Short answer: no. Tesla’s US 0% APR on the Model Y ended on July 31, 2026. For orders placed in late October 2026, the Model Y was reported at 2.49% for 72 months (Performance 3.99%), the Model 3 Premium at 2.49%, the Model 3 Performance at 1.99%, and the Model 3 Standard had no promotional rate. Those are still well below typical new-car loan rates, so for most buyers who finance, Tesla’s offer is worth taking.
Current Tesla financing rates (US)
| Trim | Price | Promo APR (72 mo) | Payment at promo | Payment at 6.5% |
|---|---|---|---|---|
| Model 3 Standard RWD | $36,990 | None | – | $584 |
| Model 3 Premium RWD | $42,490 | 2.49% | $594 | $668 |
| Model 3 Premium AWD | $47,490 | 2.49% | $662 | $743 |
| Model 3 Performance | $54,990 | 1.99% | $752 | $857 |
| Model Y Standard RWD | $39,990 | 2.49% | $561 | $630 |
| Model Y Standard AWD | $41,990 | 2.49% | $588 | $660 |
| Model Y Premium RWD | $45,990 | 2.49% | $642 | $721 |
| Model Y Premium AWD | $49,990 | 2.49% | $695 | $781 |
| Model Y Performance | $57,990 | 3.99% | $839 | $902 |
Rates as reported on 2026-10-25 for orders from October 22 (Model Y) and September 28 (Model 3), from third-party snapshots of Tesla’s current-offers page (tesla.com blocks automated checks). Payments assume 10% down on the price plus Tesla’s $1,640 destination and order fee, financed for 72 months, before sales tax, title and registration, which most buyers also finance. The 6.5% column is an illustration of an outside loan, not a quote.
How the 0% deal disappeared
The base Model Y carried 0% APR for 72 months from December 2025 until July 31, 2026, then stepped up to 0.99%, 1.49% (early September), 1.99% (orders from September 28) and 2.49% (orders from October 22).
The pattern is typical for Tesla: rates drop when it wants to move inventory at the end of a quarter and rise when demand is strong or the quarter turns. The October 22 increase came at the start of the holiday quarter. Nobody outside Tesla knows whether 0% will return, so do not delay a purchase you need on the hope that it will.
What a lower rate is actually worth
On a Model Y Standard ($39,990) with 10% down over 72 months:
- At 0% (the old offer): about $520 a month, no interest.
- At 2.49% (current): about $561 a month, about $2,907 of interest over the loan.
- At 6.5%: about $630 a month, about $7,880 of interest.
So the current promo still saves roughly $4,973 against a 6.5% loan, while the end of 0% added about $2,907 compared with buying in early 2026.
The Model 3 Standard quirk. The cheapest Model 3 ($36,990) has no promotional rate, while the $39,990 Model Y Standard does. At 6.5% the Model 3 Standard is about $584 a month, against $561 for the Model Y at 2.49%. If you are financing, price both. More in Model 3 vs Model Y.
How to qualify
- Credit: the advertised rates are for excellent credit. Check your score before you apply.
- Down payment: at least 5% down, plus taxes and fees, according to the offer terms.
- Term: the promo rates are on 72-month loans. Shorter terms may carry different rates.
- Timing: the rate depends on when you order and when credit is approved. Tesla treats the rate at approval as final.
- Compare: get a pre-approval from a credit union too. If it beats Tesla’s rate (most likely on the Model 3 Standard), use it.
Excellent credit and at least 5% down; Tesla can change or end the offer at any time.
The federal loan interest deduction
The $7,500 federal clean vehicle credit (and the $7,500 commercial credit used for leases) ended for vehicles acquired after September 30, 2025. What exists instead is a deduction: For 2025 to 2028, interest on a loan for a new US-assembled personal vehicle is deductible up to $10,000 a year, phasing out above $100,000 of modified AGI ($200,000 joint). Leases do not qualify. US-market Model 3 and Model Y are assembled in Fremont, California or Austin, Texas. It only helps if you finance, and the benefit is your tax rate times the interest paid, so at 2.49% the first-year deduction on a Model Y loan is modest. Details in the tax credit ended: what is left.
Finance, lease or cash?
- Finance if you plan to keep the car five years or more and qualify for the promo rate.
- Lease if you want a low payment and to hand it back in three years; Tesla lease prices are covered in Tesla lease vs finance in the US.
- Cash if you have it and your savings earn less than the loan rate costs. At 2.49%, keeping cash in a high-yield account can come out ahead of paying cash, before tax.
Your out-the-door number depends on your state’s tax; see Tesla price by state.
Frequently asked questions
Does Tesla still offer 0% financing?
Not in the US as of late October 2026. The base Model Y carried 0% APR for 72 months from December 2025 until July 31, 2026. Since then the rate has stepped up, and for orders from October 22, 2026 the Model Y (except Performance) was reported at 2.49% APR. Tesla changes these offers often, so check the current-offers page before you order.
What APR does Tesla offer on the Model 3 right now?
For orders from September 28, 2026: 2.49% on the Premium RWD and AWD, 1.99% on the Performance, and no promotional rate on the $36,990 Model 3 Standard (as reported on 2026-10-25).
Who qualifies for Tesla promotional financing?
The advertised rates are for buyers with excellent credit who put at least 5% down, on 72-month loans through Tesla's lending partners. If your credit is weaker you will be offered a higher rate. The rate quoted at credit approval is the one that counts.
Can I deduct the interest on a Tesla loan?
Possibly. For tax years 2025 to 2028, interest on a loan for a new, US-assembled car bought for personal use can be deducted up to $10,000 a year, phasing out above $100,000 of modified AGI ($200,000 joint). US Model 3 and Model Y are assembled in California or Texas. Leases do not qualify. Ask a tax professional.
Does the referral link change my financing rate?
No. A referral adds 3 months of FSD (Supervised) on a new Model 3 or Model Y; it does not change the price or the APR. You can use a referral and Tesla financing together.
Is a low APR better than a cash discount?
Often, on a long loan. On a $39,990 Model Y with 10% down over 72 months, 2.49% instead of 6.5% saves about $4,973 in interest. If you pay cash, the APR is worth nothing to you.