Tesla Finance questions...

[Teslitored]

Hi,

I would like to place the order and lock the price now. I can put some money for downpayment and planning to make extra monthly payments...also I'm expecting to have more money next year so I can pay down the loan... question:

1. Will the extra payment be applied to the principal of the loan ???

 

[el-guapin]

It will depend on your loan provider. Most lenders will apply any extra funds to interest first then the principal.

 

[Teslitored]

Ok but.....What about Tesla finance specifically???

 

[offwhitevlone1]

Ok but.....What about Tesla finance specifically???

I just financed through “Tesla” and in reality it’s Wells Fargo.
It also depends on location. In Colorado, they can only charge you interest for the time that the loan was in payment - so if I were to pay my car off tomorrow, I would save on interest.