranged by an independent broker, using the same checklist for both. It is general information. Alpha390 Finance is an independent broker and is not affiliated with or partnered with Tesla, and we do not quote Tesla finance offers or rates here because they change. For anything about the car itself, or Tesla’s current finance terms, go to Tesla Australia directly. For electric-car finance in general, see our EV car loan guide, and if you are weighing another brand, our page on BYD finance uses the same approach.
Short answer: should you use Tesla’s finance or a broker loan?
Not automatically either way. A manufacturer-arranged offer can be simple and sometimes competitive. A broker can compare several lenders and may help if your situation is not straightforward. The way to decide is to put each offer side by side on the same loan amount and term and compare the total cost, not just the advertised rate.
Manufacturer-arranged offer vs broker-arranged loan
| Question | Tesla or manufacturer-arranged offer | Broker-arranged loan |
|---|---|---|
| Who provides the credit? | The lender named in the offer. Check who it is and its credit licence number. | One of the lenders the broker can access, chosen to suit your situation |
| How many lenders are compared? | Usually the lender or panel behind the offer | Several, depending on the broker’s panel |
| Fees | Ask for the full list in writing | Ask for the full list. Broker and lender fees must be disclosed. |
| Promotional terms | May depend on the model, the term or taking delivery by a date | Not tied to a model promotion, but a lender may still set conditions |
| Flexibility | Check balloon, term, early payout and any restrictions | Check the same items for each lender |
Advertised rate vs comparison rate
Moneysmart says lenders must give you a comparison rate, a single figure that includes the interest rate and fees, and that it only helps when you compare loans with the same amount and term. Two loans can have the same interest rate and different costs once fees are included, and a low rate may come with a longer term or a balloon that raises the total you pay. Ask each provider for the comparison rate, the total repayments over the term and the full list of fees (Moneysmart, car loans, last updated 24 June 2026). Our comparison rate explainer shows how to read the figure.
How to compare two offers fairly
- Ask each provider to quote the same loan amount, the same term and the same deposit.
- Ask whether each quote includes a balloon, and compare it again with no balloon.
- Write down the interest rate, comparison rate, fees and total repayments for each.
- Check whether either offer depends on the model, the delivery date or a particular term.
- Compare the early payout terms before you decide.
What to compare, line by line
- Rate and comparison rate. Same loan amount, same term.
- Fees. Establishment, monthly or account-keeping, broker, and any introducer fees. Moneysmart says to ask who is involved and what fees apply before you sign.
- Loan term. A longer term lowers repayments but usually raises the total interest.
- Deposit. Whether one is required, and whether trade-in value or cash counts.
- Balloon or final payment. Moneysmart explains that a balloon lowers regular repayments but leaves a lump sum at the end, and that the total cost is usually higher. Only choose one if you are confident you can pay it when due. See balloon payment car loans explained and our balloon payment calculator (estimates only).
- Early payout. Moneysmart says variable-rate car loans usually have no early exit fee, while fixed-rate terms vary, so ask what applies to the loan you are offered.
- Fixed or variable rate. Which is offered and what that means for repayments.
- Personal or business use. A consumer loan and a chattel mortgage are assessed differently. Ask your accountant about tax.
Eligibility and documents
Whether you borrow through a manufacturer or a broker, lenders assess your income, expenses, debts and credit history, and approval is not guaranteed. What differs is how each lender treats your situation: employment type, time in the job, ABN history, or past credit issues. Typical documents include photo ID, proof of income, details of the car and a written quote or invoice. If your income is casual or self-employed, a lender’s policy can make a big difference, so see car loans for casual workers and self-employed car loan options. Our car loan requirements guide has a fuller checklist.
Questions to ask before you accept an offer
- Who is the lender, and is the credit licence number on the paperwork?
- What is the comparison rate, and what is the total I will repay over the term?
- Which fees apply, and does anyone else receive a fee or commission?
- Does the offer depend on a particular model, term, balloon or delivery date?
- Is a balloon included, and how much is due at the end?
- What happens if I want to pay the loan out early or make extra repayments?
- Can I take the quote away and compare it before signing?
Our dealer finance explained page covers the same questions for dealership offers, and secured vs unsecured car loans explains the difference between a loan secured on the car and one that is not.
Where a broker can help, and where it may not
A broker can compare lenders, explain the numbers and help if your circumstances are not straightforward. A broker may not beat every manufacturer offer, particularly a lender promotion tied to a specific model, and you are free to take the better of the two. We can only compare offers against what lenders on a broker’s panel will provide, and we do not guarantee approval or a particular outcome. To see how loan amount and term change repayments, try our repayment calculator. It gives an estimate only. For our broader options, see car finance.
Frequently asked questions
Can I use my own finance to buy a Tesla?
Generally you can arrange your own finance rather than use an offer made with the purchase. Confirm with the seller how payment and settlement work before you commit.
Is Tesla finance cheaper than a broker loan?
Sometimes, sometimes not. It depends on the current offer, the term, the fees and your circumstances. Compare the comparison rate and total repayments on the same loan amount and term.
Does a lower advertised rate mean a cheaper loan?
Not necessarily. Fees, term and any balloon change the total cost, which is why Moneysmart points to the comparison rate.
Should I take a balloon on an electric car loan?
A balloon lowers regular repayments but leaves a lump sum due at the end and usually raises the total cost. Only choose one if you are confident you can pay it, and ask how the final payment is handled.
Can I pay a Tesla loan off early?
It depends on the loan. Moneysmart says variable-rate car loans usually have no early exit fee, while fixed-rate loans vary. Ask for the early payout terms in writing.
Is Alpha390 connected to Tesla?
No. Alpha390 Finance is an independent broker and is not affiliated with or endorsed by Tesla.
This article is general information only and does not constitute credit, financial or legal advice. It does not take your personal circumstances into account. Calculator results are estimates only. Tesla is a trademark of its owner; Alpha390 Finance is not affiliated with Tesla. Alpha390 Finance operates under Australian Credit Licence 506065 (Five Tees Pty Ltd). Lending is subject to approval, lending criteria, terms, conditions and fees.
Written and reviewed by the Finance Director at Alpha390 Finance. Source: Moneysmart, car loans. Accessed 21 October 2026.
