What is Tesla finance?
Enlarge/Tesla’s financing model differs from the way most other automakers finance cars.
Here are the key differences: The Model S and Model X are Tesla’s flagship models.
They are available for $35,000 in all.
All the cars have a $4,500 financing option, which is an option that’s not available for the Model 3.
Tesla says it can help finance up to $100,000 worth of a car.
The company also offers a credit card financing option for $25,000 per month.
But there are limitations.
If you go with a credit company that’s a “preferred” bank, for example, you can’t use it to pay down your loan.
Also, if you go into debt by purchasing a vehicle with a loan, you may be subject to interest charges and late fees that go into effect when you repay the loan.
(Read about Tesla’s credit card policy.)
The company doesn’t have any annual interest rate requirements.
Tesla also doesn’t require that you pay down the balance on a car over time, so you can make the car more affordable by simply taking a smaller amount out of your paycheck to cover the cost of the car.
You can get a “bulk buy” financing option if you need to borrow more money for the car’s cost.
The finance plan includes monthly payments of $5,000, which Tesla says you can choose to pay off with a monthly payment of $15,000 or $25 and still have the car at its advertised price.
And if you get a loan for a car that is financed by a credit union, you are also able to apply for an exemption to the monthly payments from the $15.00 to $25.00 monthly payment limit.
The Model 3 is still available for lease for $34,000 and the company says it’s available for sale now for a lower price of $28,000.
But Tesla is working to reduce its pricing of the Model X and Model 3 as it works to lower costs for its customers.
Tesla has announced it will offer a cheaper, all-electric version of the sedan and the Model S. But the company has not said how many of those cars will be made or when that will happen.
More: How Tesla could raise more money and sell more cars to customers, analysts say