Tesla (TSLA) announced that it secured up to $300 million in loans for its direct lease program

After market close today, Tesla (TSLA) announced that it secured a loan of up to $300 million with Deutsche Bank for its direct lease program. The company disclosed that the deal “significantly reduced” its cash requirements for its direct leasing program and therefore, it could reduce the amount of capital the company was planning to raise on the public market.

Last week, the company disclosed that it was currently planning another round of financing for Model 3 and Gigafactory. Tesla never disclosed how much they were planning to raise, but it has now apparently gone down because of the deal with Deutsche Bank.

According to a filing with the SEC, Tesla can draw from the loan until August 31, 2017, and it has to pay back the full amount by September 20, 2018. The interest rate adds up to  approximately 2.0%.

The automaker is conducting the deal through its financing arm, ‘Tesla Finance’, under which it offers direct leasing to customers.

Last month, Tesla confirmed that it was expecting the number of new leases to increase significantly by the end of the year. Not long after, the automaker introduced a new 2-year lease option that brought down the monthly cost of the Model S to $593. The special offer ends next week.

Earlier today, we learn that Elon Musk is confident that Tesla could achieve GAAP profitability during the current quarter. It would be a first in over 3 years.

We will not know until early November when Tesla will publish its Q3 financial results. The delivery numbers in early October will also give us a good indication.