You can drive away without spending money. The Tesla campaign, which lasted only three days, was canceled today. Let's talk about why you can drive away Tesla at no cost. It was on The first of November that Tesla issued a financial zero down payment loan policy, but today it has been offline, and now the minimum down payment is ten percent.
So let's talk about what impact Tesla's financial policy has on peers, or that sentence, and make the information open and transparent. To be honest, the information on loans is not open and transparent. I will take the example of my friend buying a car, he bought a gasoline car, or the kind of century-old joint venture, ah, the financial policy is good, three years interest-free, and it is manufacturer finance. But the four-s store has to charge some fees, right? There are handling fees, GPS fees, and the like. When you pay the money, there is one thing, that is, the down payment you can swipe the card, but these fees have to scan the code, you taste this thing, why can't this money be paid together?
Now Tesla has introduced a financial policy, particularly transparent, as everyone knows. Tesla sells cars without dealers, saying that if you want to buy you go to the official website to customize, just like you buy an iPhone on the Internet, the official website looks at the color, such as 1TB Yuanfeng Blue, I want to install, and then he will write you all the costs on it. In addition to the down payment, monthly payment, loan, and number of periods, there is also a small detail that in addition to the annualized rate, there is also an annual interest rate equivalent. Why is this written in small details? Because now a lot of loan salesmen tell you, ah, what is our interest rate, how much and how much, he is talking about the annual interest rate. For example, if I borrow 100,000 yuan, the interest rate for a year is 6,000 yuan, and he tells you that my annual interest rate is 6%, but in fact, it is not, because the loan is generally compound interest, what is compound interest? For example, if I borrow 100,000 cents for three years, and pay back 33,000 in the first year, the interest is collected according to the principal of 100,000, but in the second year, in fact, my principal has been left with 66,600, and its interest is still calculated according to your 100,000 principal. When it is still in the third year, theoretically I have more than 30,000 yuan left to pay it back, but its interest rate is still calculated according to 100,000 principal, so according to compound interest, the annual interest rate he said and the actual annual interest rate are not the same.
Tesla took all of it. These are all written clearly for you there, are you still afraid of it? You take a screenshot, right? Don't be afraid of him playing word games with you. And although the down payment is now ten percent, it is still relatively low compared to some car loans. If you are like the average loan company, how to give you a low down payment? One case, high invoicing, right? You put the high money in the loan and lend more to you to make a low down payment. Another situation is a car to do two loans, many friends said oh this car is now mortgaged big green book, how to do two loans? Since it can be operated, 80% may not be the right way, so the interest rate cannot be lower. There is also a lot of fees they charge you, but Tesla's ten percent is quite an impact on your peers.
So do you think it's worth it to pay such a low down payment on a car loan? If you are handing over cash flow, of course, it is cost-effective, if you say that you want to repay in advance, it may not be very cost-effective, because although the amount of equal principal and interest is the same every month, but its composition is not the same, maybe your main components in the previous periods are all interest, such as three years of loans, you do not have one year after you pay back. Pay back to one-third of the principal, maybe most of you are paying back the interest, at this time you want to repay the interest is also paid, but also to return the principal to others, you are not worth it. And before making a loan, I asked clearly, what is the liquidated damages for repayment, and some companies are five percent, so you still have to pay a part of the liquidated damages for repayment. When it comes to buying a car, will you choose the full amount or the loan?