Financing Tesla vehicles in Canada

[Flipcyde]

I got 1.9% for 72 months last week.
It was originally 2.15% when I ordered in January.
I told my SA that I wanted to change my downpayment from $7500 to $2500.
The new terms came with the lower rate automatically.

 

[Bertuzzi44]

Anyone else getting lower rates? I might ask to change my down payment to see if I can get a better rate

 

[realtycoon]

I got 1.9% for 72 months last week.
It was originally 2.15% when I ordered in January.
I told my SA that I wanted to change my downpayment from $7500 to $2500.
The new terms came with the lower rate automatically.

Given the increases in the overall interest rates, it seem like the 1.9% has gone up to 2% on all terms 72 month and lower as of this week

 

[Hitman68]

I got 1.9% for 72 months last week.
It was originally 2.15% when I ordered in January.
I told my SA that I wanted to change my downpayment from $7500 to $2500.
The new terms came with the lower rate automatically.

I have emailed my SA to lower my down payment. I am currently getting 1.95% for 72 months with BNS. I am curious to see if the rate goes up or down. Hearing rates may be going up. My down payment is currently $6750 would like to see $5000.

 

[idontwantaname]

Hi All
I ordered M3 SR+ on Mar 1 with 2.4/96 via RBC (originally quoted 2,6 from SA)

 

[Hitman68]

The SA has lowered my down payment from $6750 to $5000. The rate stayed the same at 1.95% for 72 month with BNS.

 

[Steel28]

Which bank it is?

RBC

 

[wethenorth]

Has anybody tried a refinance or know if it's possible? Currently on 3.7% 96 month loan with rbc from 2019. Not looking to extend the loan but simply lower interest rate

 

[Bertuzzi44]

Has anybody tried a refinance or know if it's possible? Currently on 3.7% 96 month loan with rbc from 2019. Not looking to extend the loan but simply lower interest rate

Talk to the bank, they might charge you a fee to refinance

 

[menaknow]

Ordered March 13th, 1.9% for 72 months from RBC.

 

[Parker1]

Has anyone tried financing a used Tesla? What sort of rates and terms can I expect?

 

[ChrisOtt]

Has anyone tried financing a used Tesla? What sort of rates and terms can I expect?

Prior reports in the thread are similar/comparable rates for used

 

[Hitman68]

The SA has lowered my down payment from $6750 to $5000. The rate stayed the same at 1.95% for 72 month with BNS.

Tesla moved my delivery up by 5 days and then raised my rate from 1.95% 72 months to 2.0% 72 months. Funny part is the Bank changed from Scotia to HSBC.
not a big deal for the rate change since the payments are only $1.50 more a month.

 

[Colsla]

Prior reports in the thread are similar/comparable rates for used

not that I am buying one soon, but good to hear the rates are comparable for used.

 

[Vawlkus]

Tesla moved my delivery up by 5 days and then raised my rate from 1.95% 72 months to 2.0% 72 months. Funny part is the Bank changed from Scotia to HSBC.
not a big deal for the rate change since the payments are only $1.50 more a month.

Tesla isn’t responsible for the rate change, that’s on the change in financing banks. Likely Scotia backed out and Tesla had to switch to HSBC.

 

[TheRFMan]

Tesla isn’t responsible for the rate change, that’s on the change in financing banks. Likely Scotia backed out and Tesla had to switch to HSBC.

That would be an interesting development. My understanding was that an approval is binding, unless it expired before the car was delivered.

 

[menaknow]

That would be an interesting development. My understanding was that an approval is binding, unless it expired before the car was delivered.

The rate would be locked in with the bank.

Usually a cancellation from a bank means your credit score or something changed.

Did anything change on your end (hard inquiry) etc?

 

[TheRFMan]

I was just told by a Tesla Advisor that credit approvals are valid for 30 days. I had been trying to find that out for a while. I just ordered a M3P yesterday for June delivery, so I'll wait until early June to put in the application. I'm pretty certain rates will remain relatively low until then.

 

[aimalkay]

Sorry in advance for what may be a "dumb" question.

If I'm financing a Tesla, how does the process differ vs say, a "traditional" car? Do I START the finance process AT the Tesla showroom/online? Do I go to the bank? (eg RBC or BNS that do "EV loans" afaik) What comes...first? New to this forum, so apologies if this is already answered.

 

[Bertuzzi44]

Sorry in advance for what may be a "dumb" question.

If I'm financing a Tesla, how does the process differ vs say, a "traditional" car? Do I START the finance process AT the Tesla showroom/online? Do I go to the bank? (eg RBC or BNS that do "EV loans" afaik) What comes...first? New to this forum, so apologies if this is already answered.

It’s all done through Tesla, they give you a rate through a bank once you give the 2500 deposit, you of course need to qualify for financing, you fill everything out online through your Tesla account. Hope that helps