Do NOT lie about your mortgage. Nothing good would come of that. Most banks would specify household income but if you’re uncertain it’s best to ask them.
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It makes sense. Thank you for the tip. It's my first time applying for a car loan, so wasn't really sure if my wife's salary should be included or not.
I was approved by Royal Bank of Canada 72 months, 6.59% APR. We plan to pay the car in the first year anyway, but still, 6.59% is really high.
I'll give them a call to see if I can go lower by including my wife's information or by going for a lower or higher number of months.
Didn't knew that! Thank you for telling me. I'll send them an email right away.
Did you happen to get the newest low rate? I got 5.74 on April 25th. Curious to know why it's going to be more than .25 which, even now isn't expected to happen until July. I personally think the rates will hold, but I guess we'll see.
My rep today said 5.74% is valid till July
Anyone know if rates can be affected mid-month? BoC raised rates another .25% because of course they did. 5.74% seems like a dream at this point.
*Edit*
I can confirm what Simon said above. I just asked the finance people about a new rate, and they let me know that my 5.74 rate is good until mid-July.
*Edit*
I can confirm what Simon said above. I just asked the finance people about a new rate, and they let me know that my 5.74 rate is good until mid-July.
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Hey, did the Finance people tell you why the statement says rate is valid for 30 days…but in this case the rate is held for 90 days since the application?
It seems many people have also mentioned their rate “expired” in the past but mine is still showing the previous rate from 30+ days in the account as well.
I didn't ask, unfortunately. I'm still seeing 5.74 in my profile and first applied for a Model 3 on April 12th. I assume that means my rate expires July 12th give or take a few days. Or maybe the finance person was mistaken, but I really hope not.
Mine is also showing 5.74 since end of April...we are taking delivery next week, fingers crossed it doesn’t change
Someone told me Tesla loans, whether it’s Scotia or RBC etc, are too heavy interest.
Meaning, you pay mostly the interest at the beginning of your loan.
Let’s look at mine:
Started at 85,000 initial 8 months (payments) ago
Payments are 1100/mo
Current balance : 80,312
5.66%
Any finance experts in the house can explain?
Meaning, you pay mostly the interest at the beginning of your loan.
Let’s look at mine:
Started at 85,000 initial 8 months (payments) ago
Payments are 1100/mo
Current balance : 80,312
5.66%
Any finance experts in the house can explain?
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