Perfect! At least we know it may be possible. Also, is there a way to get pre-approved for financing or is that something done after you order?
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Perfect! At least we know it may be possible. Also, is there a way to get pre-approved for financing or is that something done after you order?
Mayhemm
Model S P85+ "Lola"
Not too sure. I just remember picking up and filling out a Scotiabank loan application at the Vancouver "store" (back then it was a small room in an office tower).
One piece of advice: Try to set up as much of it as you can through a Tesla store. I did mine purely by-wire since I'm so far from a store and it was a real PITA (much scanning and e-mailing, and no less than 4 versions of the loan paperwork). Doing it in person should save you some hassle.
I have a question regarding the pre-owned program: will Tesla finance these cars at a comparable rate to what is offered for new vehicles (~4.3%, via Scotiabank)?
Also - I heard financing for new cars could be in the 3.9% range now. Can anybody else confirm this?
Also - I heard financing for new cars could be in the 3.9% range now. Can anybody else confirm this?
Tesla has an arrangement with Desjardins to offer 3.9% for consumers only, which is how I'm financing my MS that I pick up on Wednesday!
Pulled the trigger on a 70D about a week ago! Taking a late delivery, sometime in early 2016. When does the financing application process start? Does anybody have an update on interest rates? Is it dependent on which province you reside (thinking in particular about the Desjardins rates outside Quebec)? Thanks!
iKhalid
Member
I just purchased my car from the leasing company I was with (lease buyout). I went with CIBC and they gave me around 4ish%. They will need the VIN number of course. I guess once you have that and the bill of sale, you can start with the application. I was able to get the approval before getting the bill of sale, but not sure how long the approval would be valid for until you actually purchase the car.
I just came back from the Montreal store (an hour ago) and the sales man told me it is 3.9% right now but did not specify with which bank.
SmartElectric
Active Member
Earlier this year I worked CIBC to lower our HELOC to floating at prime, so paying 2.7% right now, it's a pretty reasonable way to finance a car for those that can press their banker for the lower rate.
Isn' equity in your house always the obvious chose when you need to borrow money of any kind. You know "Just take it from your paid off 700k house or half paid 2 million dollar house." But kind of like saying like just get it from your rich uncle if you have one or use the money in your savings account!
green1
Active Member
You have to do the math though, HELOC would save me just over 1% over an unsecured loan, however the setup fees are several hundred dollars. Now if you're borrowing 100k for several years, that's a no brainer, however I'm considering borrowing 10-20k for up to 1 year, is probably not worth the setup costs.
It's different for everyone
Mones
Member
Tesla Canada financing is two fold.
Option 1: Desjardins 3.9% for up to 8 years
Option 2: Scotiabank 3.99% for up to 7 years
Both allow for principal only payments at any time with no penalty (they take the payments off the back end of the loan, they do not reduce the monthly payment amount).
Other option I looked into was HELOC which can be below 2.9% depending on the bank you're with and your relationship with them. Benefit of this that many people don't think about is that the interest on a HELOC can be applied as a tax deduction.
Option 1: Desjardins 3.9% for up to 8 years
Option 2: Scotiabank 3.99% for up to 7 years
Both allow for principal only payments at any time with no penalty (they take the payments off the back end of the loan, they do not reduce the monthly payment amount).
Other option I looked into was HELOC which can be below 2.9% depending on the bank you're with and your relationship with them. Benefit of this that many people don't think about is that the interest on a HELOC can be applied as a tax deduction.
iKhalid
Member
I really regret the fact that I got my mortgage with the cheapest lender rather than my bank, when my bank offered me just 0.02% more at that time. Otherwise I could've used HELOC to buy my car off the lease (which I did 3 months ago) when CIBC offered me a really good rate compared to the leasing company I was with.
HELOC is normally prime + 0%.
green1
Active Member
I considered a HELOC for some short term bridge financing for my MS, however I discovered that the setup fees quickly killed any potential interest rate savings, because it's handled like a mortgage, the bank often charges over $100 for setup, and then requires paperwork that involves lawyers and such. It was just too much.
As it turns out, my wonderful wife loaned me the amount I was short with no interest until I can sell my previous vehicle to pay her back.
As it turns out, my wonderful wife loaned me the amount I was short with no interest until I can sell my previous vehicle to pay her back.
MarkoJ
Member
I believe that Scotiabank is the only option for CPO. I filled out the paperwork initially, but ended up using HELOC in the end. The rate was slightly higher at ~4.09% I believe - but note that this was back in June. Give your local Tesla sales team a call; I'm sure they'd tell you that over the phone.
Tim Alguire
Member
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