The Tesla Model Y APR for new US orders is now 2.49%, half a point higher than before, so financing a Model Y just got a little more expensive. Tesla’s current offers page lists the new rate for the Model Y Rear-Wheel Drive, All-Wheel Drive, Premium Rear-Wheel Drive and Premium All-Wheel Drive, for orders placed on or after October 22. The Model Y Performance stays at 3.99%.
The previous rate on those four trims was 1.99%, and EVXL counts this as the fourth increase on the base Model Y since August 1, when it still financed at 0%.
Half a point sounds small, and on its own it is. On a typical Model Y loan it adds about $8 to $10 a month. But the four steps together have changed the cost of a base Model Y loan by more than $2,900 since the summer, and that’s worth knowing before you sign.
What Tesla is offering now
The 2.49% rate covers the Rear-Wheel Drive, All-Wheel Drive and both Premium versions, and the Performance carries 3.99%. Both rates run for terms of up to 72 months, and you need to put down at least 5% of the price plus taxes and fees. They apply to new Model Y orders placed on or after October 22, 2026, and only to what Tesla calls “well-qualified buyers with excellent credit.” If your credit is weaker, expect to be offered a higher rate.
Tesla puts the cost at $14.99 a month for every $1,000 you borrow at 2.49% over 72 months, and $15.67 per $1,000 at 3.99%.
The Model Y L, the long-wheelbase six-seater at $61,990, isn’t named in the Model Y financing terms on Tesla’s offers page, so ask Tesla what rate applies before you count on 2.49% for it.
What 2.49% does to your monthly payment
To show the change in dollars, we ran a standard loan calculation for each trim. We took Tesla’s listed price and added $1,640 in destination and order fees, which is the gap between the listed price and the price with fees on Tesla’s compare page. We then assumed 10% down and a 72-month loan. Sales tax, registration and any trade-in are left out, because they vary so much by state.
Prices are from Tesla’s Model Y design page. The page shows the Premium as “from $45,990,” which is the rear-wheel-drive version, and lists the Premium All-Wheel Drive at $49,990 when you select it.
| Trim | Price with fees | Amount financed | Monthly at old rate | Monthly at new rate | Extra per month | Extra interest over 72 months |
|---|---|---|---|---|---|---|
| Rear-Wheel Drive ($39,990) | $41,630 | $37,467 | $552 (1.99%) | $561 (2.49%) | +$8 | +$595 |
| All-Wheel Drive ($41,990) | $43,630 | $39,267 | $579 (1.99%) | $588 (2.49%) | +$9 | +$624 |
| Premium Rear-Wheel Drive ($45,990) | $47,630 | $42,867 | $632 (1.99%) | $642 (2.49%) | +$9 | +$681 |
| Premium All-Wheel Drive ($49,990) | $51,630 | $46,467 | $685 (1.99%) | $695 (2.49%) | +$10 | +$738 |
| Performance ($57,990) | $59,630 | $53,667 | $839 (3.99%) | $839 (3.99%) | $0 | $0 |
Monthly figures are rounded to the dollar; the “extra” columns come from the unrounded payments. Your own numbers will be a few dollars different from Tesla’s estimate, because Tesla’s per-$1,000 figure is rounded slightly differently from a plain loan calculation.
Tesla’s own example on its compare page is in the same range. It shows a Model Y Rear-Wheel Drive at 2.49% for 72 months with $2,750 down at $579 a month, while our formula gives about $582 for the same down payment. Put down less and the payment goes up: at Tesla’s 5% minimum, our math puts the Rear-Wheel Drive at about $592 a month.
How the base Model Y rate climbed since August
The single half point is the small part of the story. Here’s what the same Rear-Wheel Drive loan ($37,467 financed over 72 months) looks like at each rate the base car has carried since the summer. The August 1 step is from Notebookcheck; the September dates are from EVXL’s count.
| Rate | When it applied | Monthly payment | Total interest |
|---|---|---|---|
| 0% | Until July 31 | $520 | $0 |
| 0.99% | From August 1 | $536 | $1,139 |
| 1.49% | From September 3 | $544 | $1,723 |
| 1.99% | From September 28 | $552 | $2,312 |
| 2.49% | From October 22 | $561 | $2,907 |
So a buyer who ordered in July and a buyer who orders today, with the same car, the same down payment and the same term, are about $40 a month and $2,900 in total interest apart.
Is 2.49% still a good rate?
Yes, for most buyers it still is. It’s a subsidized rate, which means Tesla is covering part of what a lender would normally charge. You can see what an unsubsidized Tesla loan looks like on Tesla’s own compare page: the Model 3 Rear-Wheel Drive, which has no promotional rate, is shown at 6.79% APR over 84 months.
There’s one oddity worth knowing about. The Model 3 Performance is still at 1.99%, according to the same offers page, which makes Tesla’s fastest sedan cheaper to finance than any Model Y right now. If you were deciding between the two anyway, that’s a small point in the Model 3’s favor.
For comparison with another brand, Rivian is offering 1.99% for 60 months on some 2026 R1s this month, as we covered in Rivian’s October R1 rates.
How to keep your own cost down
Compare cash and financing honestly. If you can pay cash, the question is whether your savings earn more than 2.49% after tax. If they sit in an account paying more than that, financing at 2.49% and keeping the cash invested can come out ahead. If they don’t, paying cash saves you roughly $2,900 to $3,600 in interest over 72 months on the four 2.49% trims.
Get a quote from your credit union or bank first. Tesla’s rate is for buyers with excellent credit. If your credit is good but not top tier, Tesla’s lenders may offer you more than 2.49%, and a local credit union may beat that. A preapproval also gives you a number to compare against when Tesla’s offer comes back.
Look at a shorter term. On the same Rear-Wheel Drive loan at 2.49%, a 60-month term costs about $665 a month instead of $561, but the total interest drops to about $2,420 from $2,907.
Mind the order date. Tesla ties the rate to when you place your order. If you ordered before October 22, the rate in force on your order date should still be the one you get, so check it before you resubmit or change anything that might count as a new order. If you’re ordering now, there’s no sign the rate is coming back down soon, and EVXL’s view is that holding off for a year-end deal may not pay this time.
Check the rate on your order. After you order, the Tesla app and your Tesla Account on tesla.com show your order. Open it and go to the financing section, where you can apply for a loan and see the APR, term and monthly payment you’ve been approved for. Make sure the APR shown matches what you expected before you accept the loan terms.
Don’t forget the interest deduction. Tesla’s offers page notes that through 2028, US buyers may be able to deduct up to $10,000 a year in interest on a loan for a new US-assembled vehicle used personally, with a phase-out at higher incomes. That softens the cost of a higher rate a little if you qualify. A tax professional can tell you if you do.
Consider leasing if you swap cars often. Tesla’s compare page lists a Model Y lease from $499 a month for 36 months and 10,000 miles a year, with $3,000 down. The new rates apply to loans, so check the lease terms on their own.
Before you order
A half-point change won’t decide whether a Model Y is the right car for you. If you’re cross-shopping, our Charger Daytona vs Model Y comparison covers price, range and charging. California buyers should also look at the state’s MyFirstEV credit, though Tesla’s share was closed when we checked on October 7.
But four increases in about 12 weeks add up, and the cheapest Model Y loan now costs nearly $3,000 more in interest than it did in July. If you’re about to order, get your own preapproval, run the payment at the term you actually want, and check the APR on your order page before you sign.