Tesla making it easier to buy electric cars, giving loans with 7-year terms

ByVarsha Sharma|Updated on:24-Jul-2023 03:13 PM

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Updated on:24-Jul-2023 03:13 PM

12,900 Views

Tesla is now making the electric cars buying journey more easier for the buyers, offering 7 year term loan.

Tesla making it easier to buy electric cars, giving loans with 7-year terms

The company, which previously offered a loan of up to 72 months, now has a seven-year loan option on the US order page. Extending the loan term can reduce the monthly payment for car buyers.

Musk tweeted in November that central bank rate hikes "raise the possibility of a major recession." The upcoming deflation forecast has yet to come true.

Musk said in Tesla's July 19 earnings call, "When interest rates go up, we have to lower the price of the car because the interest rate increases the price of the car. So we have to do something about it."

Tesla in India

Government officials confirm Tesla will not receive special treatment in India. While 84-month auto loans were profitable, the market slowed earlier this year, according to credit reporting firm Experian.

About 34% of 4,444 new auto loans in the first quarter had maturities longer than six years, down from 38% a year ago.

Tesla delivered a record 466,140 vehicles in the three months to June, but sales were lower than production in the previous five months. Shares fell after Musk said on a conference call this week that the company should cut prices if margins improve.

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