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Financing Tesla vehicles in Canada

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

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  1. CanadianRob

    CanadianRob Supporting Member

    Joined:
    Feb 26, 2021
    Messages:
    17
    Location:
    Trenton, Ontario, Canada
    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.
     
  2. Brts

    Brts Member

    Joined:
    Feb 27, 2021
    Messages:
    9
    Location:
    Surrey
    I live in BC and I just got 2.4% financing for my new Y
     
    • Like x 1
  3. TheRFMan

    TheRFMan Member

    Joined:
    Dec 15, 2019
    Messages:
    259
    Location:
    Ottawa, Canada
    For how long?
     
  4. Hitman68

    Hitman68 New Member

    Joined:
    Feb 27, 2021
    Messages:
    1
    Location:
    Richmond Hill, ON
    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.
     
  5. CanadianRob

    CanadianRob Supporting Member

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    Feb 26, 2021
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    Location:
    Trenton, Ontario, Canada
    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.
     
  6. Bertuzzi44

    Bertuzzi44 Member

    Joined:
    Feb 8, 2021
    Messages:
    55
    Location:
    Vancouver
    For how long and through which bank?

    Mine is still showing 2.6%
     
  7. TheRFMan

    TheRFMan Member

    Joined:
    Dec 15, 2019
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    Location:
    Ottawa, Canada
    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).
     
  8. Steel28

    Steel28 New Member

    Joined:
    Feb 27, 2021
    Messages:
    4
    Location:
    Toronto
    Waiting for March as well to get MY LR dual motor. Hoping to put down 60K and finance the rest.
     
  9. Bertuzzi44

    Bertuzzi44 Member

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    Feb 8, 2021
    Messages:
    55
    Location:
    Vancouver
    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
     
  10. Steel28

    Steel28 New Member

    Joined:
    Feb 27, 2021
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    4
    Location:
    Toronto
    I got 1.95% for 74 months, confirmed by my advisor.
     
  11. Brts

    Brts Member

    Joined:
    Feb 27, 2021
    Messages:
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    Location:
    Surrey
    It’s for 96 months
     
  12. H2OSteamer

    H2OSteamer New Member

    Joined:
    Monday
    Messages:
    1
    Location:
    Lake Country BC
    2.4% RBC Model S LR,for British Columbia. Approved today 96 months
     
  13. Bertuzzi44

    Bertuzzi44 Member

    Joined:
    Feb 8, 2021
    Messages:
    55
    Location:
    Vancouver
    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
     
  14. TheRFMan

    TheRFMan Member

    Joined:
    Dec 15, 2019
    Messages:
    259
    Location:
    Ottawa, Canada
    Prior to delivery, many people have had their rates adjusted just by emailing Tesla and requesting it.
     
  15. Brts

    Brts Member

    Joined:
    Feb 27, 2021
    Messages:
    9
    Location:
    Surrey
    It’s from scotia bank and it’s for 96 months
     
  16. CanadianRob

    CanadianRob Supporting Member

    Joined:
    Feb 26, 2021
    Messages:
    17
    Location:
    Trenton, Ontario, Canada
    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.
     
    • Like x 2
  17. TheRFMan

    TheRFMan Member

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    Dec 15, 2019
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    259
    Location:
    Ottawa, Canada
    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.
     
    • Like x 1
  18. CanadianRob

    CanadianRob Supporting Member

    Joined:
    Feb 26, 2021
    Messages:
    17
    Location:
    Trenton, Ontario, Canada
    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.
     
    • Like x 2
  19. rypalmer

    rypalmer Active Member

    Joined:
    Aug 22, 2014
    Messages:
    1,359
    Location:
    Canada
    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.
     
    • Love x 1
  20. Bertuzzi44

    Bertuzzi44 Member

    Joined:
    Feb 8, 2021
    Messages:
    55
    Location:
    Vancouver
    Who did you talk to or email? You’re in Ontario?
     

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