Financing Tesla vehicles in Canada

[CanadianRob]

Where are you located? Ontario?

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

Yes Ontario, however, when I choose "Tesla Financing Partner", they happened to go through the bank I exclusively deal with. Also, my credit isn't all that great, but still came out with 2.5%.

One factor may be that bank knowing my income tripled in 2020.

 

[Brts]

I live in BC and I just got 2.4% financing for my new Y

 

[TheRFMan]

I live in BC and I just got 2.4% financing for my new Y

For how long?

 

[Hitman68]

I just ordered a Model 3 LR and I got a finance rate of 1.95% from Scotiabank. 72 months. I would have preferred RBC but the Tesla Rep says you get one of Scotia, BMO or RBC. Not your choice. I am very happy with the rate so no issue with the bank.

 

[CanadianRob]

I just ordered a Model 3 LR and I got a finance rate of 1.95% from Scotiabank. 72 months. I would have preferred RBC but the Tesla Rep says you get one of Scotia, BMO or RBC. Not your choice. I am very happy with the rate so no issue with the bank.

I can only wish my rate was that low! Still think I was incredibly lucky to get the bank I already deal with. Never thought to just call them up in the first place and ask them.

 

[Bertuzzi44]

I live in BC and I just got 2.4% financing for my new Y

For how long and through which bank?

Mine is still showing 2.6%

 

[TheRFMan]

I can only wish my rate was that low! Still think I was incredibly lucky to get the bank I already deal with. Never thought to just call them up in the first place and ask them.

The rate drops when you go to 72 months or less. For the last few moths, rates have generally been 2.15% for 72 months or less and 2.6% for 84 and 96 months.

I'm getting close to ordering, probably in 4-6 weeks, mainly to see if there is anything in the March federal budget that would increase eligibility for dual-motor 3s (I'm not holding my breath). They seem to be going all-in on green initiatives, so there is perhaps a chance of increased thresholds.

At those rates, I'll probably do 72 months and as little down payment as they will accept. It's totally nuts, at 1.95%, I'm better off paying off my mortgage that the car loan (or more realistically, investing the money).

 

[Steel28]

The rate drops when you go to 72 months or less. For the last few moths, rates have generally been 2.15% for 72 months or less and 2.6% for 84 and 96 months.

I'm getting close to ordering, probably in 4-6 weeks, mainly to see if there is anything in the March federal budget that would increase eligibility for dual-motor 3s (I'm not holding my breath). They seem to be going all-in on green initiatives, so there is perhaps a chance of increased thresholds.

At those rates, I'll probably do 72 months and as little down payment as they will accept. It's totally nuts, at 1.95%, I'm better off paying off my mortgage that the car loan (or more realistically, investing the money).

Waiting for March as well to get MY LR dual motor. Hoping to put down 60K and finance the rest.

 

[Bertuzzi44]

I put in an order for MY SR and the rate is 2.5% through BMO, the rate I was given for the M3 was 2.6% through RBC

Didn’t get 2.4% but I’ll call Tesla tomorrow

 

[Steel28]

I got 1.95% for 74 months, confirmed by my advisor.

 

[Brts]

For how long?

It’s for 96 months

 

[H2OSteamer]

2.4% RBC Model S LR,for British Columbia. Approved today 96 months

 

[Bertuzzi44]

Does anyone know if you can contact the bank direct for the 2.4% rate? The Tesla advisor said it’s based on the day and the day you get approved, thing is a friend got approved for the same vehicle for 2.4% while I got 2.6%, just days apart

 

[TheRFMan]

Does anyone know if you can contact the bank direct for the 2.4% rate? The Tesla advisor said it’s based on the day and the day you get approved, thing is a friend got approved for the same vehicle for 2.4% while I got 2.6%, just days apart

Prior to delivery, many people have had their rates adjusted just by emailing Tesla and requesting it.

 

[Brts]

For how long and through which bank?

Mine is still showing 2.6%

It’s from scotia bank and it’s for 96 months

 

[CanadianRob]

Woah. I asked them to reduce my down payment slightly when I realized how much it was going to cost to get Electrical panel replaced to accommodate the wall charger....

They renegotiated the terms of the loan and now I'm at 2.35% over 96 through BMO.

Totally not complaining considering I didn't ask for the rate change. Was originally 2.5% over 96.
It was a $3000 reduction in the down payment.

 

[TheRFMan]

Woah. I asked them to reduce my down payment slightly when I realized how much it was going to cost to get Electrical panel replaced to accommodate the wall charger....

They renegotiated the terms of the loan and now I'm at 2.35% over 96 through BMO.

Totally not complaining considering I didn't ask for the rate change. Was originally 2.5% over 96.
It was a $3000 reduction in the down payment.

Not related to financing, but are you certain that you absolutely need to upgrade your panel? I'm assuming you are on a 100 AMP service, so it may not be possible to put in a Wall Connector at 48A, but you might be able to get by installing a NEMA 6-20 outlet in your garage and charging at 16A / 240V and having enough room on your existing service to do so. You'd be adding about 22-ish km or range for each charging hour. That's often sufficient for most people.

 

[CanadianRob]

Not related to financing, but are you certain that you absolutely need to upgrade your panel? I'm assuming you are on a 100 AMP service, so it may not be possible to put in a Wall Connector at 48A, but you might be able to get by installing a NEMA 6-20 outlet in your garage and charging at 16A / 240V and having enough room on your existing service to do so. You'd be adding about 22-ish km or range for each charging hour. That's often sufficient for most people.

I've been meaning to do it anyway as this house needs upgrades for all the smart features that are going into it. The Wall Charger was just the little push I needed to actually get it done.

 

[rypalmer]

so it may not be possible to put in a Wall Connector at 48A

Better yet IMHO: install the Wall Connector on a 20A breaker, but with wired sized for a 60A service. Try this out before making a decision to upgrade the panel and service to 200A.

 

[Bertuzzi44]

Woah. I asked them to reduce my down payment slightly when I realized how much it was going to cost to get Electrical panel replaced to accommodate the wall charger....

They renegotiated the terms of the loan and now I'm at 2.35% over 96 through BMO.

Totally not complaining considering I didn't ask for the rate change. Was originally 2.5% over 96.
It was a $3000 reduction in the down payment.

Who did you talk to or email? You’re in Ontario?