Hyperdrive
Tesla Starts Offering 84-Month Loans as Interest Rates Rise
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Tesla Inc. has started offering consumers 84-month auto loans after Elon Musk said the carmaker would “have to do something” about rising interest rates.
The company now includes seven-year loans as an option on its US order pages, after previously offering loans as long as 72 months. While extending loan terms can lower car buyers’ monthly payments, consumers tend to pay more in interest and face greater risk of owing more than their vehicle is worth.