Tesla is offering an absurdly low financing rate on American Model Y vehicles until the end of May: 0.99%

Tesla Offers 0.99% Financing on Model Y Vehicles Until End of May

Tesla has significantly reduced interest rates on the Model Y through the end of May. This could mean that Tesla will finance Model Y vehicles until the end of May, whereas a bank typically does this for vehicle (or home) loans.

This means that the monthly payment will be significantly lower when purchasing a Model Y for the month of May in the United States.

Payments look like this when you compare monthly payments before and after:

Monthly car payment before the special loan rate of 0.99% APR:

• Model Y Long Range RWD: $706/month
• Model Y Long Range AWD: $756/month
• Model Y Performance: $815/month

Monthly car payment after the special loan rate of 0.99% APR:

• Model Y Long Range RWD: $600/month
• Model Y Long Range AWD: $643/month
• Model Y Performance: $693/month

This applies to 3, 4, 5 and 6 year loans.

On top of that, Tesla offers a 7-year loan at 2.99%, which is still a GREAT deal.

For many people, saving $100 or more per month is a big deal when considering paying for a car. With the $7,500 EV tax credit, a long-range rear-wheel drive Model Y becomes a very good value.

Its base price is $44,990, just like the old Model 3 RWD that I bought back in 2022. However, it benefits from a tax credit of $7,500 and a very low interest rate. of 0.99%.

Tesla is clearly testing a new strategy for its vehicles, which could help it no longer have to lower prices.

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Does Tesla provide its own financing?

In order to truly know if Tesla is doing its own financing, one would need to purchase a Model Y using the financing option. If it is true that Tesla does its own financing, you would see your monthly payments go back to Tesla.

For my Model 3 RWD that I purchased in 2022, I made monthly payments to Wells Fargo until I paid off the loan a few months ago early.

I think it’s a great strategy if Tesla makes its own loans and payments. This means that Tesla receives the monthly payments for its vehicles and the interest – even if it is a small amount of 0.99% interest.

This is a special promotion, so it’s unclear when Tesla will do something like this again – if ever.

If you’re in the market for a Model Y, now is the perfect time to get one.

For further reading: Tesla’s latest version of autonomous (supervised) driving will amaze you: robotaxis will start in China

What do you think about Tesla offering 0.99% financing on the Model Y until the end of May?

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Hi! My name is Jeremy Noel Johnson, I’m a Tesla investor and supporter and I own a 2022 Model 3 RWD EV and have no range anxiety :). I love bringing you the latest Tesla news as well as anything related to Tesla or other electric vehicle companies that I can find, like Aptera. My other interests are AI, Tesla Energy and the Tesla Bot! You can follow me X.COM or LinkedIn to stay in touch and follow my coverage of Tesla and EV news.

Image credit: Tesla, screenshot

Article reference: Tesla