Tag: 1.99% APR

Key Takeaways

1. Tesla is offering a 1.99% APR financing rate for the new Long Range RWD Model Y, available until June 30 for eligible buyers.
2. A down payment of at least 15% is required, but the $7,500 federal tax credit can count towards this, allowing some buyers to purchase with little to no money down.
3. A 2.99% APR financing option with zero down payment is available for buyers who do not qualify for the tax credit.
4. The RWD Model Y offers a significant range of 357 miles per charge and is priced lower than the AWD variant, which previously had the 1.99% financing offer.
5. Tesla’s APR promotions cannot be combined with the $2,000 Model Y Loyalty Incentive, but can be combined with other discounts like referral credits or military discounts.

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After launching a 0% APR for the Cybertruck and Model 3, Tesla is now providing a financing offer for the most affordable Model Y variant, which also boasts the longest range.

Financing Details

Eligible buyers of the Model Y can now benefit from a financing rate of 1.99% APR on the basic Long Range RWD model that was recently unveiled, provided they receive their vehicle by June 30. The Model Y has become Tesla’s top-selling car and has just undergone a significant redesign. This financing promotion for the least expensive version looks like a strategic move to boost sales ahead of Elon Musk’s second-quarter earnings report.

Tax Credit and Down Payment

Tesla specifies that for the new Model Y RWD APR financing offer to apply, a down payment of at least 15% is required. However, since the $7,500 federal tax credit can be considered as part of this down payment, buyers can effectively purchase the Model Y with essentially no money down. For those who do not meet the tax credit requirements, Tesla provides an alternative. They can secure a 2.99% APR financing option with zero down payment on a Model Y.

Comparison with AWD Model

Previously, the 1.99% financing rate was only available for the Model Y AWD, which costs $4,000 more than the RWD variant that provides an impressive range of 357 miles per charge. Note that this AWD financing offer ends on June 16, while the RWD financing offer is valid until the end of June.

The APR financing options for the Model Y are applicable for all payment terms up to 72 months. This means the lowest monthly payment, with zero down for those eligible for the tax credit, comes out to $603. If a buyer makes a down payment of $3,999, the monthly payment drops to $544.

Additional Promotions

However, it’s important to note that Tesla indicates the APR deal cannot be combined with the $2,000 Model Y Loyalty Incentive for upgrades. Yet, other promotions such as referral credits or military discounts can be combined, further reducing the monthly payments for the Model Y.

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Key Takeaways

1. Tesla is offering a new 1.99% APR financing rate for the 2026 Model Y Long Range AWD, aimed at enhancing affordability.
2. Monthly payments for the AWD Model Y can start at $603 with a federal tax credit factored into the down payment.
3. The 1.99% APR financing is available for various loan terms but cannot be combined with Tesla’s $2,000 Loyalty Incentive.
4. A new Model Y RWD trim is introduced at $4,000 less than the AWD version, but it has a higher standard financing rate of 5.49%.
5. The RWD variant offers the longest range among Model Y options, and lower APR financing may be introduced for this model in the future.

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After rolling out a 0% APR financing option for the Model 3, Tesla is now enhancing the affordability of the Model Y with a new interest rate offer.

Financing Details

While this offer isn’t as enticing as the zero APR available for the Model 3, it’s still significantly lower than the rates applied to the Model S, Model X, or even the Model Y RWD. The new deal features a 1.99% APR financing rate specifically for the 2026 Model Y Long Range AWD. This is available to eligible buyers who have a strong credit rating and requires a minimum down payment, which can be partially covered by the federal tax credit.

Payment Options

For the AWD trim of the Model Y, which starts at a price of $50,990 before tax credits, monthly payments can begin at $603 when utilizing the federal subsidy as part of the down payment. This option is available for the longest term of 6 years, but the 1.99% APR promotional rate is also applicable for 36-, 48-, and 60-month terms.

However, it’s worth noting that this financing offer cannot be combined with the $2,000 Loyalty Incentive that Tesla currently provides to existing Model Y owners. Other promotions or credits from Tesla’s Refer and Earn Program can still be used alongside this new interest rate offer.

New Model Y RWD Trim

Tesla has also launched a more affordable Model Y RWD trim, which is priced $4,000 less than the AWD version, but it does not qualify for the 1.99% APR financing rate. Instead, the RWD variant is financed at the standard 5.49% APR, which is why the monthly payment is nearly the same as that of the dual-motor Model Y.

The RWD trim remains a new offering that delivers the longest range amongst the Model Y options. It’s likely just a matter of time before Tesla decides to introduce lower APR financing options for this more economical Model Y as well.

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