Financing Term and Money Down

Financing Term and Money Down

Has Tesla changed their financing terms? To get the 72 month term you need to put down 15%. I would rather put down 10% but want the longer term. Any other options?

jbunn | June 12, 2013

Tesla doesn't do financing, but refers you to commercial lenders. Try PenFed. Great rates.

And no, you do NOT want a longer term if you have higher interest. Don't look at the payment. Look at the total amount paid over the life of the loan. 5% difference on a car like this is 4K. Better to save another month or two.

Mathew98 | June 12, 2013

Alliant Credit Union offers new car loans at 1.49% for up to 72 months.

cmaso | June 12, 2013

Robert Hardy
Relationship Advisor
Alliant Credit Union
San Mateo & SFO Airport Offices
toll free: 800.328.1935 ext. 3705
direct: 773.462.3705
fax: 773.462.3719

Very responsive. I ended up doing 60 months with USAA, they were willing to match the 1.49%, but only on 60 months (which is all I was looking for). They will do 100% financing as well...

teslamonkey | June 12, 2013

Thanks guys. Does Alliant do loans other than CA? (I'm in Illinois)
I was looking at the Tesla-sponsored loans because of the option to turn the car in after three years

Xerogas | June 12, 2013

@ teslamonkey

Yes, Alliant seems to be happy to loan to people just about anywhere

irishstoutaz | June 12, 2013

Alliant will do loans in all 50 states. We are in AZ and used them and was a very easy process. You can go with any term you want up to 72 months. We went with 60 at 1.49%.

We worked with Jason Freese at 800-328-1935 ex 2164 or via e-mail

Vicelike | June 12, 2013

I think the turn in feature is worth having.

Who knows the rate of progress in battery techology may make today's best car obsolete in both power, range and performance and cost in three years.....

its nice to know you can put your car back to Tesla at a resonable price so you can afford to trade up.....

lightbody_s | June 12, 2013

I'm doing the Tesla financing program (just paid my down) so I have the resale guarantee. I know the odds of Tesla collapsing are stupid small, but it's a nice little perk. I plan to pay off the loan after 6 months, so 2.9% for 60 months basically comes out to ~$1k in interest paid on a ~$73k loan. I figure 1.4% for the ability to get ~50% of the car value back should things go south badly is a nice insurance.