Tesla Lease Requirements: Credit Score & Income (2024)
1 in 3 Tesla lease applications get denied — usually due to credit or income issues. Here's exactly what Tesla Financial looks for, and how to strengthen your approval chances.
Check Your Pre-QualificationTesla Lease Credit Score Tiers
720+
Excellent
0.0025 MF
680-719
Good
0.0035 MF
640-679
Fair
0.0045 MF
Under 640
Subprime
Denied
Money Factor (MF) is Tesla's version of an interest rate. Lower = better.
Income Requirements
Tesla doesn't publish minimum income limits, but our data shows:
Income Calculator
Your monthly lease payment should be ≤15% of your gross monthly income.
Example: For a $499/month Model Y lease, you'd need:
$3,327/month ($39,924/year) gross income
Formula: (Payment × 100) ÷ 15 = Minimum Monthly Income
Required Documents
Approval Checklist
- Proof of income: Recent pay stubs (2 months) or tax returns (self-employed)
- Driver's license: Valid and not expired
- Insurance: Must meet Tesla's coverage requirements
- Residence proof: Utility bill or lease agreement
3 Ways to Improve Approval Odds
- Reduce debt-to-income ratio: Pay down credit cards below 30% utilization
- Consider a co-signer: Adds stronger credit to your application
- Make a larger down payment: $7,500+ down helps offset credit risk
💡 Special Case: Business Leasing
Corporations can lease without personal credit checks, but need:
- Business license (2+ years old)
- Business bank statements
- Commercial insurance