![]() You’ll need to have a solid credit score, and you should shop around for the best finance deal you can find. What’s the way to get the best interest rate on any personal vehicle loan? Buy a new car, as they have historically provided the lowest interest rates. What’s Important to Know When Buying a Tesla For example, Ford’s 6-year interest rates for the Mustang Mach-E can be as high as 5.9% APR on the GT trim. Tesla’s financing rates do undercut other EVs, even in this fluctuating marketplace. Tesla sold 200,000 all-electric vehicles in August, 2018. US federal tax credits for plug-in electric vehicles have a volume threshold, so, as soon as a company sells 200,000 plug-in electric vehicles in the US, the federal tax credit starts to get phased out over the coming year. Note: Just so you know, a Tesla purchase doesn’t qualify for a US federal $7,500 tax credit. The Tesla quote includes a $1,200 destination fee but excludes taxes and other fees, and, who knows? Maybe you’d get some kind of EV rebate. That means a nearly $50,000 Tesla Model 3 when financed at 2.99% for 72 months would cost about $4,500 extra in interest. Tesla’s online payment calculator reveals that its vehicles are available for finance with an interest rate of 3.24% APR. For most individuals, a car loan is the logical step toward Tesla ownership. Tesla lending is available for approved applicants, depending on state.
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