Model Y APR financing promo with zero due at signing extends to cheapest RWD trim

After introducing a 0% APR for the Model 3 and the Cybertruck, Tesla is now offering a financing deal for the cheapest Model Y trim with the longest range as well.

Qualified Model Y buyers can now enjoy 1.99% APR financing rate on the basic Long Range RWD that Tesla introduced not long ago, as long as they take delivery by June 30.

The Model Y is Tesla's bestselling vehicle and is fresh out of a facelift redesign, so introducing an APR financing promo for the cheapest option seems sits like a thinly veiled attempt to prop flagging sales before Elon Musk has to report the second quarter earnings.

Model Y APR financing promo terms

Tesla says that the new Model Y RWD APR financing deal is only valid with a minimum down payment of 15%, but, since the $7,500 federal tax credit counts as one, the Model Y can be had for essentially zero down.

The EV maker is throwing a bone even to those who don't qualify for the tax credit. In exchange for a slightly higher, 2.99% APR financing, they can put zero down towards a Model Y purchase as well.

The 1.99% rate was previously only valid for the Model Y AWD that is $4,000 more expensive than the RWD trim that offers the longest ever range on a Model Y of 357 miles on a charge. That deal, however, ends on June 16, while the RWD financing promo will run until the end of June.

The Model Y APR financing deals are valid for all payment terms up to 72 months, making the lowest monthly payment with zero down at $603 for those who qualify for the tax credit, or $544 if they plunk down a $3,999 initial payment. 

Unfortunately, Tesla warns that the APR deal can't be combined with the $2,000 Model Y Loyalty Incentive for upgrades, but other promos like referral credits or military discounts can be stacked, making the monthly Model Y payments even lower.