Tesla Model Y APR Update – May 21, 2024 (US Only)

Posted on Tuesday May 21, 2024

Starting May 21, 2024, Tesla has updated the promotional loan rates for the Model Y in the United States. The adjustments are as follows:

• For loan terms up to 60 months: The APR remains unchanged at 0.99%.

• For 72-month loan terms: The APR has increased by 1%, now set at 1.99%.

• For 84-month loan terms: The APR remains steady at 2.99%.

What This Means for You

If you're planning to finance a Tesla Model Y, these new rates could impact your monthly payments and overall loan cost, especially if you are considering a 72-month term. The unchanged rates for the 60-month and 84-month terms provide stability for those preferring shorter or longer financing options, respectively.

Understanding the Changes

• 0.99% APR for ≤ 60 months: This rate is competitive and remains one of the best in the market for EV financing, making it a great option if you prefer lower overall interest costs and can manage higher monthly payments.

• 1.99% APR for 72 months: The 1% increase reflects current market conditions. This mid-range term balances monthly payment size and interest cost but will now be slightly more expensive.

• 2.99% APR for 84 months: For those seeking the lowest monthly payments, this unchanged rate provides predictability, though with higher total interest over the loan's life.

Making the Best Financial Decision

When choosing your financing term, consider both the monthly payments and the total interest paid over the life of the loan. For many, the 60-month term will offer the best value due to the lower APR, though the 84-month term may be preferable for those needing more manageable monthly payments despite the higher interest.

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