does tesla offer 84 month financing

Cruisin’ into Ownership: Does Tesla Offer 84-Month Financing?

So, you’re dreaming of cruising down the road in a sleek Tesla, powered by cutting-edge technology and leaving zero emissions in your wake. But with a price tag that can make your heart skip a beat (in both excitement and apprehension), you might be wondering about financing options. Specifically, are those long, dreamy 84-month loans an option for your electric chariot?

Here’s the deal: Tesla doesn’t directly offer 84-month financing terms on its vehicles. They typically partner with third-party lenders to provide financing options, and these options generally range from 36 to 72 months.

Now, before you hit the brakes on your Tesla dreams, let’s explore why this is the case and what alternatives you can consider:

Why Not 84 Months?

Tesla focuses on encouraging quick adoption of electric vehicles. Offering shorter loan terms aligns with this goal because it leads to quicker repayment and a faster turnover of vehicles. This approach helps Tesla maintain its competitive edge in the rapidly evolving EV market.

Exploring Your Financing Options:

While Tesla doesn’t directly offer 84-month financing, don’t despair! You still have several avenues to explore:

1. Shop Around with Lenders: Don’t limit yourself to Tesla’s partners. Reach out to various banks, credit unions, and online lenders specializing in auto loans. Some might be willing to offer longer terms, potentially up to 84 months. Be prepared to compare interest rates and loan conditions carefully.
2. Consider a Down Payment: A substantial down payment can significantly reduce the loan amount and potentially open doors to longer financing options.

3. Explore Lease Options: Leasing a Tesla might be an attractive alternative if you’re looking for lower monthly payments. While lease terms typically range from 36 to 48 months, they offer flexibility without committing to long-term ownership.

The Pros and Cons of Longer Financing Terms:

Before jumping into a longer loan, weigh the pros and cons carefully:

Pros:

* Lower Monthly Payments: Stretching the loan over a longer period reduces your monthly payments, making it easier to manage within your budget.

* Greater Affordability: Longer financing terms can make a Tesla more accessible to buyers with tighter budgets.
* Flexibility: You may have more flexibility in case of unexpected financial challenges.

Cons:

* Higher Total Interest Costs: Paying over a longer period means accumulating more interest, resulting in a higher overall cost for the vehicle.
* Being “Upside Down” on Your Loan: With depreciation factored in, you might owe more than the car is worth for a significant portion of the loan term.

Making an Informed Decision:

Ultimately, the decision comes down to your individual financial situation and priorities. Carefully consider:

* Your Budget: Can you comfortably afford the monthly payments over the chosen term?
* Interest Rates: Compare rates from different lenders to secure the best deal possible.
* Long-Term Goals: Do you plan on keeping the Tesla for the entire loan term, or are you considering selling it sooner?

Remember, owning a Tesla is an exciting prospect. By exploring all your financing options and making an informed decision based on your individual needs, you can drive away in the electric car of your dreams with confidence.