Financing Tesla vehicles in Canada

[Esan na]

Did anyone else notice their amount due is different than their selected downpayment amount?

I chose to put $7.5k down but my amount due is $6.6k on the Tesla page.

Has this happened to anyone else?

When my rate got changed I had the option to select the down payment again and then accept the offer, but you can always give them a call and they will update it.

 

[ms_evpurchase]

I got 5.74% for 96 months from RBC through Tesla on April 20th

 

[sokhangoo]

I got 5.74% for 96 months from RBC through Tesla on April 20th

Glad to see rates coming down! Congrats.

 

[Simon207]

I got 5.74% for 96 months from RBC through Tesla on April 20th

Also received same

 

[Konea]

I currently have a loan for my model 3. I plan on switching to a model y. does anyone know if the existing loan gets paid out and I would start a new loan on the model y. not sure how banks handle these situations. would hate to lose the low rate on my model 3.

 

[gforce2002]

The old loan gets paid out and you start a new loan at the current rate. Unfortunately.

 

[m3p-ev]

Approved @ 5.74% at RBC
whole process took like a minute!

 

[kemyyc]

For those who assumably put their order through on April 20, has your delivery occurred?

 

[talentive]

I want to register the car in my wife's name because she qualifies for the full BC rebate, but the loan would be based on my credit. I just spotted the FAQ stating that for Tesla Financing the registration name must match the loan name.

Has anyone else done this scenario? I assume you went directly to the bank's for financing rather than go through Tesla Financing?

 

[Esan na]

Approved @ 5.74% at RBC
whole process took like a minute!

Congrats Just in time, April’s average rate was 6.25% on Tesla’s website and most people were getting 5.75%. Starting today May 1st, the site shows an average rate of 6.39%, so I’m expecting 5.89%-6% this month. Rates seem to change every month regardless of wether bank of Canada changes the rate or not.

 

[WheresMyKeys]

Just signed my loan papers at YNCU. %5.09 5yrs. I had gotten pre approved a few weeks ago before the 0.5% bump and I know there's no time machine but they're still advertising 5.59% if you're in an area serviced by YNCU.

Definitely a more complicated process than through Tesla. But it was worth it for me.

 

[gcl581]

any advice on the getting the best rates.

I have been following this forum but haven't gotten the same experience.

Ordered MY late February, compelted loan info at that time. 6.19%, 20k down, 72m. Since its past 20 days, I messaged [email protected] today to get a updated rate. told them i was hoping for 5.7-5.8% as per the rates posted. Instead I got 6.59 which is the posted website rate.

any advice or recommendations on how to approach.

thank u

 

[reyhan12]

I got 5.88% for 36months from Scotiabank on April 25th.

 

[Esan na]

I got 5.88% for 36months from Scotiabank on April 25th.

Congrats!

So it seems I was off by 0.01% on my 5.89-6% estimate I made for this month

Congrats Just in time, April’s average rate was 6.25% on Tesla’s website and most people were getting 5.75%. Starting today May 1st, the site shows an average rate of 6.39%, so I’m expecting 5.89%-6% this month. Rates seem to change every month regardless of wether bank of Canada changes the rate or not.

 

[sokhangoo]

Got approved for 6.06% for 96 months with Tesla (Scotia Bank) with $16K downpayment for MY LR (after $9K rebates in BC). I wish I applied back in April to get lower rate. Will email Tesla before my delivery date to hopefully get a lower rate.

 

[Glenfiddich1]

Also got 6.06% with scotia (May 4th) for 96 months with 7K down in QC for MY RWD. How do I go about getting a new rate? If I accept, the rate won't go down at delivery right?

 

[sokhangoo]

Also got 6.06% with scotia (May 4th) for 96 months with 7K down in QC for MY RWD. How do I go about getting a new rate? If I accept, the rate won't go down at delivery right?

You have to accept now and then at the time of delivery (about 2-3 days before) you can email Tesla Finance to see if they’ll give you a better rate.

 

[Esan na]

Also got 6.06% with scotia (May 4th) for 96 months with 7K down in QC for MY RWD. How do I go about getting a new rate? If I accept, the rate won't go down at delivery right?

If 30 days passes before delivery then the rate will change to the latest rate, If 60 days passes then your approval will expire and credit score will be checked again.

 

[Simon207]

is there an option to do bi weekly payments? i dont see that under payment method in the app

 

[Esan na]

is there an option to do bi weekly payments? i dont see that under payment method in the app

I don’t recall seeing the option as well. Try emailing [email protected] they usually respond pretty quickly during business days.