Financing Tesla vehicles in Canada

[jason86]

I applied my loan since I ordered the car in Feb, EDD now is May 10~24. Doing it with Scotiabank for 96 months w/ 3.68%
And it's valid until May 27. Hopefully I can take delivery before that.

 

[garumaru]

I don't know how it actually works with all these delays, but I have heard the rate is only good for 30 days, it's only the loan application that is good for 90 days.
I think this means they may give you adjusted rate on delivery date without doing another credit check.

I'm on the same boat, the application was done on Mar/13. I was approved for 3.98% for 96m with Scotia.
It still says that rate on my order page however.

 

[jason86]

I don't know how it actually works with all these delays, but I have heard the rate is only good for 30 days, it's only the loan application that is good for 90 days.
I think this means they may give you adjusted rate on delivery date without doing another credit check.

I'm on the same boat, the application was done on Mar/13. I was approved for 3.98% for 96m with Scotia.
It still says that rate on my order page however.

Hopefully the rate will be locked since they approved your loan. I never heard they mentioned the rate will be adjusted even you take delivery within the loan valid date.

 

[Randy-12]

Mine is 3.65% with RBC it is to expire on May 15
I'm scheduled to get the car on the 13th

I applied back in Feb, I have confirmed with my delivery specialist,, the [email protected] and in my account that the rate is still valid.
All 3 confirm that the rate is valid till the 15th.
Hope that they are correct, I'll only know when I get the car.

 

[mohit1987]

I applied my loan since I ordered the car in Feb, EDD now is May 10~24. Doing it with Scotiabank for 96 months w/ 3.68%
And it's valid until May 27. Hopefully I can take delivery before that.

How did u get that rate with scotiabank?

 

[mohit1987]

I've asked Tesla, [email protected] , a better rate and they replied with an offer from ScotiaBank.

96 months, 4.48% APR

Can you please tell how and when you contacted Tesla finance?

 

[mikester6]

Hopefully the rate will be locked since they approved your loan. I never heard they mentioned the rate will be adjusted even you take delivery within the loan valid date.

Your rate is only valid for 30 days but your approval is valid for 90 days. When you pick up the vehicle after the 30 days, they pull the latest interest rates.

 

[sokhangoo]

Your rate is only valid for 30 days but your approval is valid for 90 days. When you pick up the vehicle after the 30 days, they pull the latest interest rates.

Then if my rate already expired and I am picking up next week (my account shows the original rate), should I email Tesla finance to confirm my rate?

 

[Randy-12]

Then if my rate already expired and I am picking up next week (my account shows the original rate), should I email Tesla finance to confirm my rate?

I did and they confirmed the rate, but then again I’ve yet to get a straight reply from anyone at Tesla yet.

So as I mentioned, I will only know for sure next week when I pick up my car.

Email away, it won’t hurt to get it in writing.

 

[sokhangoo]

I did and they confirmed the rate, but then again I’ve yet to get a straight reply from anyone at Tesla yet.

So as I mentioned, I will only know for sure next week when I pick up my car.

Email away, it won’t hurt to get it in writing.

Thanks for the help, what was the email?

 

[jason86]

Your rate is only valid for 30 days but your approval is valid for 90 days. When you pick up the vehicle after the 30 days, they pull the latest interest rates.

I just sent an email to the Tesla financial team rep, as I have been dealing with him for the loan application so far. Will get to know if the rate I have been approved will be protected.

 

[Randy-12]

Thanks for the help, what was the email?

[email protected]

 

[mikester6]

I just sent an email to the Tesla financial team rep, as I have been dealing with him for the loan application so far. Will get to know if the rate I have been approved will be protected.

Good luck. Tesla Lending

“The credit approvals are valid to up to 90 days, but rates are good for 30 days from approval.”

 

[jason86]

Just received a response from the rep, the rate will be remain the same if i can take delivery within the date range. Which is valid for 90 days since Feb for my case. But if after that and re-submit the application, the rate will be increase.

 

[sokhangoo]

Just received a response from the rep, the rate will be remain the same if i can take delivery within the date range. Which is valid for 90 days since Feb for my case. But if after that and re-submit the application, the rate will be increase.

That’s perfect. To be honest if rates are not valid when delivery appointment is booked then Tesla should notify the purchaser of the newer rates and monthly payments.

 

[jason86]

How did u get that rate with scotiabank?

I applied for loan once when I ordered the car, then the Tesla rep contact me by email and said the best rate I can get out of all the third parties including Tesla finance is with Scotia, then I get approved on the next day with the rate since then.

 

[mikester6]

Just received a response from the rep, the rate will be remain the same if i can take delivery within the date range. Which is valid for 90 days since Feb for my case. But if after that and re-submit the application, the rate will be increase.

You’ll be in for a surprise. There are posts within this thread that all state, rates are locked in for 30 days and credit approvals for 90 days

 

[koorosh]

Rate is not set by Tesla, even if they promise that.

 

[sokhangoo]

You’ll be in for a surprise. There are posts within this thread that all state, rates are locked in for 30 days and credit approvals for 90 days

I applied for my loan in first week of March and now I got the email that my final payment and contract is ready and in there my rate and monthly payment is the same as the one I got in March (3.98% for 96 months with $15K down).

 

[heavyD]

I applied for my loan in first week of March and now I got the email that my final payment and contract is ready and in there my rate and monthly payment is the same as the one I got in March (3.98% for 96 months with $15K down).

I've heard of this happening as well. Maybe it depends on your credit rating and how much you are putting down?