News.co.nz | 08.07.18 | 9:09 | 0 | 0 A new carmaker has revealed it is planning to offer guaranteed second-hand-price loans of up to $3,000.
The plan is part of a move to try to help plug in and reduce the cost of car ownership.
Tesla has been offering guaranteed loans of $1,000 or more since 2014.
The company said it would also be introducing a loan-to-value scheme which would see investors get an annual return of 10 per cent.
It is the latest in a string of attempts to reduce the costs of owning a car.
Tesla is already offering loans to those who need them, but they can only be used for new vehicles.
Tesla said it was considering offering loans for cars that were on sale or already on sale.
“It is extremely exciting that Tesla has made a commitment to help people buy and lease electric vehicles,” said Tesla CEO Elon Musk.
“We are also excited about the opportunity to offer loans to first-timers.”
The company has previously said it planned to offer $1 million to $5 million guaranteed loans.
Tesla said the loan guarantees would be for the first six months of a car’s life.
It said it expected to be able to offer a loan of $3 million to its new electric-vehicle fleet within the next three months.
Tesla said it had set a target to reach 100,000 vehicles by 2020, with another 20,000 in its “second tier” by 2026.
The announcement follows a similar move by the carmaker to offer its new cars with free internet for its first 500 customers.
Its latest moves follow the launch of a website offering its cars at discounted prices.
Tesla said it has already begun to offer the loans and was not planning to make any further announcements about the plans.
This is a developing story.
More to come.