Have you heard if Bank of Canada? Tesla does not set the rates, banks do and Canadian banks do not follow "fed". They follow Bank of Canada which has a different schedule.
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Have you heard if Bank of Canada? Tesla does not set the rates, banks do and Canadian banks do not follow "fed". They follow Bank of Canada which has a different schedule.
Historically, 6.76 is not insane... Below 5% for so long was insane. 6.76 is quite normal. We all got spoiled for too long.
fed = BoC.. ? I know Tesla doesn't set the rates. and by Tesla I meant the banks that work with Tesla i.e. RBC.. sure they wont raise the rate the day of, but it's closely related to overnight rate. idk if you really understood what I was trying to say.
-Amanda
2023 MYP White/Black
Just completed my application for my Model Y and was offered 6.35% for 96 months through BMO. I was hoping for RBC since that’s who I bank with already and it would have been easier for loan management. Rates sure suck but we tend to pay down faster to reduce interest when we can.
After all that I have been hearing - 6.x% sounds bliss! congrats!
Did you get insurance yet? They are astronomical as well - not sure if it’s the inflation / car thefts that’s driving these numbers up
-Amanda
2023 MYP White/Black
I’m in BC so have to use ICBC for basic insurance so I got quotes this week. For full ICBC coverage it would be $2790 per year. For basic ICBC and 3rd party collision/comprehensive it would be $2491. This vehicle will be used for commuting and it costs more in BC for “more then 15km to/from work”. As a comparison our 2023 Mini Cooper SE (electric) with the same coverage is $2016 per year for full ICBC coverage.
Replacement cost insurance will be max $577 I’m told. Can’t get a 3rd party quote until I have a VIN.
Try BCAA once you get your VIN, for sure cheaper. If you get their membership, you'll save more than yearly fee as well.
-Amanda
2023 MYP White/Black
-Amanda
2023 MYP White/Black
Decided to email today instead and got a quick response with a updated offer from RBC for 6.29% for 96 months. Thanks for the tip.
Submitted an order for a Model 3 SR+ in Midnight Silver Metallic on January 15th. We were offered 6.06% from Scotia Bank a few days ago.
BCAA has some other advantages too. For your quote with them, make sure they give you all the discounts related to the car being an EV. Also, with the BCAA membership I switched and saved and my on home insurance.
I applied for financing through Tesla on same date of our MYP order (Jan 13th) and got 6.09% apr for 96mths with scotiabank. 9% seems loan shark territory lolHi, anyone got financing recently through Tesla or outside of the big 4s? I'm looking for 96 months with 0 down.
Spoke to RBC - direct through RBC would be north of 9%
Fishy Fish
Member
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