The primary payment plan Tesla has implemented with Klarna is a 6-week, 0% APR option. Under this plan, customers can divide the total cost of their purchase into 4 equal payments, due every 2 weeks.
Tesla has recently introduced a new payment plan option through its partnership with Klarna, a leading financial technology company. This innovative offering allows Tesla customers in the United States to spread the cost of their purchases from the Tesla Shop over multiple interest-free installments.
For example, if a customer wants to purchase a $550 Tesla Wall Connector, the payment schedule would be as follows:
| Payment | Amount |
|---|---|
| Today | $137.50 |
| In 2 weeks | $137.50 |
| In 4 weeks | $137.50 |
| In 6 weeks | $137.50 |
This structure enables buyers to enjoy their Tesla purchases immediately while spreading the financial burden over a short 6-week period without incurring any additional interest charges.
In addition to the 0% APR 6-week plan, Klarna also offers Tesla customers alternative payment schedules with interest rates ranging from 7.99% to 33.99% for 6-month or 12-month terms. These options provide greater flexibility for those who need longer repayment periods, though at a higher overall cost.
| Plan | Payment Schedule | Interest Rate |
|---|---|---|
| 6 Weeks | 4 Biweekly Payments | 0% |
| 6 Months | Monthly Payments | 7.99% to 33.99% |
| 12 Months | Monthly Payments | 7.99% to 33.99% |
The introduction of these payment plans is a strategic move by Tesla, as it aims to make its higher-priced products, such as the Cybertent, more accessible to a broader customer base. By allowing buyers to pay over time, Tesla is effectively lowering the barrier to entry for some of its more premium offerings.
Interestingly, the payment plan options are currently limited to the Tesla Shop in the United States, with no indication of expansion to other regions just yet. This suggests that Tesla may be testing the waters with this new initiative before potentially rolling it out globally.
One notable absence in the announced payment plan options is a similar deferral program for Tesla’s Full Self-Driving (FSD) feature, which currently costs $8,000 as a one-time purchase. Given the high upfront cost of FSD, a payment plan could potentially make this advanced driver-assistance technology more accessible to a wider range of customers.
The introduction of these payment plans coincides with another significant development in the fintech space. Klarna, Tesla’s partner in this endeavor, has recently filed for an initial public offering (IPO) in the United States. This move signals Klarna’s ambitions to expand its presence and solidify its position as a leading player in the deferred payment market.
As Tesla continues to innovate and diversify its product offerings, the new payment plan options could play a crucial role in driving customer engagement and sales, particularly for more premium products. Additionally, the potential for a similar plan for the FSD feature could further enhance the accessibility and adoption of this advanced technology.
