Credit: Tesla
Tesla has raised the interest rate on most new Model Y loans in the US, a day after reporting its third-quarter results. According to Tesla’s Current Offers page, the Model Y Rear-Wheel Drive, All-Wheel Drive, Premium Rear-Wheel Drive and Premium All-Wheel Drive now come with a 2.49% APR for well-qualified buyers who order on or after October 22, 2026, up from 1.99%. The Model Y Performance stays at 3.99%.
Those promotional rates cover terms of up to 72 months with at least 5% down. Tesla’s fine print puts the monthly payment at US$14.99 per US$1,000 financed at 2.49%, compared with US$14.76 at 1.99%. On a US$45,000 loan, that works out to about US$10 more a month, or roughly US$750 over six years. It won’t break the bank, but it’s a few Supercharger stops a year.
The timing fits the story Tesla told investors this week. In its Q3 2026 earnings report on Wednesday, the company said it ended the quarter with its largest passenger vehicle backlog in four years, along with record deliveries in Canada, Australia, Japan and Taiwan. When orders are already piling up, there’s less reason to subsidize loans as heavily.
This is the latest step in a steady climb. Earlier this year, the Model Y Rear-Wheel Drive qualified for 0% financing and the All-Wheel Drive for 0.99%, and the Performance trim joined the promo at 3.99% in July, as we reported at the time. Buyers on X have been recalling the 0.99% deals they locked in over the summer and the 1.49% offers in September, before the rate moved to 1.99% late that month.
Model 3 leases may be going up as well. Earlier on Thursday, Tesla owner Gail Alfar shared a message on X from a local Tesla sales rep saying lease payments would rise that night for the Model 3 Rear-Wheel Drive and Premium Rear-Wheel Drive, and that APRs would go up on every Model Y trim except the Model Y L All-Wheel Drive. We weren’t able to confirm the new Model 3 lease prices on Tesla’s website. The six-seat Model Y L isn’t part of the promotional financing offer, and Tesla recently pushed Model Y L Launch Series deliveries to March 2027.
For Model 3 buyers, financing hasn’t changed in this round. Tesla still lists 1.99% for the Model 3 Performance and 2.49% for the Model 3 Premium Rear-Wheel Drive and Premium All-Wheel Drive on orders placed on or after September 28, which means most Model Y trims now match the Model 3 Premium rate.
Tesla’s other US perks are still in place, including 2,000 free Supercharging miles when you trade in a gas or hybrid vehicle and US$500 off for military members, first responders, healthcare workers, teachers and students.
Does a 2.49% APR change your Model Y plans, or is it still a better deal than what your bank is offering?
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