Tesla Motors said Tuesday that Bank of America will provide financing for purchases of its all-electric Roadster sports car. Tesla said it expects the financing option to make the Roadster affordable for a larger number of people. For example, a customer approved for a five-year loan on a base model Roadster could put down $20,000 before taxes and net of a U.S. federal tax credit and their monthly payment would be about $1,700 at a 5 percent annual percentage rate, Tesla said. The car currently has a starting sticker price of $109,000. The loan's actual annual percentage rate will be dependent on individual customer credit and history, the automaker said. Bank of America will directly finance, document and service Tesla vehicle loans for customers. Financing is available for up to 75 percent of the total vehicle purchase price, Tesla said. Tesla said it also plans to offer financing for its Model S sedan closer to its expected production start in late 2011.
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