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Financing question.

Darthbenji

Active Member
Mar 27, 2018
1,003
594
Ontario
I’m planning to put 40k down and finance the rest. Do they finance the hst? Also when the rebate arrives can you simply pay off a chunk of the principal saving interest or is the interest precalculated?
 

pmich80

Between U and me I'm giddy waitin' for the Model ≡
Mar 21, 2016
461
363
Toronto
Lump sums should go directly to the principle. Only the loan itself would contain interest payments.

You could also take a small 14000 line of credit loan and pay that once the rebate comes in. That's what I'm doing.

HST is paid up front. Mixed in with your down payment and loan.
 

Darthbenji

Active Member
Mar 27, 2018
1,003
594
Ontario
As you make those lump sum payments does the original monthly payment reduce accordingly? Basically if I finance 30k and have my original payment for that, and two months later i pay off half of it, does the payment reduce to what a 15k loan would have been? Sorry for the questions. I’ve never financed a car before this one.
 

Webeevdrivers

Active Member
Jan 2, 2017
2,346
4,035
Canada
As you make those lump sum payments does the original monthly payment reduce accordingly? Basically if I finance 30k and have my original payment for that, and two months later i pay off half of it, does the payment reduce to what a 15k loan would have been? Sorry for the questions. I’ve never financed a car before this one.

Not usually. The original payment stays the same.
 

kellogg76

Member
Sep 2, 2016
146
59
Hubbards
Lump sums should go directly to the principle. Only the loan itself would contain interest payments.

You could also take a small 14000 line of credit loan and pay that once the rebate comes in. That's what I'm doing.

HST is paid up front. Mixed in with your down payment and loan.

I must be missing something, what's the advantage of taking out a line of credit and using that to pay some of the car instead of financing the entire lump sum?
 

pmich80

Between U and me I'm giddy waitin' for the Model ≡
Mar 21, 2016
461
363
Toronto
Yes, but isn't the interest rate on a line of credit usually higher than the Tesla financing?
Yes but it's only for a 2 month borrow. If you have larger monthly payments over the length of the financing...the interest associated with those payments will be significantly higher.

It's like assuming you're adding $14,000 as a larger down payment. (but really you're borrowing it for 2 months until the rebate comes In)
 

kellogg76

Member
Sep 2, 2016
146
59
Hubbards
Yes but it's only for a 2 month borrow. If you have larger monthly payments over the length of the financing...the interest associated with those payments will be significantly higher.

It's like assuming you're adding $14,000 as a larger down payment. (but really you're borrowing it for 2 months until the rebate comes In)

Ok, I see what you're getting at now. Sadly there's no rebate for us Nova Scotians, we are lucky enough to pay full ticket price!
 

Whisky

Member
May 12, 2017
237
258
Toronto, ON
As you make those lump sum payments does the original monthly payment reduce accordingly? Basically if I finance 30k and have my original payment for that, and two months later i pay off half of it, does the payment reduce to what a 15k loan would have been? Sorry for the questions. I’ve never financed a car before this one.

Same monthly payment, but you'll be done paying off the car sooner.
 
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