sonrantos
Member
Congrats! Nice to know the build quality has gone better now.
I just can't wait for my VIN to drop and get a definitive delivery date.
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I just can't wait for my VIN to drop and get a definitive delivery date.
TheRFMan
Member
March rates were the lowest this year for sure. April and May were both 2.3/2.4 for 72 months or less and 2.8 for 84-96. I was offered 2.3% for 72 months from BMO in April. I'll see what the June rates are when mine arrives. I can't imagine that much change in rates would have taken place since.
I don't need to worry about bank drafts, I came to the conclusion that I can earn more than 2.3% return on my money fairly easily, so I financed the whole thing and have $0 owing on delivery.
I don't need to worry about bank drafts, I came to the conclusion that I can earn more than 2.3% return on my money fairly easily, so I financed the whole thing and have $0 owing on delivery.
Hi guys,
I’m looking to order a Tesla MY but I’m wondering if my situation will please banks for financing. I’m 25 y/o with a salary of 100k$ (plus investment income), score of 750+, 6 credit cards (0% utilization), 7 years history with these credit cards but I never had a car loan, I always paid for my previous cars in cash.
I could get the car and pay it full, but I have way better ways to invest that money, so that‘s why I’m looking at financing.
What do you think my changes are to get approved (considering my lack of car loan history)?
Thanks in advance!
(not to be rude, but I don’t want the « save your money before buying a car » answers, my RRSP is maxed out and I have a well diversified investment wallet)
I’m looking to order a Tesla MY but I’m wondering if my situation will please banks for financing. I’m 25 y/o with a salary of 100k$ (plus investment income), score of 750+, 6 credit cards (0% utilization), 7 years history with these credit cards but I never had a car loan, I always paid for my previous cars in cash.
I could get the car and pay it full, but I have way better ways to invest that money, so that‘s why I’m looking at financing.
What do you think my changes are to get approved (considering my lack of car loan history)?
Thanks in advance!
(not to be rude, but I don’t want the « save your money before buying a car » answers, my RRSP is maxed out and I have a well diversified investment wallet)
I don’t see how you wouldn’t get approved. Proven credit and no debt? Ya you’ll be fine.
TheRFMan
Member
Totally. Car loans are not high risk for the lenders either, especially on cars like Teslas that do not depreciate much. If you don't pay, they just take the car back.
The should be no reason to bring a void cheque on delivery day: the bank you end up financing through would have already asked you to bring that to their branch. Same for monthly payments: that’s the bank, not Tesla.
You might need a cheque or money order if there’s any costs not going on your car loan, but your SA would advise you about that beforehand.
I was doing financing thru Tesla directly and was approved, I was not contacted by anyone from that Bank.
sonrantos
Member
I am financing with RBC through Tesla as well and was told by my SA to bring a void cheque.
As I understand you bring this on delivery day, can you please tell me what other documents are required on delivery day if you are doing financing though Tesla
rBajwa
Member
RBC approved 2.8% for 96 months. Placed order today at 8:30am and loan approved by 8:55am
If I see better rates before delivery (July-AUg), can I ask to have rates changed?
Thanks.
If I see better rates before delivery (July-AUg), can I ask to have rates changed?
Thanks.
sonrantos
Member
Good to know rate is still 2.8 for 96 months for June. Whatever the rate is at the time of your delivery will be the rate you will get. But if you get approved from a different bank with a lower rate you can ask Tesla to match it I think.
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mamba516
Member
menaknow
Member
Gap near the underbody where a pin needs to be pushed in.
For the driver side one of the clips came out.
does anyone know if I've already accepted a finance offer, can I change the downpayment without having to do another approval? I like the rate I got so don't want to risk it changing.
In fact I like it so much I want to reduce the amount of downpayment I'm putting in and want to increase the financed amount.
offer was accepted with scotiabank in case that matters, thanks!
In fact I like it so much I want to reduce the amount of downpayment I'm putting in and want to increase the financed amount.
offer was accepted with scotiabank in case that matters, thanks!
sonrantos
Member
You can ask your SA for that. They might do another credit pull on your file though.
TheRFMan
Member
Depending on when you receive the car, it may not matter. While the approval is valid for 90 days, the rate is only locked-in for 30. Si more than 30 days elapse before delivery, your rate will change to that in effect when you receive the car. So even if the rate changes when you change the down payment, it is likely to change again later anyways.
I was approved in April at 2.3% for 72 months with BMO, but from what I see here, I might get bumped up to 2.4% at delivery. Although Scotia was always about 0.1% higher than BMO, so maybe my 2.3% will stick.
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