Tesla raised the financing rate on most new US Model Y trims to 2.49% from 1.99%, a day after its third-quarter report. The company said it ended the quarter with its largest passenger vehicle backlog in four years.
Tesla has raised the interest rate on most new Model Y loans in the US, a day after reporting its third-quarter results. The Model Y Rear-Wheel Drive, All-Wheel Drive, Premium Rear-Wheel Drive and Premium All-Wheel Drive now carry 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%.
What the higher rate costs buyers
The 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.
Backlog and a steady climb in rates
The timing fits what 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. It also reported record deliveries in Canada, Australia, Japan and Taiwan. TeslaNorth.com noted that with orders already piling up, there is less reason to subsidize loans as heavily.
The increase continues 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 promotion at 3.99% in July. Buyers on X recalled 1.49% offers in September, before the rate moved to 1.99% late that month.
Model 3 financing unchanged, leases may rise
Model 3 financing did not change 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, so most Model Y trims now match the Model 3 Premium rate.
Model 3 leases may rise as well. Tesla owner Gail Alfar shared a message on X from a local Tesla sales rep saying lease payments would increase that night for the Model 3 Rear-Wheel Drive and Premium Rear-Wheel Drive. TeslaNorth.com could not confirm new Model 3 lease prices on Tesla's website.
Source: TeslaNorth.com
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