Tesla's 1.99% Financing: Deals on Model 3 and Y Explained
Hey everyone, DennisCW here! If you're in the market for a Tesla, exciting news just dropped: 1.99% financing is now available for select Model 3 and Model Y variants. In this blog post, I'll break down the details from my latest video, including which models qualify, key terms, and some tips to help you snag the best deal. Let's dive in and peel back the layers of this offer.
Financing Breakdown for Tesla Model 3
Tesla is making it easier than ever to drive home a Model 3 with low-interest financing. Here's what you need to know:
- 1.99% APR up to 72 months: This applies to the Premium All-Wheel Drive and Performance models. It's a solid deal, especially since Tesla often limits these rates to shorter terms like 60 months.
- Other variants: The Standard model sticks at 5.14%, while the Premium Rear-Wheel Drive is at 2.99%.
This is a step up from previous offers, and it's available without strict down payment requirements tied to percentages. If you're eyeing a Model 3, now might be the perfect time to act.
Financing Details for Tesla Model Y
The Model Y also gets some love with this promotion, but not all trims are created equal:
- 1.99% APR up to 72 months: Available for Premium All-Wheel Drive and Premium Rear-Wheel Drive models, with an example structure showing $3,150 down.
- 3.99% APR: For the Standard All-Wheel Drive.
- 5.14% APR: The Performance model is listed at this rate on the website, but I've heard reports of approvals as low as 3.99% for up to 72 months. Keep an eye out—Tesla might tweak this or bundle it with extras like Full Self-Driving.
No mandatory down payment percentage here either, which adds flexibility. Remember, these rates are for well-qualified buyers with excellent credit (think 720+ score) and possibly a 10-20% down payment.
Key Considerations and Tips
- Eligibility: These promotional rates are for orders placed on or after November 7th. If you ordered before (like in September for the $7,500 incentive), you might not qualify for both—it's worth chatting with a Tesla advisor via the app to check. Tesla could see it as a "double dip," but hey, it doesn't hurt to ask!
- Pre-Qualification: Not sure if you'll get approved? Use Tesla's pre-qualify button to input your info and get an estimate without a hard credit pull.
- Incentives and Inventory: With inventory rising for both models, this could be Tesla's push to boost Q4 sales. Compared to last year's 0% deals or the recent $7,500 credit, 1.99% is a positive move but might not be the blockbuster some hoped for.
- Referral Code Perk: Planning to order? Use a Tesla referral code (like mine in the description) for up to $1,000 off your purchase. It's an easy way to save more!
These rates are illustrative and include minimum 5% down plus taxes and fees. Used vehicles and enterprise sales aren't eligible.
Other Tesla News: Used Leasing Expansion
In other exciting developments, Tesla seems to be expanding used vehicle leasing to more states, including North Carolina and about 15 others. If low monthly payments (as low as $165-$209) appeal to you, check if your state qualifies—this could be a budget-friendly entry into Tesla ownership.
Protect Your Credit Before Financing
If you're financing a Tesla, one crucial step is protecting your credit. Recently, Bank of America had a data breach and didn't notify customers for a month—your info could be exposed without you knowing. Most breaches take an average of 277 days to report!
That's why I use Aura, today's sponsor. Aura scans the dark web for your personal info (like SSN, bank details, or email) and alerts you immediately. It also reduces spam calls, removes your data from shady broker sites, and includes $5 million in identity theft insurance—all in one app.
Try Aura free for 14 days at aura.com/denniscw. Don't wait until it's too late—protect yourself like turning on Sentry Mode before trouble strikes.
Final Thoughts
This 1.99% financing is a welcome incentive as we head into the end of the year, potentially previewing more deals to come. With rising inventory and expanding leasing options, Tesla is gearing up for big sales. What do you think—is this enough to pull the trigger on a Model 3 or Y? Share your thoughts in the comments, and if you're ordering, don't forget that referral code for extra savings!
Stay charged, DennisCW
