Tesla has quietly bumped the financing interest rate on most Model Y trims in the U.S., moving from 0.99% to 1.49% APR as of early September 2026. If you're in the middle of a purchase decision or planning to finance soon, the numbers you were working with a week ago are no longer accurate.
1. Three trims went up — one didn't
The rate increase applies to the Model Y RWD, AWD, and Premium trims, all of which moved from 0.99% to 1.49% APR. The Performance trim sits at a separate 3.99% APR and was not part of this adjustment. That gap between Performance and the other trims — now 2.5 percentage points — has been a consistent feature of Tesla's promotional financing structure, suggesting the lower rates on RWD/AWD/Premium are deliberate demand levers rather than a blanket policy.
2. This is the second step up from zero
The current 1.49% rate isn't the first move in this direction. According to tracking data from myteslaincentives.com, Tesla had already shifted these trims from 0% APR to 0.99% in an earlier adjustment. The 0.99% rate was still available as recently as August 30, 2026, and was scheduled to end in September — which it did. Buyers who locked in financing before September 3rd or 4th caught the lower rate. Those who didn't are now looking at a 50-basis-point increase on top of the prior step.
3. The math on a typical loan
On a $45,000 Model Y financed over 72 months — the maximum term available at these rates — the difference between 0.99% and 1.49% APR works out to roughly $11–12 more per month, or approximately $800 in additional interest over the life of the loan. That's not catastrophic, but it's real money, and it compounds the impact of the earlier move from 0%. Buyers who were comparing the all-in cost against a lease or cash purchase should re-run those numbers with the updated rate.
4. What to do if you're actively shopping
If you've already received a financing quote from Tesla, verify the APR before signing — quotes generated before September 3rd may reflect the old 0.99% figure. For anyone still deciding, the 1.49% rate remains historically low by conventional auto-loan standards, but the trend line over the past few months has been upward. Locking in sooner rather than waiting for a potential return to sub-1% rates is the lower-risk move. Check the current rate directly on Tesla's order page, as promotional APR offers can change without advance notice.
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Sources & reporting notes
The links below identify the material source records used for this report.
- @SawyerMerritt on X (2026-09-04T05:06:59.000Z) — Direct source
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