Financing Tesla vehicles in Canada

[trdb]

Good afternoon! First post for me. I am hopping to order my Model 3 in the next week. I have quick question:
If you place the order through the website, can you make an application at the same time for financing? Does Tesla just choose the provider, or can you choose? Or is it better to visit a Tesla sales centre and have a sales rep complete the process?

I was very confused by the whole process... maybe I should have researched it a little more, or maybe not, but anyways here is my advice to you.

Wait until you have a delivery date and then apply around the delivery date. The financing approvals are only good for 30 days. I ordered on June 6th and applied on June 8th and I got approved, but I think I might have to apply again as I doubt my car will be delivered within 30 days. I don’t have any updates on my order since I initially ordered. I thought finalizing all the details (trade in, financing, etc) would speed things up but apparently none of that matters. Your order is queued as soon as you submit your deposit. Anyone can feel free to correct me if I’m wrong about any of this.

 

[martind3]

Good afternoon! First post for me. I am hopping to order my Model 3 in the next week. I have quick question:
If you place the order through the website, can you make an application at the same time for financing? Does Tesla just choose the provider, or can you choose? Or is it better to visit a Tesla sales centre and have a sales rep complete the process?

Yes, you apply for financing at the same time. Tesla used RBC and Scotiabank for financing. They will send you one offer. If you have a preference for the other lender, you can just ask them to switch. They approved me with RBC at first but I already have some products with Scotia so I asked to switch and they did it right away. The whole process was super simple.

 

[truenorth]

Yes, you apply for financing at the same time. Tesla used RBC and Scotiabank for financing. They will send you one offer. If you have a preference for the other lender, you can just ask them to switch. They approved me with RBC at first but I already have some products with Scotia so I asked to switch and they did it right away. The whole process was super simple.

Thanks for the guidance...I noticed that the Tesla site does appear to be providing estimates on when the car will be available for delivery. But as some have pointed out I suspect with the amount of deliveries, the estimate ya be optimistic.

 

[alexjungled]

Anyone in BC see in their Tesla account finance terms, only the one $5k incentive? It’s for a SR+ so there should be a second incentive.

 

[JimN90]

Anyone in BC see in their Tesla account finance terms, only the one $5k incentive? It’s for a SR+ so there should be a second incentive.

Our loan changed yesterday from -10,000 to -5,000. Our loan was previously confirmed, haven’t heard anything from Tesla or been told to re confirm terms. Simply went from showing I owed -98 to owing 4900 on pickup. I am wondering if the EV rebate has been used in BC.

 

[JimN90]

Our loan changed yesterday from -10,000 to -5,000. Our loan was previously confirmed, haven’t heard anything from Tesla or been told to re confirm terms. Simply went from showing I owed -98 to owing 4900 on pickup. I am wondering if the EV rebate has been used in BC.

Also we ordered on June 1st, prepare for delivery was competed and we were told our Tesla would likely be delivered this Wednesday.

 

[bolero]

Anyone in BC see in their Tesla account finance terms, only the one $5k incentive? It’s for a SR+ so there should be a second incentive.

same here..RB will be financing but we haven't confirm yet. Waiting for the info about the other 5000.00 We ordered white SR+.

 

[llluis]

Yes, I was quoted 4.09% initially.

I also got 4.09% on May 28th.
I'll check with them to have it changed to June rate / 3.9%.

 

[bolero]

same here..RB will be financing but we haven't confirm yet. Waiting for the info about the other 5000.00 We ordered white SR+.

My RBC rate is 3.45% . 60 mos..

 

[Trainwrecks]

Has anyone heard any details on plans to offer leasing in Canada in the near future?

 

[llluis]

I also got 4.09% on May 28th.
I'll check with them to have it changed to June rate / 3.9%.

Delivery team forwarded my request and I got a reply from a "regional credit analyst" confirming the 3.9% rate and exact amounts on the financing. So far so good.

 

[bolero]

same here..RB will be financing but we haven't confirm yet. Waiting for the info about the other 5000.00 We ordered white SR+.

Ok. just show up today another 5000.00 incentive. It's 10000.00 total.

 

[Tori]

Does anyone know what criteria RBC and Scotiabank use in deciding whether to approve financing? Such as minimum credit score, income, etc.?

I know that car loan approvals seem to generally be generally quite lax (as opposed to getting a mortgage approval), but curious if anyone has any specifics.

Thanks

 

[bolero]

Does anyone know what criteria RBC and Scotiabank use in deciding whether to approve financing? Such as minimum credit score, income, etc.?

I know that car loan approvals seem to generally be generally quite lax (as opposed to getting a mortgage approval), but curious if anyone has any specifics.

Thanks

From my experience , it's always been easy. Like you said it lax. As long as you have a good credit score, good income, you're more likely to be approve. They can always take the car back if you defaulted on payment.

 

[trdb]

Does anyone know what criteria RBC and Scotiabank use in deciding whether to approve financing? Such as minimum credit score, income, etc.?

I know that car loan approvals seem to generally be generally quite lax (as opposed to getting a mortgage approval), but curious if anyone has any specifics.

Thanks

Very easy. It’s a secured loan so the biggest thing that will be looked at is if your income can support the payments when you factor in certain costs of living and other debt obligations you may have. Of course if you have a blemished credit history they will weigh that as well. I think minimum score is probably 580-620 depending on certain factors as mentioned above.

 

[ATC@LWSK]

Does anyone know what criteria RBC and Scotiabank use in deciding whether to approve financing? Such as minimum credit score, income, etc.?

I know that car loan approvals seem to generally be generally quite lax (as opposed to getting a mortgage approval), but curious if anyone has any specifics.

Thanks

And, as I’ve found out, no matter your income or credit score, you have to be Canadian permanent resident or citizen to be approved

 

[bolero]

I ordered June 17 and we received an email today asking ask to for delivery schedule. They just need a payoff letter for my trade in which Toyota Credit will send it on Monday. I already have a Vin, found it on the source code page. So after Monday we'll schedule delivery. the Day they given us is 25, 26, 27. I hope it's not one of those rejected Tesla.. I ordered SR+ White..

 

[electricM3]

I ordered June 17 and we received an email today asking ask to for delivery schedule. They just need a payoff letter for my trade in which Toyota Credit will send it on Monday. I already have a Vin, found it on the source code page. So after Monday we'll schedule delivery. the Day they given us is 25, 26, 27. I hope it's not one of those rejected Tesla.. I ordered SR+ White..

Wow! Really quick turnaround on that one.

So I understand the SR+ which is eligible for the Federal rebates do not apply for the 7 day return policy however if it is not to your liking at delivery you are able to refuse delivery but have to re-order? Are you now not eligible for the Federal rebate?

 

[bolero]

Wow! Really quick turnaround on that one.

So I understand the SR+ which is eligible for the Federal rebates do not apply for the 7 day return policy however if it is not to your liking at delivery you are able to refuse delivery but have to re-order? Are you now not eligible for the Federal rebate?

I know, they probably have a stock or someone rejected it :-( . and also they are trying to push everything because of the end of the Q2. The only hold up now is my trade. I just confirmed my pick up date June 27, 5pm.. I'm not sure about the rebate thing after you rejected the car. I think someone posted something about it and in the process of ordering.

 

[electricM3]

Ordered on the 20th and just got a text that my delivery appointment is on the 26th?!? Seems like they are pushing real hard for their Q2.

It's weird because I didn't get an email or anyone reaching out for dates. Simply a text saying the appointment time?