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.
Let us know what you think in the comments below.
I try to buy it and customize it it shows 6.99 % not .99 %
My order number is RN121723783,I ordered on May 17th thinking I will take a 72 months loan. But on May 21 they changed the interest rate and are not allowing me to chose .99 for 72 months. I feel I am robbed here and I have no one to reach from Tesla end. Please help.
When I build a car on Tesla the best interest rate option I see is 6.99% there is nothing close to 1.99% or .99%.
Well I was ready to purchase and had picked out everything..took me a week to figure it all out. I was at 72/,99..now even 1 percent higher put me in a position not to buy. I guess they lost 1 sale..still trying but no one will help. Pwlankford@comcast.net