Tesla has confirmed that it has secured a loan of up to $300 million for its direct lease program courtesy of Deutsche Bank.
In August, Tesla announced the expansion of its leasing program with the inclusion of a 2-year lease for the Model S and Model X, believed to been implemented to get Model 3 purchasers into the brand before deliveries of the entry-level model commence.
The flexibility of the loan from Deutsche Bank means the electric automaker can completely withdraw from the loan until August 31, 2017 or will have to pay back the borrowed amount by September 20, 2018 at just 2 per cent interest.
By securing the loan rather than outlaying all the money immediately, Tesla will be able channel more of its funds into the building of its Gigafactory as well as the development and eventual production of the Model 3.
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