Tesla is now offering 7-year financing on its cars

Tesla's configurator had just been updated and the company is now offering 7-year financing on its vehicles. This is just another attempt at stabilizing sales during this year's economic turmoil. Now, there's an 84-month loan option with an estimated APR of 6.39%.

Elon Musk has repeatedly stated that the increase in interest rate will negatively impact Tesla sales as people will be reluctant to take out a loan for big purchases like cars and real estate. To mitigate the issue to some extent, Tesla is now offering longer leases, which would reduce the monthly payment.

A Tesla Model 3 LR costing $48,880, for example, will require a downpayment of $4,500 and $655 per month for the next 84 months. We will see if this has had any effect when the next financial reports come in.

Source | Via