Tesla Financing and Loan Rates in 2026
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Tesla financing rates in 2026 are set by promotional APRs that Tesla itself advertises, and they still undercut almost every outside lender. As of August 26, 2026, Tesla is advertising 0.99% APR for up to 72 months on the Model Y Rear-Wheel Drive, All-Wheel Drive, Premium Rear-Wheel Drive and Premium All-Wheel Drive, 3.99% APR on the Model Y Performance and 1.99% APR on the Model 3 Premium and Performance trims, with those offers currently scheduled to run through September 30, 2026. The 0% APR the Model Y carried since December 2025 ended in August 2026, and Tesla lists no promotional APR on the Cybertruck at all. All of it is for well-qualified buyers and all of it is subject to change. For comparison, the average new-car loan rate was 6.39% in Q1 2026 (Experian) and Bankrate’s 60-month new-car survey read 6.96% on July 23, 2026. Banks start around 5.14% to 6.29%; credit unions start near 3.89%. Every rate below is a starting APR for excellent credit and carries credit approval.
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What are Tesla’s current financing rates?
Tesla’s current financing rates are promotional APRs tied to a specific model, trim and delivery date, not a single published rate card. The table below shows what Tesla is advertising in the United States as of August 26, 2026 for well-qualified buyers on 72-month financing terms. Tesla states these offers are subject to change or can end at any time, so treat them as a snapshot rather than a standing rate.
| Tesla model and trim | Advertised APR | Term | What it means |
|---|---|---|---|
| Model Y Rear-Wheel Drive and All-Wheel Drive | 0.99% | Up to 72 months | Raised from 0% in August 2026, which adds roughly $1,015 of interest on a $40,000 loan over 60 months |
| Model Y Premium RWD and Premium AWD | 0.99% | Up to 72 months | Unchanged; the base trims were moved up to match these |
| Model Y Performance | 3.99% | Up to 72 months | The most expensive Model Y trim to finance |
| Model 3 Premium RWD, Premium AWD, Performance | 1.99% | Up to 72 months | Still well under the 6.39% market average |
| Cybertruck | No promotional APR advertised | Not applicable | Tesla lists no financing incentive on the Cybertruck; the advertised lease starts at $949 a month with $5,000 down |
This is a genuine reversal from a few years ago. In 2022 a Tesla buyer shopped outside lenders because Tesla’s own rate was ordinary. In 2026 the promotional APR is usually the best number on the table, and the outside lender is the fallback if you do not qualify or you want a different term.
Does Tesla offer 0% financing?
No, not as of August 26, 2026. Tesla ran 0% APR on the Model Y from December 2025 through July 2026, but the Model Y Rear-Wheel Drive lost that offer in August 2026 and now carries 0.99% APR. That is the lowest promotional rate Tesla currently advertises on any model. On a $40,000 loan over 60 months the change is worth about $1,015 in interest, or roughly $17 a month.
Two conditions matter. First, the promotional APR is reserved for well-qualified buyers, which in practice means a strong credit profile and an acceptable debt-to-income ratio. Second, promotional APRs are tied to delivery timing and to the specific trim, so a custom order that arrives after the offer window can price differently than the estimate you saw at checkout. Confirm the rate on your finance agreement, not the marketing page.
See Related: Tesla Lease vs Buy: Which Makes More Sense?
How long is a Tesla 0.99% APR offer good for?
A Tesla promotional APR applies to the loan you sign, for the full financing term you choose, but the offer itself is only available while Tesla runs it. Tesla’s own fine print says promotional financing is subject to change or may end at any time, and the company has moved these rates repeatedly, adding a 1.99% Model Y offer in May 2025, cutting the base trims to 0% in December 2025, and then raising the Model Y Rear-Wheel Drive back to 0.99% in August 2026. Tesla’s current advertised offers carry an end date of September 30, 2026.
The practical rule: the rate locks when your loan is approved and funded, not when you place a deposit. If you are ordering a build that will not be delivered for weeks, ask Tesla in writing what rate your delivery date qualifies for.
What credit score do you need to finance a Tesla?
You generally need a credit score around 660 to be approved for Tesla financing, and roughly 700 or higher to be considered for the lowest advertised APR. A borrower at 750 or above will usually see the best Tesla loan rates. Specialist EV lenders will review applications below 620 case by case, but a thin or damaged file usually means a higher rate rather than a denial.
Tesla and its lending partners also weigh income, debt-to-income ratio, loan-to-value and the down payment. Tesla asks for a minimum down payment of 15% on a purchase, and a larger down payment lowers the amount borrowed relative to the vehicle value, which can improve the rate you are offered. You will provide a Social Security number during the application, and Tesla runs a credit check as part of the order flow.
Experian’s Q1 2026 data shows how much the score matters across the wider market: buyers with excellent credit averaged 4.55% on a new-car loan, while buyers with poor credit averaged 16.01%. On used vehicles the same spread ran from 6.30% to 21.77%.
What do banks and credit unions charge for a Tesla loan in 2026?
Outside lenders start between roughly 3.89% and 7.24% for excellent credit as of July 2026, so most of them cannot match Tesla’s promotional APRs on a new car. They still matter for used Teslas, for buyers who do not qualify for the promotion, and for anyone who wants to prequalify before walking into the order page with a number in hand.
| Lender | Starting APR (excellent credit) | How you apply | Best for |
|---|---|---|---|
| Navy Federal Credit Union | From 3.89% (new) | Direct, membership required | Military members and families; usually the lowest outside rate |
| Digital Federal Credit Union (DCU) | From 4.99% with autopay (new) | Direct, nationwide membership | Buyers who want a credit union without a military tie |
| Bank of America | From about 5.14% | Direct, online prequalification | Existing customers and relationship discounts |
| Chase | About 5.94% APR on a 60-month new-car example (rates updated 07/23/2026) | Dealer network and direct | Chase account holders with strong credit |
| U.S. Bank | From 6.29% | Direct, $5,000 to $100,000, 12 to 72 months | Larger loan amounts |
| LightStream | From 7.24% with autopay | Direct, unsecured | Private-party and older used Teslas with no vehicle restrictions |
| Wells Fargo | Not published | Dealer network only for purchases; refinancing handled directly | Buyers financing through a dealer, not a direct application |
| Carvana | Commonly reported in the 9% to 17% range | Online, in-house financing | Used inventory and weaker credit profiles |
One correction worth flagging, because older guides still repeat it: Wells Fargo no longer takes direct consumer applications for auto purchase loans. Purchases run through its dealer network of roughly 11,000 dealerships, and only refinancing is handled directly, which is why the bank does not publish purchase rates online. Any article still calling Wells Fargo the lowest-rate direct option for a Tesla is describing a product you cannot apply for.
See Related: Best Socially Responsible Banks
How much is a $40,000 Tesla payment for 60 months?
A $40,000 Tesla loan over 60 months costs $684 a month at Tesla’s 0.99% promotional APR and $781 a month at the 6.39% market average. That $97 monthly gap is about $5,820 over five years, which is the entire argument for taking the promotional rate when you qualify for it, and the reason the APR is usually worth more than a small price discount.
| APR | 60-month payment | Total interest | Where this rate comes from |
|---|---|---|---|
| 0.99% | $684 | $1,015 | Tesla promotional rate, every Model Y trim except Performance |
| 1.99% | $701 | $2,056 | Tesla promotional rate, Model 3 Premium and Performance |
| 3.99% | $736 | $4,189 | Tesla promotional rate, Model Y Performance |
| 4.55% | $747 | $4,798 | Experian Q1 2026 average for excellent credit, new car |
| 6.39% | $781 | $6,835 | Experian Q1 2026 overall new-car average |
| 6.96% | $791 | $7,478 | Bankrate 60-month new-car survey, July 23, 2026 |
| 11.43% | $878 | $12,698 | Experian Q1 2026 overall used-car average |
Stretching the same $40,000 to 72 months lowers the payment to $572 at 0.99% and $670 at 6.39%, but adds $1,427 of interest at the market rate against about $201 at the promotional rate. A long term is close to harmless at 0.99% and expensive at 6.39%, which is the one case where a 72-month auto loan is defensible on the math. Run your own numbers with an auto loan calculator before you commit to a term.
Can you still get the $7,500 EV tax credit on a Tesla?
No. The federal clean vehicle credit worth up to $7,500 on a new EV, and the $4,000 used-EV credit, ended for vehicles acquired after September 30, 2025 under the One Big Beautiful Bill Act signed in July 2025. Buyers who signed a binding contract and made a payment before that date could still claim it, but there is no $7,500 credit available on a Tesla bought in 2026.
A different federal benefit did replace part of it, and most Tesla guides have not caught up. The same law created a deduction for interest paid on a qualifying car loan, capped at $10,000 per return. To qualify the vehicle must be new, assembled in the United States, and reported with its VIN on your tax return, and the loan must have originated between January 1, 2025 and December 31, 2028. A Model 3 assembled in Fremont, California meets the assembly test, as do Teslas built in Austin.
The deduction phases out above $100,000 of modified adjusted gross income for single filers and above $200,000 for joint filers, with the phase-out starting at $75,000 and $150,000 respectively. It is a deduction, not a credit, so the value depends on your marginal rate, and it is worth almost nothing on a 0% APR loan because there is no interest to deduct. Talk to a tax professional about your own return.
What about financing a used Tesla?
Used Teslas do not get the promotional APRs, and used-car money is expensive in 2026. Experian put the average used-car loan rate at 11.43% in Q1 2026, against 6.39% for new. On a $40,000 balance that is a $197 monthly difference and about $12,700 of interest over five years.
That gap changes the buying decision. A new Model Y at 0.99% can cost less per month than an older used one financed at 11%, even at a higher sticker price. Price the payment, not the vehicle. Credit unions such as Navy Federal and DCU are usually the cheapest route on used inventory; Carvana’s in-house financing is convenient but commonly lands in the 9% to 17% range.
See Related: Tips for Buying a Used Tesla
Common Tesla financing mistakes to avoid
- Assuming the advertised APR is yours. Promotional rates are for well-qualified buyers and are subject to credit approval. Check the number on the finance agreement before delivery.
- Shopping the price and ignoring the rate. A 0.99% offer on a $40,000 loan is worth about $5,800 against the market average over five years, which is larger than most negotiable discounts.
- Applying to six lenders over several weeks. Rate-shopping inquiries for auto loans are typically bundled if you keep them inside a short window, so prequalify in one stretch rather than spread out.
- Budgeting around the old $7,500 credit. It ended for vehicles acquired after September 30, 2025. Planning a payment around money that no longer exists is the most expensive mistake on this list.
- Taking 72 months at a high rate. At 0.99% a long term adds about $200 of interest on a $40,000 loan. At 6% to 7% it adds thousands and keeps you underwater longer.
Should you finance through Tesla or an outside lender?
Finance through Tesla when a promotional APR is running on the trim you want and your credit clears the bar, because no bank or credit union is publishing anything near 0.99% to 1.99% in 2026. Finance through a credit union when you are buying used, when you do not qualify for the promotion, or when you want the loan separated from the vehicle order so you can walk away. You can also lease a Tesla instead of financing a purchase, which lowers the monthly payment but leaves you without ownership at the end of the term; the promotional APRs above apply to purchase financing, not to a lease.
The strongest position is having both. Prequalify with a credit union first, then compare that offer to Tesla’s promotional rate at checkout. Prequalification gives you a real number to judge the promotion against, and it is your fallback if the advertised APR is not the one you are approved for.
See Related: How Much Does It Cost to Charge a Tesla?
Does Chase finance a Tesla, and how does a Chase Tesla loan work?
Yes. JPMorgan Chase Bank finances Teslas bought directly from Tesla, and it services Tesla leases through a dedicated lease-end portal that carries the Tesla name under license. What does not exist is a “Chase Tesla loan” product with its own rate card. You apply for Chase auto financing the ordinary way, and if you are approved you tell Tesla at delivery that you are financing with Chase.
The Chase rules that actually decide whether this route is open to you are eligibility rules, not rate rules, and two of them are Tesla-specific.
| Chase rule | What it means for a Tesla buyer |
|---|---|
| Approval is good for 30 days, or 60 days for a Tesla | Chase states that a credit decision and its APR expire 30 days from the decision date, and gives Tesla purchases twice that. The longer window matters because Tesla delivery dates move. |
| No private-party financing | Chase does not finance person-to-person purchases at all, so you cannot use it to buy a used Tesla from a private seller. |
| Teslas older than 5 calendar years are not eligible | Chase’s general cutoff is 10 model years. Teslas are capped at 5, which is stricter than for most makes and rules out a lot of used inventory. |
| Over 120,000 miles is not eligible | Applies to every vehicle Chase finances, Tesla included. |
| Ride-share use is not eligible | A Tesla you intend to drive for Uber or Lyft cannot go on a Chase consumer auto loan. |
| No application fee, decisions usually in 2 to 3 hours | Prequalifying is a soft credit pull and does not affect your score. The full application is a hard pull. |
Two limits are worth knowing before you count on this route. Chase publishes no Tesla-specific promotional rate, so your APR depends on credit, term and loan amount like any other Chase auto loan, and it is unlikely to beat Tesla’s own 0.99% offer on a new car. And Chase does not refinance vehicles it already finances, so if your Tesla loan sits with Chase you cannot lower the rate later by refinancing with Chase itself.
This is general information about a lender’s published terms, not financial advice, and Chase can change its underwriting rules at any time. Confirm eligibility with Chase before you place a Tesla order around it.
How we researched this guide
Tesla promotional APRs were re-checked on August 26, 2026 against Tesla’s advertised United States offers as compiled on August 9, 2026 and against CarsDirect’s August 6, 2026 report on the Model Y rate change; every APR on this page was updated as a result. Chase eligibility and timing rules come from Chase’s own published auto finance FAQ, read on August 26, 2026. Lender starting rates come from each lender’s published auto loan page and from LendingTree and Bankrate lender reviews dated July 2026. Market averages are Experian’s State of the Automotive Finance Market for Q1 2026 and Bankrate’s weekly auto loan survey dated July 23, 2026. Tax rules come from the One Big Beautiful Bill Act and IRS proposed regulations on the car loan interest deduction. Payment figures are our own amortization calculations on the amounts and terms shown. We did not accept any payment to include or rank a lender. This article is educational and is not financial advice; confirm every rate with the lender before applying.
Tesla financing FAQs
What is Tesla’s current financing rate?
As of August 26, 2026 Tesla advertises 0.99% APR on every Model Y trim except Performance, 3.99% APR on the Model Y Performance and 1.99% APR on the Model 3 Premium and Performance trims, for up to 72 months and for well-qualified buyers. No promotional APR is advertised on the Cybertruck. The offers carry an end date of September 30, 2026 and Tesla states they are subject to credit approval and can change at any time.
Does Tesla offer 0% financing?
Not as of August 26, 2026. Tesla ran 0% APR on the Model Y from December 2025 until August 2026, when the Rear-Wheel Drive trim was raised to 0.99%. That 0.99% is now the lowest promotional APR Tesla advertises, it applies to well-qualified buyers only, and it is tied to the trim and delivery date, so confirm the rate on your finance agreement rather than the marketing page.
What credit score do you need to finance a Tesla?
A score around 660 is generally enough for approval, and roughly 700 or higher is usually needed for the lowest advertised APR. Some EV lenders review applications below 620 case by case. Tesla also weighs income, debt-to-income ratio and your down payment, and asks for a minimum 15% down on a purchase.
Can I use a credit union to buy a Tesla?
Yes. Credit unions are usually the cheapest outside lenders for a Tesla. Navy Federal advertises new-car rates from 3.89% and Digital Federal Credit Union from 4.99% with autopay as of July 2026. Credit union financing is most useful on used Teslas and for buyers who do not qualify for Tesla’s promotional APR.
Is the $7,500 EV tax credit still available on a Tesla?
No. The federal clean vehicle credit ended for vehicles acquired after September 30, 2025 under the One Big Beautiful Bill Act. A separate deduction for car loan interest, capped at $10,000 per return, applies to new US-assembled vehicles financed with loans originated between January 1, 2025 and December 31, 2028, subject to income phase-outs.
How much is a $40,000 Tesla payment for 60 months?
About $684 a month at Tesla’s 0.99% promotional APR, $701 at 1.99%, $736 at 3.99% and $781 at the 6.39% Q1 2026 market average, excluding taxes, fees and insurance. Total interest over the five years runs from about $1,015 at 0.99% to about $6,835 at 6.39%.
Last updated: August 26, 2026. Every Tesla promotional APR on this page was re-checked and corrected: the Model Y lost its 0% offer in August 2026 and now carries 0.99%, the Model 3 Premium and Performance trims are at 1.99% rather than 0.99%, and the 2.49% Cybertruck rate quoted here in July no longer appears among Tesla’s advertised offers at all. A section on Chase Auto’s Tesla eligibility rules was added. The July 28, 2026 update before this one replaced every rate on the page. The previous version quoted 2022-era APRs between 1.49% and 3.90% that no longer exist, described Wells Fargo as a direct-application lender when purchase loans now run only through its dealer network, named the wrong credit union alongside a link to Digital Federal Credit Union, and stated that Tesla does not use third-party lenders. All four claims have been corrected, and Tesla’s current promotional APRs, 2026 lender rates, the end of the $7,500 EV credit and the new car loan interest deduction have been added. This article is educational and is not financial advice.
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