Financing Tesla vehicles in Canada

[nshoresteve]

Just got quote of 3.3% for 72 mo (so lower rate for shorter period compared to 3.7% / 84 mo above but mo payment higher)

 

[टेस्ला]

Just got quote of 3.3% for 72 mo (so lower rate for shorter period compared to 3.7% / 84 mo above but mo payment higher)

so it dropped ? Which bank @nshoresteve

 

[Monduiz]

Just got quote of 3.3% for 72 mo (so lower rate for shorter period compared to 3.7% / 84 mo above but mo payment higher)

So we can still expect a 4% on 96.

 

[nshoresteve]

so it dropped ? Which bank @nshoresteve

RBC through Telsa (best my own BMO offered was 7% so far)

 

[nshoresteve]

I follow financial news & there are reports of long term rates dropping & even being below short term (which is unsuual) - so there's some logic to the rates dropping a bit this month.

 

[GoldenBasis]

Got 3.3% quote from RBC through Tesla last Friday (July 19) for all terms up to and including 96 months

 

[Monduiz]

Got 3.3% quote from RBC through Tesla last Friday (July 19) for all terms up to and including 96 months

Wait, for 96 months?

That's really good!

 

[Nomad2006]

Great to see the finance rates dropping. Looks like it's the right time to pull the trigger on a SR+, does anybody in Ontario have a referral code they could PM me? If I get a bunch I'll pick based on contribution to the forums here! Thanks.

 

[malou]

My account still shows 3,7%. I still haven't confirmed the loan term as the trade-in payoff is still waiting. I hope there's a way to adjust to the new rate. Maybe if I call they could help?

 

[Muaddid]

You can just email them ([email protected]), thats what i did when i got my delivery date (over 60days after ordering) knowing the rates had gone down. They quickly updated it to the new rate.

 

[martind3]

My account still shows 3,7%. I still haven't confirmed the loan term as the trade-in payoff is still waiting. I hope there's a way to adjust to the new rate. Maybe if I call they could help?

As @Muaddid said, email Tesla finance - they are very good. Any time I've contacted them they've gotten back to me in 24 hours. My understanding from them though is rates are not guaranteed. They change every month. For example, my rate is from June, but my delivery will be in mid-August so they've told me they will wait until they get the August rates before updating my account.

 

[malou]

Done. I asked them about the pending trade-in too, we never know...

 

[malou]

Done. I asked them about the pending trade-in too, we never know...

Wow you guys where right. Received an answer 5 mins ago (that was quick). They basically said the current floor rate is 3,7%. 3.3% may be considered based on lender’s discretion.

They also CC my delivery advisory about the trade in (Never heard from any DA so far).

 

[CdnElec]

I finally ordered today and went through the financing step. I heard back about 2 hours later. I am in for 3.3% for 72 months through Rbc. I am not sure what the rates are for more or less time, according to the calculator everything is 3.3%. I am not sure if I believe that. That tool may not be working properly.

 

[patrickcee]

Emailed Tesla finance asking if I could get the 3.3% rate for 96 months, and I got this reply:

3.30% applies to terms of 36/48/60/72 months. 3.70% applies to 84/96 month terms.

Both rates are offered by RBC. Would you like us to ask the bank to switch to a lower term?​

 

[malou]

@patrickcee Tesla rep told me same thing today.

 

[Kappelan]

My finance offer from RBC is 3.7% for 96 months

 

[Webeevdrivers]

I don’t see any loan inquiry link on the Tesla page. Do you have to actually have one on order to get to the loan area. Eg, do you have to have hit the order button?

 

[CdnElec]

I don’t see any loan inquiry link on the Tesla page. Do you have to actually have one on order to get to the loan area. Eg, do you have to have hit the order button?

You only get financing after ordering. Otherwise, it's a waste of time for all parties.

 

[Kappelan]

I don’t see any loan inquiry link on the Tesla page. Do you have to actually have one on order to get to the loan area. Eg, do you have to have hit the order button?

You can go to the Tesla store and talk to sales reps about financing, they would give you approximate numbers, but the offer you will get only after ordering.