Financing Tesla vehicles in Canada

[Phobi]

Just curious if anyone has tried, I've been with RBC doing 84mth @ 3.3%. Looking to see if I can refinance and add extra to lump in FSD at a lower rate.

 

[Bertuzzi44]

3.3??? When did you get this rate?

anyone else got an update? That seems high, don’t tell me rates went up again

 

[TheRFMan]

3.3??? When did you get this rate?

anyone else got an update? That seems high, don’t tell me rates went up again

He's talking about refinancing, this is a rate for a previous purchase.

 

[yangray]

I got 2.35% for 5 years from Scotiabank today.

 

[Bratt]

Is anyone comfortable with posting a credit rating “range” that everyone is getting approved at? 700? 750? 800?

 

[brutus979]

Mine's rolling around 840-860. My rate for 96 months was pretty much the same as everyone's (2.8% with BMO).

I think the credit score only goes as far as approval but not the actual rate.

 

[sonrantos]

Mine's rolling around 840-860. My rate for 96 months was pretty much the same as everyone's (2.8% with BMO).

I think the credit score only goes as far as approval but not the actual rate.

I think you’re right. Mine is at 750-800 and got approved for 96 months at 2.95% but that was in April. SA told me if i took delivery this month it would be 2.8% as it changes month to month.

 

[brutus979]

I think you’re right. Mine is at 750-800 and got approved for 96 months at 2.95% but that was in April. SA told me if i took delivery this month it would be 2.8% as it changes month to month.

Ask your SA to get you the BMO rate - i think its lower than Scotia/RBC

 

[sonrantos]

Ask your SA to get you the BMO rate - i think its lower than Scotia/RBC

Yeah that's what I'll do but I think I'll do it close to delivery day.

 

[Bratt]

Any approvals in the 700-750 range?

 

[TheRFMan]

Any approvals in the 700-750 range?

Credit scores are a bit of a crapshoot, and the scores you see from your bank or in an app are not necessarily what the lender seen anyways. For example, if I check my score reported by Transunion, it is over 100 points higher than my score from Equifax. I checked and both have accurate information about my credit file. Why are the scores so different... I have no idea. Algorithms work in different ways with different weightings I guess.

I'm pretty sure anything over 700 would be fine if your income supports the loan you are requesting. These loans are fairly safe for the lenders since Teslas don't depreciate much.

 

[sonrantos]

Credit scores are a bit of a crapshoot, and the scores you see from your bank or in an app are not necessarily what the lender seen anyways. For example, if I check my score reported by Transunion, it is over 100 points higher than my score from Equifax. I checked and both have accurate information about my credit file. Why are the scores so different... I have no idea. Algorithms work in different ways with different weightings I guess.

I'm pretty sure anything over 700 would be fine if your income supports the loan you are requesting. These loans are fairly safe for the lenders since Teslas don't depreciate much.

My transunion score is over 100 points lower than Equifax. I think Equifax only looks at 2 years worth of credit checks against your account that's why. Funny thing is I got approved for RBC which uses Transunion.

 

[dtl_]

They use different models and so their outputs are different. There should be a way to compare them if you do a bit of searching .

 

[Bratt]

I believe most lenders use Equifax as well.
And I have always been told that lenders see a different credit rating than you do when checking your credit rating yourself.

 

[GhostSkater]

Hi everyone

Shortly I will be moving into Canada, and would really to get a Model 3, since any Tesla has been my dream car for a long time

I have a few probably basic questions, specially since will be the first car I buy myself

1 - Since I will be just getting there, I will have no credit score probably, can I still get a loan in that situation?

2 - What are my option to selling the car before the loan is over? I know I can pay the remaining amount to end it early, but is it possible to sell it, and them get the money from the sale to pay the remaining amount due? Even if I need to compliment it with more money on top. The thing is, I'm going to Canada to work, and on the long time frame everything is uncertain, I could be there for 2 years or for 20. So in case I come back before the loan ends I need a plan to sell the car and not keep paying the loan for many years, bringing the car with me is not an option since in my home country we can't import any used cars unless they are 30+ years old

3 - With a work visa, am I still eligible for the federal and provincial (Quebec) incentives? I imagine so since I will be paying tax

Thanks from a hopefully future Tesla owner

 

[Mugginstwo]

Hi everyone

Shortly I will be moving into Canada, and would really to get a Model 3, since any Tesla has been my dream car for a long time

I have a few probably basic questions, specially since will be the first car I buy myself

1 - Since I will be just getting there, I will have no credit score probably, can I still get a loan in that situation?

2 - What are my option to selling the car before the loan is over? I know I can pay the remaining amount to end it early, but is it possible to sell it, and them get the money from the sale to pay the remaining amount due? Even if I need to compliment it with more money on top. The thing is, I'm going to Canada to work, and on the long time frame everything is uncertain, I could be there for 2 years or for 20. So in case I come back before the loan ends I need a plan to sell the car and not keep paying the loan for many years, bringing the car with me is not an option since in my home country we can't import any used cars unless they are 30+ years old

3 - With a work visa, am I still eligible for the federal and provincial (Quebec) incentives? I imagine so since I will be paying tax

Thanks from a hopefully future Tesla owner

1 - good luck with that. When I came to Canada my bank hsbc didn’t know who I was despite being a customer with them for 20+ years abroad. Couldn’t even get a credit card without putting 100% of the limit down up front. Took years to build solid credit (now around 840-860, 13 years later). Hope it works out for you, but Canadian banking system is very conservative.
2. Yep you can pay a car loan anytime, trade it in or whatever. The interest is paid first I believe so usually no fines or discounts for doing so.
3. So long as the car is registered in Quebec and you physically can prove you live here I think you should be fine, but I’m not a lawyer. Check in with your sales associate, plus the Roule electric website

good luck!

 

[Mugginstwo]

Update on my order; still at 2.8 with BMO, trade in renewal just passed, same offer from Tesla for my trade in as last time, thankfully.

 

[GhostSkater]

1 - good luck with that. When I came to Canada my bank hsbc didn’t know who I was despite being a customer with them for 20+ years abroad. Couldn’t even get a credit card without putting 100% of the limit down up front. Took years to build solid credit (now around 840-860, 13 years later). Hope it works out for you, but Canadian banking system is very conservative.
2. Yep you can pay a car loan anytime, trade it in or whatever. The interest is paid first I believe so usually no fines or discounts for doing so.
3. So long as the car is registered in Quebec and you physically can prove you live here I think you should be fine, but I’m not a lawyer. Check in with your sales associate, plus the Roule electric website

good luck!

Thanks

The loan situation is unfortunate, I will have to shop around a lot from the looks of it. While I may even have the money to pay it in full, it makes no sense financially for me. And this is not exclusively to Tesla, any car I might get there I would like to finance

Thanks for 2 and 3

 

[yv63s]

hi can someone tell me how financing thru Tesla works, for example you've applied for financing and get approved and you approve loan offer.
how then things are done during delivery and how payments will be done

 

[Vawlkus]

hi can someone tell me how financing thru Tesla works, for example you've applied for financing and get approved and you approve loan offer.
how then things are done during delivery and how payments will be done

Basically, Tesla gets your information, then shops around with lenders that service your area, and bring the first positive result back to you. Being a ‘dealer’ Tesla is given slightly better rates than we as consumers get, but it’s still done through banks/credit unions. Rates are generated based on your credit score, and those rates are good for 30-60 days generally (varies by area). After that, the rates have to be recalculated.

Need anything more specific than that? I’m trying to be as general as possible here.