Financing Tesla vehicles in Canada

[KoppDuong]

Can you get the 2.8% rate with $0 down (other than the reservation)?

My account shows no money due. So I'm assuming that's no money down. I financed the entire amount including taxes for the model 3 at 2.8 for 96 months. I'm located in Ontario Canada not sure if that makes a difference

 

[MrTemple]

My credit union in BC (Vancity, who I *love*) has a special electric car loan. Prime+1 (3.45% right now) for up to 10y with $0 down! No fees for paying all or part off early.

$799/mo for Model Y LR MSM gemini with trailer hitch. (after deposit, but $0 down-payment)

I can pay it off quite a bit earlier, but at those rates, I'll just put the money I'd use to pay it off into my investments and come out ahead.

Thanks!

I'm going to see if Vancity will match it for 10y. I don't really need anywhere near that long a term, but I like the flexibility. My monthly car payment for the past 15y has been $0/mo.

 

[Threader]

got 2.35% from Scotia for up to 72m for a Model Y. I was at 3.62% with RBC for my 2019 May Model 3.Very pleased with lower interest rate.

 

[gauravk17]

Congrats! Where in Canada are you?

- Fellow Canuck waiting in solidarity

I am in Gatineau, Quebec.

 

[gauravk17]

Can you get the 2.8% rate with $0 down (other than the reservation)?

I think you can. I did put 7.5K down on the finance form before submitting my file but they approved for the complete remaining amount regardless.

 

[TrevTremaine]

Beats the hell out of the 4.25% I was offered as a clean and "preferred" client.

 

[eldender]

Beats the hell out of the 4.25% I was offered as a clean and "preferred" client.

Yikes! For a recent delivery?

 

[TrevTremaine]

Yikes! For a recent delivery?

No, I went online today at Tesla to get a quote and there's a note indicating that rate. That's at least 25 basis points higher than anything else I've seen.

 

[eldender]

No, I went online today at Tesla to get a quote and there's a note indicating that rate. That's at least 25 basis points higher than anything else I've seen.

Ah ok! Yeah the rate they have on there is apparently very dated. Crazy they don't update it more regularly given it makes a huge difference in people using their financing.

I was thrown off by it too (I posted about it in here), it said 4.25% but I ended up being approved for 2.35% within minutes. Nuts theyre off by nearly 200 bps, I agree!

 

[cil0n]

Can you get the 2.8% rate with $0 down (other than the reservation)?

Just submitted my app so we will see if I get 2.8% in August 1st. If I don't get these rates I'm cancelling as I'm going with $0 down as well.

I'll let you know

 

[TrevTremaine]

Ah ok! Yeah the rate they have on there is apparently very dated. Crazy they don't update it more regularly given it makes a huge difference in people using their financing.

I was thrown off by it too (I posted about it in here), it said 4.25% but I ended up being approved for 2.35% within minutes. Nuts theyre off by nearly 200 bps, I agree!

Thanks for your help. As it turned out, I did get the same 2.35% rate quote from Tesla/RBC. Onwards we go!

 

[cil0n]

Just submitted my app so we will see if I get 2.8% in August 1st. If I don't get these rates I'm cancelling as I'm going with $0 down as well.

I'll let you know

I just got approved for $0 down at 2.6% through Scotiabank for a Model Y! (96 month term)

 

[djino]

I just got approved for $0 down at 2.6% through Scotiabank for a Model Y! (96 month term)

Wow rates are still going down. So you have confirmed 2.60 Scotia 96 months (down from 2.8 in July).

Anyone able to confirm August rates for:

- Scotia 72 months
- RBC 96 months
- RBC 72 months

Djino

 

[knsr4]

Great to see rates lowered! I placed my order on July 3rd at 2.35% for 72 months - still no delivery.

Does anyone know if Tesla automatically applies lower rates (if applicable) or do we have to contact them on our own to do so?

 

[Mannybalboa]

Is it possible to get interest rate quote again? Since I got 2.8% in July and delivery is happening in sept.
2.6% saves me another 500 dollars

 

[justjamb]

Wow rates are still going down. So you have confirmed 2.60 Scotia 96 months (down from 2.8 in July).

Anyone able to confirm August rates for:

- Scotia 72 months
- RBC 96 months
- RBC 72 months

Djino

Just got approved for $0 down at 96 months with RBC! Ordered white Model 3 SR+ for Oakville delivery.
Thank you to all for posting these rates over the past years- it has been an excellent resource for me!

 

[justjamb]

Just got approved for $0 down at 96 months with RBC! Ordered white Model 3 SR+ for Oakville delivery.
Thank you to all for posting these rates over the past years- it has been an excellent resource for me!

Sorry- forgot the most important part... interest rate was 2.6% with RBC.

 

[djino]

Is it possible to get interest rate quote again? Since I got 2.8% in July and delivery is happening in sept.
2.6% saves me another 500 dollars

Yes. Just email [email protected] and ask if they can update the interest rate.

Djino

 

[Mannybalboa]

Yes. Just email [email protected] and ask if they can update the interest rate.

Djino

Thanks bud appreciate it

 

[Spenny818]

Just got our 72mo with Scotiabank updated to 2.15% after emailing Tesla Finance.