I was looking to buy a model 3 standard range plus for $33k after the $5k ev rebate. I estimated conservatively that after three years the market value would be 20-23k.
I want to do some sort of balloon financing to create a lease like payment structure for the first 36 months and then sell it at the end of the three years.
I think the value could be as high as 28k which would cut the monthly cost to around 170 a month. Either way it’s a risk I’m willing to take on.
The problem I’ve run into is finding a suitable balloon payment type loan. I’ve called multiple credit unions most either didn’t offer any or had crazy high rates.
The best I got was 2.99% from Penfed on a 36 month balloon loan. I had read that they don’t offer these loans on electric vehicles and was pleased to hear from the phone rep that do actually do them. After a few minutes of back and forth she clarified that while they do offer balloon loans for most ev’s, Teslas specifically are excluded.
Does anyone have any experience or knowledge of a credit union or bank that offers balloon auto loans at a decent rate?