Financing Tesla vehicles in Canada

[CdnElec]

Just received updated rates for August. I am only posting the lowest rates for each tier:

96 month: 3.82% (Scotia)
84 months: 3.82% (Scotia)
72 months: 3.4% (RBC)
60 months: 3.4% (RBC)
48 months: 3.4% (RBC)
36 months: 3.4% (RBC)

In my case, I was already locked in to 3.3% for 72 months, so I will keep that rate. It seems generally, rates have gone up by .1% this month.

 

[.fess]

I'm locked in at 3.3% as well, but my DA told me that it's not guaranteed. It's only guaranteed at time of delivery.

 

[martind3]

I'm locked in at 3.3% as well, but my DA told me that it's not guaranteed. It's only guaranteed at time of delivery.

Correct. I was told the same.

 

[CdnElec]

Correct. I was told the same.

When I talked to someone in finance they told me that as long as I didn't make any changes such as down payment amount, etc then the old rate would apply. Is this not true?

 

[martind3]

When I talked to someone in finance they told me that as long as I didn't make any changes such as down payment amount, etc then the old rate would apply. Is this not true?

Tesla finance told me that I get the rate at delivery whether that’s gone up or down. I should be able to let you know soon as I’m supposed to be taking delivery soon. Car is apparently in Montreal. I currently have the July rates. Since August rates went up I’m really hoping they honor the old rate though I don’t have much leverage to argue since they told me the rates weren’t guaranteed.

 

[Vawlkus]

When I talked to someone in finance they told me that as long as I didn't make any changes such as down payment amount, etc then the old rate would apply. Is this not true?

It is not correct.

Depending on your area, there is a time limit on financial offers like that. For me in NS, it was 30 days. After that, I would have to re-apply for financing.

 

[wethenorth]

I picked up yesterday and was still locked in at 3.7% 96 months

 

[Oveeus]

Sorry if this question has been asked before, but my google fu wasn't strong enough to find it.

If we are leasing a Model X, is it still through RBC/Scotia or it's Tesla in-house?

 

[CdnElec]

Sorry if this question has been asked before, but my google fu wasn't strong enough to find it.

If we are leasing a Model X, is it still through RBC/Scotia or it's Tesla in-house?

I didn't realize X could be had via leasing. Not sure, but probably a finance arm of Tesla like most dealers do for leasing.

 

[ManneredFinanc]

Just received updated rates for August. I am only posting the lowest rates for each tier:

96 month: 3.82% (Scotia)
84 months: 3.82% (Scotia)
72 months: 3.4% (RBC)
60 months: 3.4% (RBC)
48 months: 3.4% (RBC)
36 months: 3.4% (RBC)

In my case, I was already locked in to 3.3% for 72 months, so I will keep that rate. It seems generally, rates have gone up by .1% this month.

I'm confused. When I visited the dealership he told me 3.7% but I'm not 100% sure. When I sent him an email he told me 3.9%.

I made the purchase on the site and now the interest rate it's showing is 4.6% when your rates are way below. I have a good credit and will probably only borrow around $30k.

Any idea on how I can get the rate lowered? I'm talking about the interest rate that's posted under payment method on their site.

It states:


APR%

4.6 APR% is the best available APR for well-qualified applicants

 

[martind3]

When I talked to someone in finance they told me that as long as I didn't make any changes such as down payment amount, etc then the old rate would apply. Is this not true?

Got confirmation today from both DA and Finance that I will be at the August rates.

 

[Tjex]

These loans are open and can be paid in full with no penalties. With rates going down, is a refinance a option?

 

[03DSG]

I'm confused. When I visited the dealership he told me 3.7% but I'm not 100% sure. When I sent him an email he told me 3.9%.

I made the purchase on the site and now the interest rate it's showing is 4.6% when your rates are way below. I have a good credit and will probably only borrow around $30k.

Any idea on how I can get the rate lowered? I'm talking about the interest rate that's posted under payment method on their site.

It states:


APR%

4.6 APR% is the best available APR for well-qualified applicants

Once you order you will be contacted by or you will contact Tesla Finance and they will confirm the rate. I was dealing with something in California by email and phone.

 

[dingmah]

I'm confused. When I visited the dealership he told me 3.7% but I'm not 100% sure. When I sent him an email he told me 3.9%.

I made the purchase on the site and now the interest rate it's showing is 4.6% when your rates are way below. I have a good credit and will probably only borrow around $30k.

Any idea on how I can get the rate lowered? I'm talking about the interest rate that's posted under payment method on their site.

It states:


APR%

4.6 APR% is the best available APR for well-qualified applicants

I financed through Tesla and my loan is with Scotiabank @ 3.42% 60 months. Exactly the same rates CdnElec posted.
When I put down the deposit, and before I got the loan confirmation back, the interest rate was shown as 4.6% in my Tesla account.

 

[Kappelan]

I've got 3.7% for 96 months with RBC.

 

[Monduiz]

For those who got Quebec's incentive after they bought, do you know if you can ask for a refinance after paying the 8,000 on the loan to lower the bi-weekly or monthly payments?

 

[slamtart]

Hello everyone,

I just ordered a Tesla 3 yesterday and am going through the process of registration online and have encountered some questions regarding the process.

I have not been contacted by Tesla yet regarding finance. I assume that will happen soon?

When I do, will they specify which bank I should be dealing with? Will they give me a choice like RBC or Scotiabank as I've read in previous replies?

Once I'm at the stage of the loan application, am I locked into a loan term? i.e. if I apply for loan at 72 months, once approved can I change my mind on the length of the term and go shorter or longer?

Thanks so much in advance!

 

[Kappelan]

Congrats on your order.

You just have to fill the financing information online in your Tesla website profile. Then you need to choose if you want to do financing through Tesla or you want to arrange it by yourself. If you chose Tesla they will apply on your behalf like any other dealership do. I guess by default they are applying with RBC.

I think I got approval next day after submitting the application online and nobody contacted me for additional info or for anything.

There will be an option to change something about the loan after approval but I don't know what the process will be. For small changes shouldn't be a problem in my opinion.

 

[Murky-Article]

When you arrange financing through Tesla, is there a $7,500 required down payment on those loans? So another $4,300 on delivery?

 

[Kappelan]

When you arrange financing through Tesla, is there a $7,500 required down payment on those loans? So another $4,300 on delivery?

No. My downpayment was my deposit of $3200 cad. Didn't have to pay anything extra on delivery.