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Financing Tesla vehicles in Canada

Discussion in 'Canada' started by pbrulott, Dec 8, 2012.

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  1. PearlShark

    PearlShark Member

    Joined:
    Oct 13, 2017
    Messages:
    140
    Location:
    Canada
    When I'm doing the credit application I'm seeing 3.0% APR no matter what options I pick.

    Does this get updated to the lower rates once you are approved?
     
  2. van_678

    van_678 Member

    Joined:
    Feb 18, 2020
    Messages:
    13
    Location:
    Vancouver, BC
    Yes. Once you get approved, it'll show the actual rate.
     
    • Like x 1
  3. CadillacJack

    CadillacJack Member

    Joined:
    May 21, 2015
    Messages:
    255
    Location:
    Mississauga, Canada
    These rates are very similar for used cars too. I got I believe 2.7% ish back in June for Used from Tesla. Not clear on what recent rates are but they’ll still be very competitive.
     
  4. TheRFMan

    TheRFMan Member

    Joined:
    Dec 15, 2019
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    259
    Location:
    Ottawa, Canada
    Quick question: how long are approvals valid for? Does it depend on the back the provides the financing or are they all the same?

    Thanks!
     
  5. Kappatown35

    Kappatown35 Member

    Joined:
    Mar 1, 2020
    Messages:
    44
    Location:
    Vancouver
    Anyone get any new rates now that’s it’s feb ? I got 2.6 for 96 months
     
  6. Flipcyde

    Flipcyde Member

    Joined:
    Jan 31, 2021
    Messages:
    11
    Location:
    Toronto
    It is still 2.15 for 72 months, I ordered this week.
     
    • Informative x 1
  7. vsg055

    vsg055 New Member

    Joined:
    Feb 6, 2021
    Messages:
    3
    Location:
    Montreal
    Need advice and suggestions of all members here. I am new to Canada and have moved here with new job last month. My credit score is ranging between 630-660 as per transunion score on BMO and RBC where I have checking account. I don’t have any debt and have annual salary in excess of 6 digits. I applied for a credit card recently and it was denied. I am interested in buying M3 and I am not sure if would be approved of the loan. Would really appreciate your inputs. Thanks
     
  8. TheRFMan

    TheRFMan Member

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    Dec 15, 2019
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    Location:
    Ottawa, Canada
    It's hard to say without putting in an application. Your most significant issue is probably not having any credit history in Canada. You are so new to Canada that there is no data on you, and your employment history is very short. You are likely not a credit risk at your income level, but without any data to show it, lenders will be cautious. I'm not sure about BMO and RBC, but I know that some apps that report credit scores (Borrowell and Capital One come to mind) will tell you which factors are influencing your credit score the most.

    You may have a better chance for a car loan vs. an unsecured credit card since the car itself acts as a security for the loan, but even if you are approved, they are likely going to ask for a significant down payment up front.

    While it will not be of immediate help to you, there are some credit cards that are specifically designed for people that are building up a credit history. You may need to provide a deposit up front for it, but it will at least post something on your credit file and you'll start to exist in the system.

    As counterintuitive as it may seem, not having any debt isn't necessarily a good thing. You need to have some credit in order to show you make your payments regularly.
     
  9. vsg055

    vsg055 New Member

    Joined:
    Feb 6, 2021
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    3
    Location:
    Montreal
    Any idea how much down payment would make the banks comfortable to approve my financing? Also I have an awesome credit score in my home country. Does Canadian banks accept credit record from other countries? I have got a capital one secured card by putting in deposit. But it will take few months to build history through the credit card and I want a new car like immediately.
     
  10. TheRFMan

    TheRFMan Member

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    Dec 15, 2019
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    Ottawa, Canada
    I assume it depends on how expensive the car you're buying is.I remember seeing a post (might be buried in this thread) where someone that didn't have much credit history was asked to provide $20,000 down. I vaguely remember that was for a much more expensive Model X however.

    Perhaps from the USA, since we use the same credit rating agencies. Other than that, I wouldn't count on it.
     
  11. vsg055

    vsg055 New Member

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    Feb 6, 2021
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    Location:
    Montreal
    Thanks- Do you think lease would be easier to get approval compared to loan. Any inputs there.
     
  12. jjrandorin

    jjrandorin Moderator, Model 3, Tesla Energy Forums

    Joined:
    Nov 28, 2018
    Messages:
    7,114
    Location:
    Riverside Co. CA
    I am not in canada, but in the US, a lease is HARDER to get approval for than a loan. A persons credit worthiness (or not) doesnt change between those two programs, but what does change is the fact that you are asking someone to let you borrow a car, make payments on it, then give it back (lease) vs buy a car and make payments on it.

    Leasing a car normally has lower drive offs, and requires better credit score than a loan. A loan you can simply put enough money down for someone to give you the loan. That could be 10-20-even 40% but eventually someone will loan you the money if you put enough down.

    A lease is different
     
  13. Bertuzzi44

    Bertuzzi44 Member

    Joined:
    Feb 8, 2021
    Messages:
    55
    Location:
    Vancouver
    Rate is 2.6% over 8 years, going to finance part of mine, it’s actually lower then my credit line, they said 2.1% over 6 years
     
  14. hooped.ca

    hooped.ca Member

    Joined:
    Feb 20, 2021
    Messages:
    6
    Location:
    Halifax, NS
    Does anyone know how the financing works in the Atlantic provinces? Do I let the sales advisor know or after I order my Tesla online is there an option to have someone contact me? Those rates mentioned above are insanely good even if you had intended to pay cash.
     
  15. Vawlkus

    Vawlkus Active Member

    Joined:
    Feb 28, 2017
    Messages:
    1,514
    Location:
    Halifax
    I'm a little behind (ordered years ago) but locally banks prefer that the dealer (in this case Tesla) reach out to the bank's central office for dealer level financing.
    That said, the rep will have the best understanding of the current process right now.
     
  16. hooped.ca

    hooped.ca Member

    Joined:
    Feb 20, 2021
    Messages:
    6
    Location:
    Halifax, NS
    Great thanks! I'm hoping to go back this week for a final test drive of both so will be sure to ask him in person.
     
    • Like x 1
  17. CanadianRob

    CanadianRob Supporting Member

    Joined:
    Feb 26, 2021
    Messages:
    17
    Location:
    Trenton, Ontario, Canada
    Approved 2 days ago on M3P at 2.5% 96 Months through BMO
    I don't have the best credit history either (due to a separation) if that gives people some hope.
     
    • Informative x 1
  18. TheRFMan

    TheRFMan Member

    Joined:
    Dec 15, 2019
    Messages:
    259
    Location:
    Ottawa, Canada
    Wow... looks like rates have dropped even further. Can you confirm how long the approval is valid for?
     
  19. CanadianRob

    CanadianRob Supporting Member

    Joined:
    Feb 26, 2021
    Messages:
    17
    Location:
    Trenton, Ontario, Canada
    I did it through the Tesla site, it has the details from BMO, but I don't see anything about how long the approval is valid. On another note, all my personal accounts are through BMO, so that worked out nicely.
     
  20. Bertuzzi44

    Bertuzzi44 Member

    Joined:
    Feb 8, 2021
    Messages:
    55
    Location:
    Vancouver
    Where are you located? Ontario?

    I still have 2.6% from RBC, 2.5 would be nice, anyone in BC see the BMO rate?
     

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