Financing Tesla vehicles in Canada

[SimonQ]

Has anyone had experience with either RBC or Scotia honouring a finance rate that has expired?

My 3.3% for 72 from Sept is expired (past 30 days) with no sign of a VIN getting issued for at least a few more weeks. Seems like rates have gone up for Oct and may not get better in Nov either... I’d rather keep my 3.3% if possible

I'm almost in the same boat as you. Ordered 9/29 and have yet to be assigned a VIN still.

Asked my SA about the rate and he said because they finance through the banks they have no control at all.

He said it is looking at around 3.4%~3.9%. I'm not too pleased at that given that Tesla is behind on delivering.

 

[Colsla]

Just got approved for 3.42% for 5 years. Through Tesla (Scotia).
too bad the car probably wont be here while the loan is valid (30 days)

 

[Colsla]

When does the finance application / approval happen? Immediately after ordering or closer to delivery date?

You are asked to apply right after you place the order, but seeing as how its gonna take 6-10 weeks to get your car and the approved loan is only good for 30 days (in BC at least), I'd say you wait a few weeks until you are closer to the delivery date (OA has a general idea of how long Order to delivery takes)

 

[Murky-Article]

You are asked to apply right after you place the order, but seeing as how its gonna take 6-10 weeks to get your car and the approved loan is only good for 30 days (in BC at least), I'd say you wait a few weeks until you are closer to the delivery date (OA has a general idea of how long Order to delivery takes)

Exactly what I decided to do. Ordered on Oct 18 and I am out of country till December 18, so will apply late November. Congrats on your approval. How long did approval take after applying for the loan?

 

[Colsla]

Exactly what I decided to do. Ordered on Oct 18 and I am out of country till December 18, so will apply late November. Congrats on your approval. How long did approval take after applying for the loan?

It took 2-3 business days. I filled out the details Sunday night. OA told me Tesla would call my dad (car will be financed under my dads name since it won't be my car) and he never mentioned getting a call, and I decided to check this morning and it was there. A lot quicker than I thought.

 

[alexstoev]

Has anyone had experience with either RBC or Scotia honouring a finance rate that has expired?

My 3.3% for 72 from Sept is expired (past 30 days) with no sign of a VIN getting issued for at least a few more weeks. Seems like rates have gone up for Oct and may not get better in Nov either... I’d rather keep my 3.3% if possible

Has anyone had experience with either RBC or Scotia honouring a finance rate that has expired?

My 3.3% for 72 from Sept is expired (past 30 days) with no sign of a VIN getting issued for at least a few more weeks. Seems like rates have gone up for Oct and may not get better in Nov either... I’d rather keep my 3.3% if possible

I was in the same situation.
I posted already getting a quote from RBC for 3.3%. Problem was it expired by the time I got my car yesterday. So the new rate I got was 3.55% which is not that bad but still...

 

[iKhalid]

I was in the same situation.
I posted already getting a quote from RBC for 3.3%. Problem was it expired by the time I got my car yesterday. So the new rate I got was 3.55% which is not that bad but still...

Other than the interest change, did they do a new credit check?

 

[alexstoev]

Other than the interest change, did they do a new credit check?

I just double checked - no new credit check.

 

[U2FanHFX]

Does this also apply to used or new only?

 

[Colsla]

BoC holding rate at 1.75%.. does this have impact on banks finance rates?

 

[MalRak]

I was in the same situation.
I posted already getting a quote from RBC for 3.3%. Problem was it expired by the time I got my car yesterday. So the new rate I got was 3.55% which is not that bad but still...

Out of curiosity, how long did it take for delivery from your order date?

 

[awpk]

BoC holding rate at 1.75%.. does this have impact on banks finance rates?

We'll know in 2 days when the banks update their rates for Nov. Most analysts predicted a rate hold so I wouldn't be surprised if there isn't much movement.

FYI - best rates for past 2 months for up to 72 months:
Sep: 3.30% with RBC and 3.32% with Scotia
Oct: 3.55% with RBC and 3.42% with Scotia

 

[Murky-Article]

Declined for financing.... Now what?

I make $97,000, have $200,000 pension fund, monthly debt payments are only $250, rent $1,200.

The reason is, I had a dispute with a company for 3 years which ended up in court. Court proceedings are over and debt (reduced to less than half) paid off in August but I got still rejected.

What are some alternative methods to financing than Scotia / Royal? Are credit unions easier?

 

[03DSG]

Declined for financing.... Now what?

I make $97,000, have $200,000 pension fund, monthly debt payments are only $250, rent $1,200.

The reason is, I had a dispute with a company for 3 years which ended up in court. Court proceedings are over and debt (reduced to less than half) paid off in August but I got still rejected.

What are some alternative methods to financing than Scotia / Royal? Are credit unions easier?

Scotia/RBC decision would be based largely on your credit score. Your probably aware but you can get your credit score/report from Equifax or TransUnion and have any errors corrected. Wouldn’t hurt to try a credit union.

 

[awpk]

Declined for financing.... Now what?

I make $97,000, have $200,000 pension fund, monthly debt payments are only $250, rent $1,200.

The reason is, I had a dispute with a company for 3 years which ended up in court. Court proceedings are over and debt (reduced to less than half) paid off in August but I got still rejected.

What are some alternative methods to financing than Scotia / Royal? Are credit unions easier?

If the debt settlement was very recent, it’s possible that it hasn’t been reported to the credit agencies yet. May take a couple months. Perhaps worth retrying the application after it shows up on your credit report.

Otherwise you’ll have to try to obtain your own financing through a “B” lender. Unfortunately expect to pay much higher rates than the ones posted on here..

 

[shonline]

What did you guys have to provide post approval? Pay stubs? Assessment? Moving home to Canada and am trying to figure out what is needed. Thx.

 

[gaspimp]

Post approval? Nothing! Any proof should be provided pre approval?

 

[shonline]

Ok. Bad wording on my part. I financed 2 Tesla’s in the US. All based on my score. No other docs were required. First time financing in Canada after 8 years so want to be sure my ducks are in a row.

 

[gaspimp]

Same here. There were no documents required for any stage of the financing process in Canada. Just a credit check.

One tip - the financing approval and rates in Canada are only good for 30 days, even though you have the option of doing the financing approval right away when your delivery date may be > 30 days away. If you want to save yourself a bit of trouble, try to time it so you take delivery within 30 days of submitting your financing approval.

 

[shonline]

Same here. There were no documents required for any stage of the financing process in Canada. Just a credit check.

One tip - the financing approval and rates in Canada are only good for 30 days, even though you have the option of doing the financing approval right away when your delivery date may be > 30 days away. If you want to save yourself a bit of trouble, try to time it so you take delivery within 30 days of submitting your financing approval.

Awesome. Thanks. It was the same in the United States when I bought my model S in 2016. In fact I asked Tesla to make sure the bank extended my credit check to 45 days because the car was being custom built like in the old days. That prevented a second credit check and another hit on my score.