The most popular financing option for a new Tesla is a $300,000 mortgage and the best deal on a $700,000 vehicle is a loan of up to $400.
However, Tesla and the lenders that are part of its loan-buying program are asking lenders to make adjustments to their loan terms for the new Model S.
The lenders, who are participating in the new program, are asking that they allow the lender to increase the APR on loans made to buyers who qualify.
The lenders are asking the lenders to add the cost of the car loan, not the loan, to the loan amount, as a way to keep a low APR for the borrower, according to a statement released by the lenders Monday.
The new loan terms include a $600,000 down payment and no monthly payments on the loan.
Tesla also has an optional $500,000 option for borrowers who qualify with the same type of vehicle, but it’s capped at $3,000.
The lenders also are adding the cost to the first $1,000 of the loan to reflect the higher APR, the statement said.
Lenders will be allowed to adjust the APR, but the change won’t affect the rate at which the vehicle is financed.
The rate of interest is set by the federal Consumer Financial Protection Bureau, which is part of the U.S. Department of Housing and Urban Development.