Tesla has reinstated 0% APR financing for new Model 3 purchases in the United States as the automaker looks to bolster demand amid a challenging quarter. The move marks a rare return of heavily subsidized financing as Tesla navigates shifting market conditions.
Tesla announced Tuesday that it is reintroducing promotional loan rates for the Model 3, offering qualified buyers 0% and 0.99% APR options. The deal is further enhanced for those eligible for the $7,500 federal EV tax credit, allowing them to secure financing with no money down and a 0.99% APR over 60 months.
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“$0 due at signing with 0.99% APR for a term of 60 months when qualified buyers apply the $7,500 Federal Tax Credit at the point of sale,” Tesla stated in its promotional offer. “Not all applicants will qualify. Promotion is subject to change or end at any time and cannot be applied retroactively. Used vehicles and enterprise sales are not eligible.”
The financing offer is exclusive to the Model 3, as Tesla manages a complex transition for the Model Y. The automaker is currently accepting orders for a redesigned Model Y “Launch Edition” at a premium price, with deliveries expected to begin this weekend. Meanwhile, Tesla continues to offer discounted orders on the previous-generation Model Y, with significant inventory still available.
See also: Tesla Cuts Model Y Prices Ahead of Expected Facelift Launch
