Financing Tesla vehicles in Canada

[.fess]

8 years is a LONG time to be making $650 / month payments. If 8 years of payments is the only way you can scrape by it's a sure sign you are buying more car than you can afford.

True, but could also argue that the cash spent on downpayment could be used as an investment which in 8 years could yield more returns than the interest you pay financing the car.

 

[Murky-Article]

This guy knows what theirtalking about...

 

[Murky-Article]

When does the finance application / approval happen? Immediately after ordering or closer to delivery date?

 

[Kappelan]

When does the finance application / approval happen? Immediately after ordering or closer to delivery date?

After you filled the financing information on your Tesla account you'll be preapproved, close to delivery you get your final approval.

 

[Goran]

Anyone ordered and financed their Tesla in Winnipeg who would be willing to share their experience, as there are no DCs here?

 

[Trevorlaird]

@djino I am going to be paying just shy of 13k taxes in BC , OUCH car is pretty much decked out.

 

[KWC_Diu]

3.60 96month RBC ! Got it 3days ago.

 

[djino]

3.60 96month RBC ! Got it 3days ago.

That's pretty sweet!

I'm waiting until Spring to jump into my first Tesla purchase, but with a rate like that, man.....Perhaps I may need to impulse finance today lol.

djino

 

[djino]

@djino I am going to be paying just shy of 13k taxes in BC , OUCH car is pretty much decked out.

I'm jelly.

djino

 

[khaltire]

I got 3.3 back at the end of July but 60 months. I have a feeling that's the lowest (guy said it's the best he's seen). Combination of good credit and a shorter term I would imagine

 

[jldonayre]

now it's 3.3 for 72 months

 

[Kappelan]

Pretty good rates.

 

[smodtactical]

3.6% 96 months.

Damn jealous of these 3.3 % rates.

You can pay down the finance amount faster if you want right?

 

[FrForget]

I’m looking forward to get financing for 96 months at 3.60% but I’m just wondering if the loans proposed by Tesla’s are open loans, which means that there are no penalties, or hidden fees, if you choose to end the car loan early.

That said, I’m wondering if Tesla’s offer that kind of loan or if it depends on the bank they’re dealing with.

Thanks

 

[Kappelan]

Here, in Ontario, they deal with banks. In our case it was RBC.

 

[wethenorth]

Anybody know how to log into RBC to see remaining balance/pay off loans? I bought the car over a month ago, I've had my automatic payment come out but nowhere was I ever given information on RBC account information etc.
Thinking I'll have to walk into an RBC Bank and have them open up an account?

 

[gaspimp]

Anybody know how to log into RBC to see remaining balance/pay off loans? I bought the car over a month ago, I've had my automatic payment come out but nowhere was I ever given information on RBC account information etc.
Thinking I'll have to walk into an RBC Bank and have them open up an account?

I can't speak for RBC specifically, but when I paid off my last car loan with TD (and was not otherwise a TD customer), they were able to give me the amount remaining over the phone. To pay it off, I was able to bring cash or a bank draft to a TD branch with the car loan account # to close the loan. No need to open up any new accounts.

 

[iKhalid]

When exactly into the process once you submit your order do you apply for financing?

 

[Stockboy]

Anybody know how to log into RBC to see remaining balance/pay off loans? I bought the car over a month ago, I've had my automatic payment come out but nowhere was I ever given information on RBC account information etc.
Thinking I'll have to walk into an RBC Bank and have them open up an account?

Typically auto loans don't have a micro-site or add to personal profiles, no idea why! You can signup for free credit monitoring via Credit Karma, Borrowell, etc. and see the balance owing (rounded to the nearest dollar) after they report each payment each month.

 

[5JMJ]

Anyone know what October finance rates will be?