Tesla has introduced a new financing option for its online shop items through a partnership with Klarna, making accessories more accessible to customers in the United States.
According to the details of the program on Tesla’s website, the best financing option allows customers to split the cost of products into four payments over a six-week period with 0% APR. For example, if a customer wants to purchase the Tesla Model Y Air Mattress, priced at US$225, the new Klarna payment option would break down the purchase into four manageable payments of $56.25, due every 14 days, or two weeks.
The initial payment of $56.25 is required at checkout, followed by additional payments every 14 days, making the total cost remain at $225, spreading out the cost without adding any interest or hidden fees.
Most Tesla owners probably won’t need to finance the less expensive items like the new High-Definition Project Lights. However, this financing approach may be ideal for more expensive items, like the Cybertruck Winter Wheel and Tire package, priced at US$3,000. For purchases of this size, customers can still opt for the “Pay in 4” plan with 0% APR, paying US$750 every two weeks.
You can also opt for a longer financing plan, but Klarna hits you with very high interest rates, as much as 33.99% APR. In this case, a 24-month plan at 33.99% APR would translate to monthly payments of just US$152.67, but the total amount you end up paying is US$3,664.16, or an extra US$664.16 in interest.
While not for everyone, this financing option provides customers with the flexibility to choose between short-term, interest-free plans, and extended financing options that come with varying APR rates, depending on their credit profile. This approach provides more accessible ways for customers to purchase accessories for their cars, without impacting their immediate cash flow.
The Klarna financing option is not available in Canada.
