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Financing Tesla vehicles in Canada

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

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  1. SmartElectric

    SmartElectric Active Member

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    We used our home equity line of credit. It's at 2.7% right now, but at one time was under 2% when we still owned car money on it.
     
    • Like x 1
  2. Ugliest1

    Ugliest1 S85: "Sparky"

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    So, not sure of the actual meaning of terms here... not "second mortgage" specifically but it might meet the technical definition: can you get a "line of credit" set up with the bank that holds your first mortgage, using the equity in your home? (Or maybe even from another bank.) So, if you were able to get a $100,000 line of credit out of your $600,000 equity, you can draw against that just like a bank account, for anything, and you only pay interest each month on the amount outstanding. That would cover the $50k that you need.

    We set one up years ago and it has been wonderful insurance against a "rainy day" instead of keeping 3 months' salary in cash like financial advisors tell you to do. And they are great for short term loans to yourself.
     
  3. Galve2000

    Galve2000 Member

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    i wonder if the associated costs of a home mortgage loan are "cost prohibitive" in this case. obviously one of the positives is that the interest on said loan would be tax deductible, but it may cost a few thousand dollars to set all this up and I am not sure it is worth it for $150,000 or $200,000.00

    but I am no expert on home mortgages so I cannot say for sure.
     
  4. SMSMD

    SMSMD Active Member

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    I would look into Line Of Credit option..
     
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  5. Ugliest1

    Ugliest1 S85: "Sparky"

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    In Canada home mortgages of any kind are not tax deductible.
     
  6. SluyterCapital

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    You have 600k equity in your house? I can lend against that as a second mortgage. No problem. Private message me.
    Paul
     
  7. 03DSG

    03DSG Active Member

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    Currently on the CDN Tesla site 36 to 72 months 1.99%, 84 months 2.24% and 96 months 2.49%.
     
    • Informative x 3
  8. SluyterCapital

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    Huib, got your email however the reply email address is incorrect and it is being returned. Try emailing me direct at [email protected]
     
  9. NoMoGas

    NoMoGas Member

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    Call Bob Tran at Tech CU. (Technology Credit Union) PM me for number
     
  10. dmd2005

    dmd2005 Member

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    Another option is to lease and buyout at the end. Will cost more in interest but a viable option.
     
    • Informative x 1
  11. Dutchie

    Dutchie Member

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    Thanks, but I am in Canada. My DS put me also in contact with a Credit Union. Hopefully something positieve codes out..
     
  12. Galve2000

    Galve2000 Member

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    Sorry I missed that.
     
  13. wallstguy

    wallstguy Member

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    Anyone know if its possible to switch? I signed up for the 2.49 96 month 2 months ago, they never even told me the rates for less time was lower (Previously it was a straight 3.6% regardless of period so i made the assumption it was the same and didn't even question it).

    Would've hands down taken the 72 months at 1.99 instead!
     
  14. Whisky

    Whisky Member

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    That's been the setup since about early April.
     
  15. Dutchie

    Dutchie Member

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    Found a solution with line of credit. Thought it was not high enough but we just made it. Rate of 4% interest only but We can pay it off rather quickly anyway. Friday is delivery time. Very excited!
     
    • Like x 8
  16. Vawlkus

    Vawlkus Member

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    Good job. Glad to hear you've found a solution.
     
  17. Phillip L

    Phillip L Gas Passer

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    Very happy to hear. As are many other lurkers on this thread, I am sure!
     
  18. Dutchie

    Dutchie Member

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    Thank you, all of you. Just one more night.. I feel butterflies in my belly, just like a kid in Christmas Eve..
     
  19. Dutchie

    Dutchie Member

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    Picked up the car yesterday. What an incredible machine it is! Of course we did some test drives but having your own feels somehow different. The fit and finish is great, no issues especially on the inside. Everything looks beautiful. On the outside, yes some gaps could be a little smaller but at least it was even, as it is just as big on both sides. It doesn't bother me.

    The delivery went smooth. There were quite a few people taking delivery. We almost had to stand in line for the insurance guy. Just had to sign a couple of forms and hand over the bank drafts (was a wee bit hard, I must confess. It remains a s..tload of money).
    Having driven about 500 km the first day we don't think about the money anymore. It really is worth it and you get what you pay for. The people at Tesla made us feel so special. They welcomed us to be part of a special kind of family. It felt really good. I must say Matt, Shaun and Jason from the Vancouver store....these guys are awesome. They really showed how happy they are for us. I don't think they are paid that much but they are very enthusiastic - believing in the same kind of future we all believe in. They mostly cannot afford a Tesla right now. Where we support with our money, they support with their enthusiasm, commitment and service.

    Waking up with a full battery was really nice to see. Just knowing that this will always be the case makes me smile. We now can drive anywhere without having to think about costs, gas etc. The music in the car is out of this world. We are very happy!
     
    • Like x 5
  20. Birdman325

    Birdman325 Member

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    1.49% in Canada.
     

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