Financing Tesla vehicles in Canada

[Hyacinth416]

Ordered today and the application was approved within the hour from RBC at 3.4% for 72 months.

Do you normally hit the "i agree" to the loan terms right away or do you wait some more? I actually prefer Scotia as all of my banking is with Scotia.

I got 72 mo @ 3.47 with Scotia. Maybe call the finance department and ask?

 

[ZachGil]

Ordered today and the application was approved within the hour from RBC at 3.4% for 72 months.

Do you normally hit the "i agree" to the loan terms right away or do you wait some more? I actually prefer Scotia as all of my banking is with Scotia.

I hit agree. Locks it in I guess. I just hope I get the car in 60 days lol.

 

[Luch]

Just got 3.75% for 96 months through RBC. Looks like interest rates have gone down February.

 

[ZachGil]

Just got 3.75% for 96 months through RBC. Looks like interest rates have gone down February.

I got that too. Was nice to see it wasn't 4.6% or whatever they're listing on the website. It was even less then my advisor was saying they're seeing.

 

[Imaginathan]

Just got 3.75% for 96 months through RBC. Looks like interest rates have gone down February.

If you’re referring to the interest rates on the Tesla website they are absolutely incorrect and should not be taken seriously

 

[excalibron]

Just got approved for 3.4% for 72 months through RBC but my delivery is due at the end of March so I hope the interest rates don't go up in the meantime.

 

[Imaginathan]

Just got approved for 3.4% for 72 months through RBC but my delivery is due at the end of March so I hope the interest rates don't go up in the meantime.

That’s good to hear they haven’t changed much since we were approved on 1/26, I’m sure we will go past the 30 day mark so the rate might refresh

 

[ZachGil]

That’s good to hear they haven’t changed much since we were approved on 1/26, I’m sure we will go past the 30 day mark so the rate might refresh

The application page now says they’re good for 60 days.

 

[anandoc]

The application page now says they’re good for 60 days.

That's correct. The following info shows up on the credit application page now:

 

[anandoc]

Just got approved for 3.47% for 72 months via Scotiabank.

 

[excalibron]

Maybe wait for RBC's offer? They seem to be doing 3.4% although doesn't seem like it will affect the monthly payment by much..

 

[anandoc]

Maybe wait for RBC's offer? They seem to be doing 3.4% although doesn't seem like it will affect the monthly payment by much..

You beat me to updating my previous post. I reached out to [email protected] (who BTW have lightning fast response times!) and they switched me to RBC @ 3.40% for 72 months. I think the actual cost of borrowing only goes down by like $80 or something with my down-payment amount....so negligible.

 

[dcjcdc]

do you have to do another applicaion to switch to rbc from scotia..as i too have the slightly higher rate with scotia at 3.47

 

[anandoc]

do you have to do another applicaion to switch to rbc from scotia..as i too have the slightly higher rate with scotia at 3.47

Nope. Just email [email protected] and they will do it. No separate application required.

EDIT: As an FYI - switching from RBC to Scotia (or vice-versa) does result in an additional credit inquiry. I get the free credit score viewing feature via ScotiaBank/RBC's portal and TransUnion did report two separate inquiries as seen below:

 

[brian_langley]

Hello All,

Two questions:

1.) Are people receiving 60 day guarantees now versus 30; and

2.) Are you able to choose which lender you apply [RBC versus Scotiabank] or do you get an offer from each?

Thanks so much.

 

[anandoc]

Hello All,

Two questions:

1.) Are people receiving 60 day guarantees now versus 30; and

2.) Are you able to choose which lender you apply [RBC versus Scotiabank] or do you get an offer from each?

Thanks so much.

This info is literally above your post - you should scroll up and read them.

How long are approvals valid for now: Financing Tesla vehicles in Canada

How to switch lenders post-approval: Financing Tesla vehicles in Canada

 

[excalibron]

FYI, for anyone wanting to adjust their down payment options, I spoke to my Tesla rep and he said I can increase my down payment as long as I let him know atleast 48 hours prior to delivery.

 

[anandoc]

FYI, for anyone wanting to adjust their down payment options, I spoke to my Tesla rep and he said I can increase my down payment as long as I let him know atleast 48 hours prior to delivery.

Thanks. Yes, my rep reached out to me pro-actively to ask how much I was planning to put down so he could adjust the loan terms in my account. Are you dealing with Lawrence or Oakville?

 

[excalibron]

Thanks. Yes, my rep reached out to me pro-actively to ask how much I was planning to put down so he could adjust the loan terms in my account. Are you dealing with Lawrence or Oakville?

Well, neither yet. I booked through a Tesla rep at Yorkdale so he has been helping me out but I have picked my delivery location as Lawrence for now.

 

[ottawa613]

Wanted to confirm after completing financing application received 3.87% for 96 months with Scotiabank, when this appears does it mean the financing was approved or are there any other steps to take?

Thanks