Tesla and BYD launch 0% interest financing in Colombia

Tesla Colombia and BYD dealerships have entered a commercial competition in Colombia by offering 0% interest financing for electric vehicles. Tesla has partnered with Banco Santander to provide 0% interest on Model 3 and Model Y vehicles for orders placed through December 31, 2026, requiring a 50% down payment.

In response, BYD dealers have introduced a similar 36-month 0% interest plan for the Yuan Plus Lux EV through Banco Finandina. These programs typically require customers to pay half the vehicle's value upfront, with the remaining balance deferred interest-free for three years, subject to credit approval.

While these financing options lower the barrier to clean technology, experts note challenges in the electric vehicle market. According to Edison Salas, CEO of Escalautos, buyers should consider factors such as battery health, charging infrastructure, and depreciation. Data suggests some electric vehicles in Colombia may lose between 35% and 52% of their value depending on the brand and model.