That happened to me as well @Stirfry . Hard pill to swallow at the same time you are super excited to just get the Tesla vehicle as well.
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Canada Waiting Room
- Thread starter DAlby18
- Start date
Since BoC is raising interest rate almost every month, is it better to ask for switching to finance and lock the rate right now? Can the rate be locked in like some period of time like a mortgage? at the same time, I don't want multiple hard hit to credit check either..
I have no idea how this works, since i set as cash from day 1 (but intended to do finance ultimately)
Was any of that at hwy speed though. Most of the time you cant get above 80 on GTA highways.
Yeah, this is the issue; when my original order date was getting close I applied for financing. I think I got around 2.2%. I was happy with this rate as , in general, I can invest that money and get a better rate of return. However, to answer your first question, that rate is only locked in for 30 days.
Since then my delivery date keeps slipping and now I am in 5%+ range. So it's a bit of a balancing act; hits to credit if you keep applying, but locking in a rate (again, 30 days only) that will last until your delivery date.
At this point I am likely to pay cash for the car as I don't like the idea of forking over almost $9k in interest payments to a bank with the current approved rate. Given the current market I doubt I can make my investments beat 6% so I will just pay cash.
In the end, if you have to finance, best to lock in the rate as early as you can to avoid further hikes. This must be balanced with your actual delivery date; I've had two week windows as early as February so my approved 30 day financing has expired (multiple times). Like a dummy I always assumed that "the next delivery date must be good" so I re-applied, only to be disappointed again and again.
Not sure if any of that is helpful but good luck.
*EDIT* Just noted that the exact same car I ordered in Sept '21 now costs $94.9k. These price increases are crazy.
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Feb 2021 was at 82.5k for the same config(red 20 wheels) but I am guessing MYP did not increase as my plain vanilla white MYP was 85270 with a destination of 1280 so a sticker of 83990 (hope it wasn't available for less than that or ill cry)
I mean also keep in mind, that you can just finance it max term and with 0 down and make decisions on downpayments / pay down later as well. It's an open loan, so you can pay down the balance at any point.
Thanks for this information. Since it's only locked for 1 month, I need to time this when my EDD narrows within 2 weeks time frame.
No worries, good luck.
Also remember; just getting a two-week window does not necessarily mean it will stick. I'm on my fourth two-week window now
IIRC my first was end of March, then mid April, followed by end of April. Then back out to a month window lol.
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