The current economic situation is difficult for automakers: in addition to rising inflation, interest rates are rising rapidly, making the buying process more difficult for motorists.

Elon Musk’s company understood this well and strives at all costs to make its models more attractive, with new financing options: car loans for 7 years are now offered You are herefor their US customers who want longer repayment terms.

Tesla: car loan offers for 7 years

Tesla recently updated its US site to add a new financing offer for 84 months, i.e. not less than 7 years. However, other options are always available for 36, 48, 60 or 72 months.

For example, for the base Tesla Model 3, which is listed for $40,240 (not including any bonuses), the American manufacturer offers financing for 84 months or 7 years with a down payment of $4,500. This offer allows for monthly payments of $551 per month, with an interest rate of at least 6.39%. In the end, that means you’ll pay no less than $50,784 for your Model 3, and the total cost of the loan is $10,544.

For the $98,490 base Tesla Model X (not including any bonuses), the American manufacturer offers financing for 84 months or 7 years with a down payment of $4,500. This offer allows for monthly payments of $1,415 per month or an interest rate of at least 6.39%. In the end, that means you’ll pay at least $123,360 for your Model X, with a total loan-to-value of $24,870.

Tesla: quite expensive financing option

As you can see, there is a payment distribution for such a long period very expensive at the end of the term for a regular customer, even if the monthly payments seem more “soft” on paper.

This ability to pay over 7 years can also lead to sensitive default situations, so Tesla customers are interested in considering their financial situation before committing to sign a car loan for such a long period.

This rather delicate situation for the American manufacturer may well direct potential customers to the future small Tesla, the base price of which, according to the latest rumors, will be around 20,000 euros. But to date, this new, more affordable model, which could be called the “Model 2” or “Model C,” has yet to be officially unveiled by the brand.

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