Electric vehicle giant Tesla has found a new credit union partner that will help drivers shrink their monthly payments as interest rates continue to soar.
Tesla has steadily reduced its prices as interest rates have increased to maintain demand for its EVs. Now, the company will partner with Origence, a credit union, in order to help customers purchase EVs with credit union financing.
"Origence, the leading credit union lending technology company in the U.S., and Tesla, the largest EV manufacturer in the world, announce a partnership to offer credit union financing to EV buyers through the Tesla website," the credit union announced, as reported by Electrek. "This partnership will provide Tesla buyers seeking affordable monthly payments with more options through credit union financing."
For the Model Y, Tesla currently offers $4,500 (10%) down, 6.69% APR over 72 months. With the new partnership with Origence, the company may begin offering lower interest rates — but only time will tell.
The move should help combat the high interest rates that CEO Elon Musk has repeatedly decried.
"I'm worried about the high interest rate environment that we're in," Musk said in October's earnings call. "I just can't emphasize it enough that for the vast majority of people, buying a car is about the monthly payment. And as interest rates rise, the proportion of that monthly payment that is interest increases naturally. So if interest rates remain high, or they go even higher, it's that much harder for people to buy the car."
Tesla is continuing to make significant advances in the EV industry. As Tesla expands operations worldwide, the company may be exploring revolutionary manufacturing improvements that will streamline production. The company is also allowing drivers to charge their vehicles with solar energy.
Making EVs more affordable is a key step in fighting the dangerous overheating of our planet. EVs contribute significantly less pollution than traditional gas-guzzling vehicles, which produce around 3.3 billion tons of carbon pollution every year, according to Statista.
So, the more people who make their next car an EV, the better.
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