Financing Tesla vehicles in Canada

[Samipro]

My M3 delivery date is set in end of June. I asked my SR if I can request to adjust my interest rate (3.6% for 96 month with RBC). He said that cannot be done. Anyone have experience with this? Can I ask Tesla directly? Which email or phone number can I use?

 

[Slam_EVS]

My M3 delivery date is set in end of June. I asked my SR if I can request to adjust my interest rate (3.6% for 96 month with RBC). He said that cannot be done. Anyone have experience with this? Can I ask Tesla directly? Which email or phone number can I use?

I got approved 3.2% with Scotiabank just earlier this week. I think what you can do is start a new order and apply for financing again. If you get 3.2% then cancel your 3.6% order

 

[Slam_EVS]

Thank you to everyone for sharing in this forum for most up to date rates! I also got 3.25% (96 months) approved on model s earlier this week! Super excited to pick up my car tomorrow =)

 

[kuromonmarket]

Same just got approved last night for 3.25% at 96.

Previously I was quoted 3.4% a week ago, and then 2.9% for 72.

Hopefully it can go down a bit more, was told we can choose to go with the lower rate if it drops.

 

[Germ]

Same just got approved last night for 3.25% at 96.

Previously I was quoted 3.4% a week ago, and then 2.9% for 72.

Hopefully it can go down a bit more, was told we can choose to go with the lower rate if it drops.

My delivery is set for this Wednesday June 3rd. I asked my SA on Friday to give me the lowest available rate. I was at 3.25% with RBC for 72 months and I saw that my account has been updated to 2.9%. Let's see if anyone can identify June's rate so we can confirm if there's room to improve even more!

By the way, here's a nice calculator to identify the real cost with the interest rate you'll obtain:
Interest Rate Calculator

In my case, it's a 9$ savings per month. Not much, but I'll take any savings I can get. Combined with the 3k price drop earlier this week, we keep on saving!

 

[Germ]

My delivery is set for this Wednesday June 3rd. I asked my SA on Friday to give me the lowest available rate. I was at 3.25% with RBC for 72 months and I saw that my account has been updated to 2.9%. Let's see if anyone can identify June's rate so we can confirm if there's room to improve even more!

By the way, here's a nice calculator to identify the real cost with the interest rate you'll obtain:
Interest Rate Calculator

In my case, it's a 9$ savings per month. Not much, but I'll take any savings I can get. Combined with the 3k price drop earlier this week, we keep on saving!

My account was updated this afternoon with RBC at 2.8% for 72 months. Keeps going down folks!

 

[LiveFast]

Just offered 3.3% at 96 months through RBC yesterday - so June rates might be similar to May.

Once I hit 'I Agree' I'm stuck with that rate, correct? I'm tempted to wait and hear what rate everyone else is getting this month.

 

[CanadaGoose]

Just offered 3.3% at 96 months through RBC yesterday - so June rates might be similar to May.

Once I hit 'I Agree' I'm stuck with that rate, correct? I'm tempted to wait and hear what rate everyone else is getting this month.

The rate changes based on the delivery date. That’s what happened to me.

 

[jbolli]

Just offered 3.3% at 96 months through RBC yesterday - so June rates might be similar to May.

Once I hit 'I Agree' I'm stuck with that rate, correct? I'm tempted to wait and hear what rate everyone else is getting this month.

I was offered the same rate (3.3% at 96mths) for pickup this weekend.

 

[LiveFast]

I was offered the same rate (3.3% at 96mths) for pickup this weekend.

Interesting, thanks. Inventory car or newly produced?

 

[jbolli]

Interesting, thanks. Inventory car or newly produced?

Newly produced. Ordered on 4/10. SR+ (Red & 19" sport). Seems like we're getting lots of inventory on the West Coast.

 

[Samipro]

Interesting, thanks. Inventory car or newly produced?

I got the same rate. SA explained that the monthly rate refresh should be automatically even if you have agreed on the previously rate.

 

[SirBaymax]

Rates so far for June: 96 months @3.3%, 84 months @3.3% and 72 months @2.8%. I went with 72 months because of the low rate.

 

[bchan911]

I'm trying to add my details into the account page right now and at the payment method. When selecting a 60 month loan term, it says the APR is at 4.25%. How are you guys getting 2.8%? Is it just a number Tesla randomly spits out right now and that number will change once they submit a credit application? Or are you getting these rates by going directly to the bank? I.e. some have mentioned RBC/Scotia?

Thanks!

 

[rekun]

I'm trying to add my details into the account page right now and at the payment method. When selecting a 60 month loan term, it says the APR is at 4.25%. How are you guys getting 2.8%? Is it just a number Tesla randomly spits out right now and that number will change once they submit a credit application? Or are you getting these rates by going directly to the bank? I.e. some have mentioned RBC/Scotia?

Thanks!

Yes, the 4.25% is just a random placeholder. Once you submit the credit application, it gets sent to RBC and Scotia, whichever one is lower ends up showing up in your account with the actual rate. In my case it happened the same day.

 

[bchan911]

One last question, do you know if the Tesla loan can cover the sales tax of the vehicle? Model Y base is 84K. With tax it comes to 92K. Can you only borrow 84K or can it cover the full 92K with tax?

Cheers!

 

[rekun]

One last question, do you know if the Tesla loan can cover the sales tax of the vehicle? Model Y base is 84K. With tax it comes to 92K. Can you only borrow 84K or can it cover the full 92K with tax?

Cheers!

Yep, it covers the whole thing

 

[Doctormike87]

Yes, the 4.25% is just a random placeholder. Once you submit the credit application, it gets sent to RBC and Scotia, whichever one is lower ends up showing up in your account with the actual rate. In my case it happened the same day.

Is the credit application different from the initial Finacing through Tesla page? It’s a bit confusing for me...

Can we change term after we put the initial term down? I’m thinking 96 months and it shows 4.6% with approximately $10K in taxes and fees.

 

[SirBaymax]

Is the credit application different from the initial Finacing through Tesla page? It’s a bit confusing for me...

Can we change term after we put the initial term down? I’m thinking 96 months and it shows 4.6% with approximately $10K in taxes and fees.

You can contact your service adviser and they’ll contact the financing people with Tesla. You can change your rate and down payment amount.

 

[Doctormike87]

You can contact your service adviser and they’ll contact the financing people with Tesla. You can change your rate and down payment amount.

Thanks! Yeah, I emailed our SR and pretty much got the, go forward on the website, and then you’ll see Scotia and RBC.

Would be nicer if it was more clear-cut for us simpletons...