Financing Tesla vehicles in Canada

[rypalmer]

Got an instant approval for 84 months, 2.8% APR, about $14k down. Would love to go a little lower.

 

[jakev]

Guys, I have my car delivery this Saturday and I see Scotiabank just increased my downpayment 2 days before delivery- it’s only $100 but I don’t understand how can they just increase it without any warning. Has this happened to others?

 

[Frenchrock]

Guys, I have my car delivery this Saturday and I see Scotiabank just increased my downpayment 2 days before delivery- it’s only $100 but I don’t understand how can they just increase it without any warning. Has this happened to others?

Was it Scotia just applying the $100 reservation deposit you already paid?

 

[jakev]

Was it Scotia just applying the $100 reservation deposit you already paid?

Nope- they did increase the downpayment

 

[Frenchrock]

Nope- they did increase the downpayment

Yikes. Thanks for bringing it up. I’ll likely be dealing with Scotia also.

 

[rypalmer]

Any word on the new rates for August?

 

[ivolol]

Just got 2.75% for 96 months from RBC through Tesla, $0 down. Delivery ETA is still 8+ weeks away.

Does anyone know what clicking "Confirm" on the loan offer does? Should I wait until I get a VIN?

 

[Rhed911]

Just got 2.75% for 96 months from RBC through Tesla, $0 down. Delivery ETA is still 8+ weeks away.

Does anyone know what clicking "Confirm" on the loan offer does? Should I wait until I get a VIN?

Just means your accepting terms of the financing, click away.

 

[ivolol]

Just means your accepting terms of the financing, click away.

This may be a dumb question but what exactly are the "terms"? The rate is updated every 30 days until delivery, so what am I accepting when clicking confirm?

 

[Rhed911]

Just means your accepting terms of the financing, click away.

This may be a dumb question but what exactly are the "terms"? The rate is updated every 30 days until delivery, so what am I accepting when clicking confirm?

Well everything else basically, total price after taxes and fees, length of term, downpayment, monthly payment etc. It's true the rate could change but not by much from I've read from others. So if your happy with everything else then accept, if not contact your SA and make the necessary changes.

 

[rypalmer]

New rate in Ontario for 84 and 96 months seems to be 2.85%.

 

[EloquentSyntax]

Anyone got under 2% recently for 72 months?

 

[defsam]

Just got 2.75% for 96 months from RBC through Tesla, $0 down. Delivery ETA is still 8+ weeks away.

Does anyone know what clicking "Confirm" on the loan offer does? Should I wait until I get a VIN?

I would call my SA. I called mine the moment I got the same as it changed from august-sept edd to 8+ weeks. Called mine and got the VIN the same day and my delivery is on the 11th.

 

[defsam]

New rate in Ontario for 84 and 96 months seems to be 2.85%.

Mine right now, Pickup is on the 11th

 

[cooperyue]

I am thinking financing a Tesla, can I pick one specific bank? Or Tesla will automatically choose for you?

 

[cooperyue]

hello folks, I am thinking financing a Tesla, after my credit application, can I pick one specific bank? Or Tesla will automatically choose for you the lowest rate. Thx

 

[Beerbaron105]

Is the loan open? I only need financing for a month or two until I receive expected funds, can I just pay it off in full then?

 

[cyvr]

Picked up m3 sr+ yesterday
2.8% 96 months Vancouver

 

[nexxco]

hello folks, I am thinking financing a Tesla, after my credit application, can I pick one specific bank? Or Tesla will automatically choose for you the lowest rate. Thx

No choice, you just fill in the application, wait, and then they tell you which bank and what interest rate you get, but it seems there's no difference in rates between the banks anyways.

 

[defsam]

hello folks, I am thinking financing a Tesla, after my credit application, can I pick one specific bank? Or Tesla will automatically choose for you the lowest rate. Thx

You will get an offer off of the financing option and you just need to accept it if you opt in for financing. You can do either.

No choice, you just fill in the application, wait, and then they tell you which bank and what interest rate you get, but it seems there's no difference in rates between the banks anyways.

You can still email financing at tesla to ask for lower rate.

Is the loan open? I only need financing for a month or two until I receive expected funds, can I just pay it off in full then?

The loan is open, at least after accepting 3 offers all were all open from tesla site.