Calculating Our Fisker Ocean Monthly Payment

We checked out the latest auto loan rates to start exploring how we are going to finance our Fisker Ocean One.

Fisker Ocean with Night Drive exterior, Black Abyss Plus, and 22" F3b SlipStream Wheels in black.
Fisker Ocean with Night Drive exterior, Black Abyss Plus, and 22″ F3b SlipStream Wheels in black.

Today, we began thinking about our options to pay for our Fisker Ocean One. Since our electric SUV build is locked, this is really the next step for us in the process of Fisker Ocean ownership. It won’t be long before we need to secure funding for our limited edition launch vehicle. Currently, our estimated delivery quarter provided by Fisker is Q2 2023.

Originally, we planned on paying cash for our Fisker Ocean One. That’s no longer the case. We are going to need to come up with a lot more funding now to purchase our Fisker Ocean with the value of our used cars falling off a cliff. Anyone who planned to sell their used car to fund their Fisker Ocean is in the same boat as us. There are a handful of ways we could finance our Fisker Ocean.

  • Fisker Finance
  • Auto loan from a bank or credit union
  • Fisker Flexible Lease
  • Personal loan
  • Paying cash

Of course, the best option depends on individual financial situation, credit score, and personal preferences. It is always recommended to compare offers, understand the terms, and to calculate the total cost before making a decision.

Used Car Values

Like a lot of people, we plan to sell our current used car to help fund the purchase of our Fisker Ocean. When we pre-ordered our Fisker Ocean One in July 2022, the used car market was booming. At the time, used Tesla Model 3s were selling at an all-time high — most cars were. In fact, we received a cash offer for $62.5k. Fast forward 6-months and the used car market is in the toilet. The value of our used car is now worth about 25% less. That means we are going to need to finance a lot more of our vehicle than we originally planned — wah wah wah!

Financing Our Fisker Ocean One

Financing our Fisker Ocean One.
Financing our Fisker Ocean One.

In July 2022, Fisker announced Fisker Finance. At this time, we still don’t have a whole lot of information about the financial product Fisker plans to offer. All we know is that Fisker will offer competitive rates. That said, there are a lot of banks and credit unions that offer auto loans too. Last Summer, we looked into the cost of financing a Fisker Ocean Sport. Since then, auto loan rates have nearly doubled!

Now, we haven’t looked at auto loan rates since the beginning of Summer 2022. At the time, the APR on a 60-month auto loan from Chase Bank was 4.49% with excellent credit. The APR for an auto loan with the same term and credit rating is now 6.24% as of this afternoon. At the time we never priced out the cost of financing our Fisker Ocean One. However, we completed that exercise today.

After checking out auto loan rates at our local credit union they are lower than Chase Bank. However, we thought our local credit union would offer a much better rate. Unfortunately, that’s not the case. For example, San Diego County Credit Union (SDCCU) offers members auto loans with an APR of 5.49% for 60 months with excellent credit.

Rates are definitely better at our local credit union, but not by that much. For instance, SDCCU’s APR is only 0.75% lower than what Chase Bank offers today. In all likelihood, we are going to use Fisker Finance to fund our Fisker Ocean One — assuming the APR is similar to what Chase Bank publishes on their website for financing similar electric vehicles.

Calculating Our Monthly Payment

Fisker Ocean One
Fisker Ocean One.

At this very moment, the purchase price of our Fisker Ocean One is $68,999 with Night Drive exterior, Black Abyss Plus interior, and 22″ F3b SlipStream wheels in black. Originally, we put down $250 to reserve our Fisker Ocean. Then, we put down a $5,000 non-refundable deposit to pre-order our Fisker Ocean One back in July 2022. That means a total of $5,250 will come off the total purchase price.

In order to calculate our monthly payment we had to make some assumptions. For example, we will be financing $63,749 ($68,999 – $5,250) plus we plan to include sales tax (10.5%), title, registration, and other fees ($709) into our loan. Furthermore, we’re assuming we sell our used car after taking delivery of our Fisker Ocean One. Additionally, we will use today’s APR rate of 6.24% for a 60-month loan published by Chase Bank to calculate our monthly payment.

Our Monthly Payment

As you can see, below is a breakdown of our hypothetical auto loan. 86% of the auto loan is principal ($71,151.65) and 14% is interest ($11,859.25) for a total of $83,010.90. At the end of the day, our monthly payment for 60 months would be $1,383.51. This is the largest car payment we’ve every had. In fact, the Fisker Ocean One is going to be the most expensive vehicle we’ve every purchased.

Total Loan Amount$71,151.65
CA Sale Tax (10.5%)$6,693.65
Title, Registration, and Other Fees$709
Total of 60 Loan Payments$83,010.90
Total Loan Interest$11,859.25
Total Cost (price, interest, tax, fees)$83,010.90

Annual Amortization Schedule

In the past, making extra payments on our car loan helped reduce the total amount of interest we paid over the life of the loan. This can potentially lower our overall cost of the loan and help us pay off the loan faster. It will be important to check with our lender (Fisker Finance/Chase Bank) to see if there are any restrictions on making extra payments, such as minimum payment amounts or payment frequency. We will be able to start making extra payments if/when we sell our used car.

 Beginning BalanceInterestPrincipalEnding Balance

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6 thoughts on “Calculating Our Fisker Ocean Monthly Payment

  1. A borrower is a slave to the lender and that is a huge monthly obligation, especially in a recession. New car prices are declining as well as used. Everything has changed now as interest rates keep rising. Ford just offered $5700 off the Mach E in response to Tesla and Fisker will have to adjust also. I also wonder how much the insurance will be on this thing as those rates are skyrocketing too.

  2. Don’t think Fisker will drop prices for Fisker one orders as we are already bought, may be for future orders Btw you did not include the $7500 credit we are eligible for booking in July 2022. Any idea how the credit would be applied?

What are your thoughts?