Tenet

Tenet is a New York-based consumer auto lender focused exclusively on electric vehicles. Through an online application, borrowers can obtain rate quotes for financing or refinancing new and used EVs, with the company stating that a rate check uses a soft credit inquiry and does not affect the applicant's credit score. Applications, identity, income and vehicle verification, and document signing are handled entirely online, and funds are disbursed to the seller once documents are executed.

The company markets loans for vehicles from brands including Tesla, Rivian, Ford, Hyundai, Kia, Chevrolet, Nissan and Volkswagen, and says financing can be used across purchase channels such as franchised dealerships, OEMs, Carvana, TrueCar, KeySavvy and Facebook Marketplace. Borrowers may be prequalified either for a specific vehicle or for a maximum approved amount. Tenet describes itself as a regulated financial partner licensed in more than 40 states, including California, Texas, Florida and New York, operating under NMLS# 2262068, and states that applicant information is encrypted end to end.

Business model

Tenet originates consumer loans for the purchase or refinancing of electric vehicles, delivered directly to borrowers through a fully digital application, verification and e-signature process, with loan proceeds transferred to the seller or existing lienholder.

Interest and lending economics on EV purchase and refinance loans; the company states it does not apply rate markup or surprise fees.