Financing Tesla vehicles in Canada

[fear789]

We just heard back from them interest rate went down to 2.35% on a 72 month term. But according to the SA they require us to come up with the $20,000 upon taking delivery.
This really sucks as we really wanted the car and we can afford it but now to find the $20,000 if we can or we will cancel the deal.
The finance rates on CPO for this type of term are great

Is this common with the Model 3s?

 

[richyrich]

Is this common with the Model 3s?

Nope. Normally you can pick whatever downpayment you want - likely in this case the rep just picked a number or misheard.

As part of the online process to confirm your order YOU define the loan you're asking for including down-payment, term etc. Tesla then goes away and does the credit check; a day or two later there's an offer with an "Accept" button - this is the point where you see the rate being offered and the full details of the loan. I did this yesterday. There's very little mystery to it, not sure what's going on with OP.

 

[CadillacJack]

Just to add - if you don’t like the rates or the lender, you can email Tesla finance to get them to re-evaluate. They gave me Scotia at 3.99% so I asked them to try with RBC for the 2.35%. They did it and now I’m set. . Not sure why they don’t just do that, but caveat emptor!

 

[Justaguy111]

How long did guys have to wait before getting the approval from the banks? I sent in my application yesterday, but haven't heard anything back.

I have had issues the whole time with their system, as it wasn't directing me to enter my info.

 

[richyrich]

How long did guys have to wait before getting the approval from the banks? I sent in my application yesterday, but haven't heard anything back.

I have had issues the whole time with their system, as it wasn't directing me to enter my info.

Took a day or two for my finance offer to come back after I'd submitted online. You should see text saying it's being processed. If you don't there may be more you need to fill in or click. You should also see the ping on your credit record once they process it.

 

[Justaguy111]

ya... my whole application was a mess. I emailed finance directly, and got a approval within a few mins. 2.8% for 96 months thru scotia, but RBC would've been the same.

All set now... only thing left is the LONG wait for them to assign a car, and find out what the delivery date is

 

[TKHikaru]

Financing via "Loan arranged through Tesla":

• Submit Date/Time: Jul15/2020 approx. 17:30
• Approve Date/Time: Jul15/2020 18:30 or earlier (when logged back in the Account)

96 months, 2.8% APR through Scotia

Wonder would it be the same for RBC.

 

[frontalot]

How long did guys have to wait before getting the approval from the banks? I sent in my application yesterday, but haven't heard anything back.

I have had issues the whole time with their system, as it wasn't directing me to enter my info.

My offer came back in an hour or so.

 

[Vawlkus]

We just heard back from them interest rate went down to 2.35% on a 72 month term. But according to the SA they require us to come up with the $20,000 upon taking delivery.
This really sucks as we really wanted the car and we can afford it but now to find the $20,000 if we can or we will cancel the deal.
The finance rates on CPO for this type of term are great

I had to do something similar for my X back in 2017 because I didn’t have a purchase history for large purchases. -.-
I ended up getting a line of credit to deal with the down payment, which I’m still not happy about.

 

[yumpovermydoo]

Dumb question but when you submit the application for financing via Tesla, do you submit to a hard credit check? If the offer returns and you don't like it then you get hit with the check already I assume?

 

[djino]

Dumb question but when you submit the application for financing via Tesla, do you submit to a hard credit check? If the offer returns and you don't like it then you get hit with the check already I assume?

Yes, at the point you submit your application for financing, you are subjected to a Hard credit check (regardless of the outcome).

djino

 

[I ASH I]

Hi

General inquiry If I want to apply for financing through Tesla, what all documents do they require from me(I have never applied for a car financing therefore asking in advance from you guys).

Thanks

 

[djino]

Hi

General inquiry If I want to apply for financing through Tesla, what all documents do they require from me(I have never applied for a car financing therefore asking in advance from you guys).

Thanks

At the applying for financing stage, they don't require any documents. They simply perform a hard check on your credit report and either approve you, approve you with conditions on the minimum down payment, or deny you.

Djino

 

[cdswm3]

I got an answer back in an hour. They offered 1.8% thru BMO for 4 years. I had a previous loan thru BMO before so they gave me a preferred customer rate.

 

[KoppDuong]

I got an answer back in an hour. They offered 1.8% thru BMO for 4 years. I had a previous loan thru BMO before so they gave me a preferred customer rate.

Did you apply through Tesla? I'm ordering a model 3 next Friday and this is an amazing rate!!

 

[richyrich]

I got an answer back in an hour. They offered 1.8% thru BMO for 4 years. I had a previous loan thru BMO before so they gave me a preferred customer rate.

Wow, amazing. Definitely that preferred rate kicking in - the lowest for most people at 72m and under is 2.35% I believe.

 

[CadillacJack]

BMO? That’s new - I thought they just did Scotia and RBC.

 

[cdswm3]

BMO? That’s new - I thought they just did Scotia and RBC.

I asked for BMO since I just received a letter from them offering a preferred rate for returning customers and it is a low payment for 4 years. Put a big chunk of cash upfront.

 

[djino]

I asked for BMO since I just received a letter from them offering a preferred rate for returning customers and it is a low payment for 4 years. Put a big chunk of cash upfront.

So this isn't a loan arranged by Tesla, but you being eligible for a low interest rate auto loan (or line of credit) directly from BMO to you since you have other products/services with BMO?

djino

 

[fear789]

Placed an order last night. Everything is greyed out and I can’t move to the next step (registration, trade in and payment). Any suggestions ?