Bank of America to Finance Tesla Roadster

The all-electric Tesla Roadster comes with a hefty $109,000 price tag, but Bank of America hopes to put the Roadster within reach of more than just the wealthy.

Bank of America will finance the purchase of Tesla vehicles for qualified borrowers. These customers will be eligible for a loan of up to 75% of the car’s value and will have up to five years to pay it off.

OK, so we really meant, “Bank of America hopes to put the Roadster within reach of the kinda-still-pretty-wealthy, too.”

Ken Bensinger of the Los Angeles Times helpfully points out that a 75% loan means you will effectively end up having to put down $30,000 once you account for sales tax and registration fees (though he’s assuming you’re an L.A. resident). The $7,500 tax credit won’t kick in until tax season.

Then all that’s left is to make your payments — with monthly interest, which at an annual rate of 5% could have you spending an extra $12,000 on a Tesla.

Still, if you really want a Tesla Roadster but don’t quite feel comfortable laying out $100 grand in this economy, that Bank of America loan might be your ticket.

Bank of America to Finance Tesla Roadster Purchases (Los Angeles Times)

Comments

I learned a lot about economics through this blog. A well-written reminder to all about the impending issues that we are all going to have to deal with (or are already dealing with) in this country in the years to come.

So BoA is going to finance cars for a bunch of Hollywood second class players?