That’s it, you’ve made up your mind! You want a Tesla! The problem is that obviously, this type of vehicle is quite expensive. Here’s how to finance your Tesla: take out a green vehicle loan!
What is a green vehicle loan?
This bank loan intended for individuals allows the purchase of new or used vehicles, new electrically assisted bicycles, or motorized personal transport devices (EDPM). The “ecological car loan” is at a fixed rate and constant maturities. The Annual Effective Annual Rate (APR) is generally around 1% interest.
The conditions for financing a Tesla with a green vehicle loan
Obviously, the first condition for signing a bank loan for the purchase of such a car is your ability to repay your future debt. Find out and check that you will have enough to repay over time.
Then, the car must be eligible for the ecological bonus and/or the conversion bonus. This is very good, Teslas, including new ones, are classified as “zero emissions” and are therefore eligible for these two aids. Aid that will allow you to reduce the final price of your dream car. Here are the other criteria:
Ecological Bonus:
- Be of legal age and domiciled in France
- The car must be purchased or leased for at least 2 years
- It must be registered in France in a definitive series
- Not be sold within 6 months of purchase or rental, or before having traveled at least 6,000 km
Other aids to finance your Tesla
For the conversion bonus, it is a little more complex: all the information is on the Public Service website; to finance his Tesla, these aids are obviously welcome. The information there is official, up-to-date, and quite clear, so take the time, it can really be worth the cost (it’s the case to say it!).
Also, there is a help page on the Telsa site which lists all the public aid, with for example tax exemptions, tax credits, and other more specific local aid.
Financing your Tesla: how much will the loan cost you?
Let’s do a little simulation of what a green vehicle loan could cost you. Let’s start with the Tesla Model 3, the cheapest model: without options and without bonuses, it is found at €46,990. The desired amount of the loan will be the same: it is easier for the simulation, but the amount will be different according to your needs. If we start from a green vehicle loan with an APR of 1% that you would repay over 5 years, that would make 60 monthly payments to be paid which would be just over 810€. The repayment period can obviously be longer if necessary, it will depend on the banks. The interest (included in the monthly payments) would be a total of just over €1,200. Administrative fees can sometimes be added to a green vehicle loan.
