Can You Get a Loan to Buy a Tesla?
3 Answers
You can get a loan to buy a Tesla. Here is some additional information: Introduction: Tesla is an American electric vehicle and clean energy company that manufactures and sells electric cars, solar panels, and energy storage systems. Headquartered in Palo Alto, California, the company was named "Tesla Motors" by its founders. The CEO of Tesla has stated that the company strives to provide affordable pure electric vehicles for everyday consumers. Tesla's vision is to accelerate the world's transition to sustainable energy. Automotive Products: Tesla's first car model, the Roadster, was launched in 2008 as a two-door sports car. In 2012, Tesla introduced its second model, the Model S, a four-door all-electric luxury sedan. The third model, the Model X, is a luxury all-electric SUV, with deliveries starting in September 2015.
I just picked up my Model Y with a loan, and Tesla has its own financing options. You can drive away with a minimum down payment of 15%. Simply click on 'Financing Options' when selecting your car on the official website, enter your income and credit authorization, and the system will automatically match you with a partner bank. I got a 3.7% annual interest rate from China Construction Bank for a three-year loan with a monthly payment of 6,800. However, note that Tesla's partner banks may change—last year, ICBC offered a better rate at 3.2%. I heard that during promotional seasons, they often offer 1-2 years of interest-free financing, so remember to ask the salesperson for the latest offers before placing your order. Alternatively, you can also buy a Tesla with a credit card installment plan, which is suitable for those who don’t want a traditional auto loan.
Of course you can get a loan. My friend just financed a Model 3 through China Merchants Bank last month. Tesla has dedicated new energy vehicle loan channels with major banks, and the approval is faster than regular auto loans. But here's a heads-up: it's best to apply with two banks simultaneously. Xiao Zhang got rejected by Bank of China because his credit report had been queried too many times in three months, but SPDB approved 300,000 RMB the next day. Currently, the down payment for new energy vehicle loans is lower than for gasoline cars, starting from as low as 15%. If there are local car purchase subsidies, you can also stack them with loan discounts. By the way, pay attention to the prepayment penalty—some banks charge 3% of the remaining principal.
