Tesla Model 3 opens 1.99% APR financing through August

Tesla has launched a 1.99% annual percentage rate (APR) financing for Model 3 in the US. However, customers will be required to finance this electric vehicle (EV) through this month.

The latest offer is available on Model 3 Long Range Rear Wheel Drive (RWD), Long Range All-Wheel Drive (RWD), and Performance All Wheel Drive (AWD). However, it excludes the Rear Wheel Drive model.

New customers can benefit from a 1.99% APR from 36 months to 72 months loan with a $3,999 down payment. Meanwhile, the 84-month loan is still at 3.99% APR. The loan rate could be claimed until August 31, 2024, and you need to take delivery before September 30, 2024.

Tesla Model 3 1.99% APR (source – Tesla)

In June, the EV maker announced a similar offer for about 15 days in the US. This financing offer is now available on Model Y at 1.99% APR for Long Range RWD, Long Range AWD, and Performance variants.

Earlier this year, Tesla refreshed the Model 3 with new features including new headlights and taillights, and an aerodynamics-friendly design. In April, Tesla announced a refreshed Model 3 Performance and became the only car in the series with $7,500 Federal tax credit eligibility.

Soon, the company made changes in its battery supply chain to bring affordability to newly manufactured models. a month ago, the Model 3 Long Range became eligible for the tax credit. With the tax credit, the model’s price declines to $40,000 from $47,490.

In July, Model 3 Rear Wheel Drive Long Range made a debut and was announced as the cheapest after tax credit. It means that this EV will start at $34,990, lower than the $38,990 of the RWD model. To be mentioned, RWD is no longer eligible for federal tax incentives.

If you own a Tesla with Full Self Driving (FSD), Tesla will let you transfer that capability to a new car for free before October this year. Furthermore, customers are eligible to receive free supercharging on new purchases.