Tesla, BofA working on financing plan

July 15, 2009 1:50:06 PM PDT
San Carlos-based Tesla Motors and Bank of America are trying to make the company's new all-electric car a bit more affordable.

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The Tesla roadster costs about $109,000, which is out of the range of most buyers.

But Bank of America has set up a new financing plan allowing loans of up to 75 percent of the cars' value for qualified borrowers and five years to pay it off.

Buyers would still have to come up with $20,000 for a down payment and that doesn't include $10,000 in sales taxes and fees.

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