Credit Score Requirements
| Tier | Credit Score | Money Factor (36mo) | APR Equivalent | Monthly Payment* |
|---|---|---|---|---|
| Tier 1 | 720+ | 0.00210 | 5.04% | $564 |
| Tier 2 | 680โ719 | 0.00230 | 5.52% | $594 (+$30) |
| Tier 3 | 640โ679 | 0.00260 | 6.24% | $634 (+$70) |
| Tier 4 | Below 640 | 0.00300+ | 7.20%+ | $684+ (+$120+) |
Approval is still possible with a co-signer, larger down payment (20-30%), or by taking over someone's lease. Expect higher money factors.
Income Requirements
Tesla doesn't publish a minimum income, but lenders look at your debt-to-income ratio. Here's what typically works:
Income Needed by Model
Debt-to-Income Ratio (DTI)
Lenders prefer your total monthly debt payments (including this lease) to be below 45% of your gross monthly income.
| DTI Ratio | Likelihood of Approval |
|---|---|
| Below 36% | Excellent โ likely approved |
| 36-45% | Good โ usually approved |
| 45-50% | Fair โ may require higher score |
| Above 50% | Difficult โ co-signer may help |
Required Documentation
Employment History
- Preferred: 2+ years at current job
- Minimum: 6 months at current job, with prior employment history
- Self-employed: 2 years of tax returns typically required
- Recent graduates: May qualify with offer letter and proof of degree
Co-Signer Requirements
A co-signer with good credit (720+) can help you qualify or get better rates. The co-signer must:
- Meet credit and income requirements themselves
- Be jointly liable for the lease
- Provide the same documentation
Lease Transfer Requirements
If you're taking over someone's lease, Tesla still runs a credit check. Requirements are similar:
- Credit score typically 650+
- Income verification may be required
- $595 transfer fee applies
- Original lessee must be in good standing
Business Leases
If leasing through a business, you'll need:
- Business tax ID (EIN)
- Business bank statements
- Articles of incorporation or business license
- May require personal guarantee if business credit is thin
Special Circumstances
Recent Bankruptcy
Typically need 2+ years since discharge. Larger down payment may help.
No Credit History
Possible with a co-signer or large down payment (30%+). Some lease takeovers may be easier.
International Applicants
Tesla leases are only available to US residents with valid Social Security numbers.
Frequently Asked Questions
650+ minimum typically, 720+ for best rates. Lower scores may qualify with co-signer or larger down payment.
Your payment should be โค15-20% of gross monthly income. For Model 3, about $34k-$45k/year.
Yes. Tesla performs a hard inquiry when you apply for a lease.
Possible with a co-signer or large down payment (30%+).
Usually instant to a few hours once you submit your application.
Yes. The co-signer must meet credit and income requirements.
Sources: Tesla lease applications, community-reported approvals, lending industry standards. Current as of April 2026.