Tesla Offering Auto Loans With 7-Year Financing In USA — And Why
report. In addition to the 84-month financing option in the U.S., Tesla has also added the option for a 96-month loan in Canada, largely due to rising interest rates, according to Musk.
Longer loans tend to mean paying more in interest in the long run, despite them also lowering monthly payments for buyers in comparison with shorter loans. The news also comes after Musk has criticized rising interest rates and the Federal Reserve in the past, even saying last November that the bank’s rate increases were “massively amplifying the probability of a severe recession.”
In the second quarter of this year, Tesla delivered a record 466,140 units. Though, some also note that the company has outproduced its deliveries for the past five quarters. Following the Q2 earnings call and Musk’s statements that the automaker may have to lower the price of its cars, Tesla shares have trended down, currently trading at $263.43 for a 0.70% drop during Tuesday trading hours. [
“If interest rates continue to rise, that reduces the affordability of cars. And for a lot of people, they’re really kind of just barely breaking even every month,”
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