Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Financing Tesla vehicles in Canada

This site may earn commission on affiliate links.
Hey guys,
This is my first post. I want to buy a new 2020 Raven Model S. I want to finance the car and I’ve been an avid reader for this forum. Should I go directly to the bank for financing, finance with Tesla or go through a broker?

Financing with Tesla will be your best bet at this point. They are giving the best rate right now it seems.
 
Hey guys,
This is my first post. I want to buy a new 2020 Raven Model S. I want to finance the car and I’ve been an avid reader for this forum. Should I go directly to the bank for financing, finance with Tesla or go through a broker?
Banks generally won’t deal with customers directly for loans/financing in amounts needed for Teslas.
It’s best to go through Tesla, although if you have a preferred bank, let your advisor know and they’ll go there first.
 
damn.. i just got my Tesla two days ago.. my rate went from 3.4 to 3.25 on a 72 month amortization w RBC bank.

With the recent cut this rate should probably be at 3.0

Yeah so we can get the lower rates if we get approval from a third party lender and show it to Tesla Finance. The difference is about ~$700 so I am wondering if its worth another credit app check.
 
I emailed auto finance Tesla and the guy responded and said: "RBC is holding rates for the month, no changes. Same with Scotiabank. Rates might change next month but we won’t know until the 1st of the month."
 
I was just quoted 3.25% on 60 months. Prior to submitting the application, my SA was saying that this rate was the "worst case scenario".

With 2 BoC interest rate cuts in the last month, I expected it to be lower especially since I have a pretty good credit standing.
 
I was just quoted 3.25% on 60 months. Prior to submitting the application, my SA was saying that this rate was the "worst case scenario".

With 2 BoC interest rate cuts in the last month, I expected it to be lower especially since I have a pretty good credit standing.
Just read an article that after this latest drop, the banks are waiting to make a decision. Prior to this drop, the BoC was expected to announce a drop mid April, so I'm guessing (uneducated) that banks will wait until then to make a change. I hope I'm wrong though, would love another reduction before delivery on March 24!!
 
Just read an article that after this latest drop, the banks are waiting to make a decision. Prior to this drop, the BoC was expected to announce a drop mid April, so I'm guessing (uneducated) that banks will wait until then to make a change. I hope I'm wrong though, would love another reduction before delivery on March 24!!

Because the banks haven't done anything with the latest BOC drop, Tesla is not going to update anyone's rate - not yet - once the likes of Scotia/RBC decide to adjust their prime, Tesla can then adjust their offered rate too. They usually do a rate check for you a day or two before delivery day but be sure to ask them to check on two occasions:

1. Once Scotia/RBC adjust their prime with the latest BOC drop.

2. Ensure Tesla Finance checks the final rate a day or two before delivery.
 
  • Like
Reactions: Darcehole
Emailed Tesla finance as suggested yesterday and got 3.75% --> 3.6% change for 96 months with RBC, thank you everyone!

I'm waiting for my Model Y, expected in "mid-2020" and plan to finance through Tesla. These 96 month rates at 3.6% are impressive! Did you guys finance your whole vehicle amount? Or did you get a chunk from a HELOC and combine the Tesla loan?
 
I'm new here and wanted to post something here since I have found the information on this thread useful. I ordered my Model 3 on Friday and got a financing offer from Tesla (Scotiabank) yesterday... it was 96 months at 3.72%. From reading the thread, I see that if the bank rates go down (or up I suppose) prior to delivery that our rate should adjust accordingly. If I get a change in rate, I'll post back here. Thanks for all the useful information here!