Financing Tesla vehicles in Canada

[ahbitheman]

Curious as to what sort of downpayment most people are putting on their cars. I like at least 20% on most things but given these interest rates I can understand why people are doing $0 down. Maybe I'm the sucker? Picking up today!

 

[gauravk17]

anyone waiting for rate update from RBC? tesla finance responded to me at 10.45 am est yesterday that they are submitting my application for rates update but no response yet.

 

[eldender]

anyone waiting for rate update from RBC? tesla finance responded to me at 10.45 am est yesterday that they are submitting my application for rates update but no response yet.

I didn’t get a response but logged into my account and see it’s now showing 2.15%!

 

[eldender]

Curious as to what sort of downpayment most people are putting on their cars. I like at least 20% on most things but given these interest rates I can understand why people are doing $0 down. Maybe I'm the sucker? Picking up today!

I’m trading in a car I full owned so putting about 40% down. I wouldn’t pay in cash with these interest rates

 

[gauravk17]

I didn’t get a response but logged into my account and see it’s now showing 2.15%!

I just got a reply back that I have approval but my account does not show that. lol

 

[mrbush22]

Curious as to what sort of downpayment most people are putting on their cars. I like at least 20% on most things but given these interest rates I can understand why people are doing $0 down. Maybe I'm the sucker? Picking up today!

Including the initial deposit I have been planning to put down 10k just to get the monthly payments under $500

 

[tche93]

I'm ordering my M3 tomorrow! Will be interested to see if I get the same rates.

 

[gauravk17]

I'm ordering my M3 tomorrow! Will be interested to see if I get the same rates.

the following is what I remember:

2.6 for 84 and 96 months
2.15 for 72 months

 

[tche93]

the following is what I remember:

2.6 for 84 and 96 months
2.15 for 72 months

do you by any chance know rates for 48 and 60 months?

 

[sokhangoo]

I've already ordered M3 and haven't done my financing as I'm waiting on my mortgage to get approved and signed. I heard I can apply as late as 2-3 days before pickup date to apply for financing, correct?

Also Tesla asked me to put the mandatory down-payment of $2,500 on my M3, is this the same for everyone?

 

[Icicles]

do you by any chance know rates for 48 and 60 months?

It should be 2.15 for terms below 72. I have 60 months and they got back with 2.15 earlier this week.

 

[Icicles]

It should be 2.15 for terms below 72. I have 60 months and they updated my rate to 2.15 earlier this week.

 

[tche93]

It should be 2.15 for terms below 72. I have 60 months and they got back with 2.15 earlier this week.

Good to know! Do you know when you take delivery? How long did it take for Tesla to reach out to get your finance numbers?

 

[KoppDuong]

I've already ordered M3 and haven't done my financing as I'm waiting on my mortgage to get approved and signed. I heard I can apply as late as 2-3 days before pickup date to apply for financing, correct?

Also Tesla asked me to put the mandatory down-payment of $2,500 on my M3, is this the same for everyone?

Yes there was a $2500 order fee that goes towards the purchase price of the car

 

[Icicles]

Good to know! Do you know when you take delivery? How long did it take for Tesla to reach out to get your finance numbers?

I got the finance terms basically within minutes I sent the email. I got myself in a weird ordering process as I ordered way back near the end of May but didn't want delivery until end of Aug/early Sept due to my current car lease. I'm not sure if the rest of my process is a useful reference.

 

[tche93]

I got the finance terms basically within minutes I sent the email. I got myself in a weird ordering process as I ordered way back near the end of May but didn't want delivery until end of Aug/early Sept due to my current car lease. I'm not sure if the rest of my process is a useful reference.

Got my financing offer today. Was given 60 months at 2.15% with Scotiabank. Seems like it's pretty consistent right now. Spoke with a rep today from the delivery centre and was told that they're trying to get a bunch of cars out for end of Sept/early Aug!

 

[Chester68]

I just got my offer overnight. 2.6% for 96 months from Royal Bank. Blue Model Y, ordered on August 4th.

 

[Icicles]

...Spoke with a rep today from the delivery centre and was told that they're trying to get a bunch of cars out for end of Sept/early Aug!

Talked with my delivery specialist, he said there is a "soft VIN assigned" to me and they it should be out of the factory by first week of Sept and a week or so to deliver to Calgary. That sounds consistent with what your rep said.

 

[tche93]

Talked with my delivery specialist, he said there is a "soft VIN assigned" to me and they it should be out of the factory by first week of Sept and a week or so to deliver to Calgary. That sounds consistent with what your rep said.

That makes me so excited! I only just ordered mine a couple of days ago and the waiting game absolutely sucks. Can't imagine how the people waiting since the end of June are feeling. Hopefully your delivery specialist was giving you a bit of an overestimation as well!

 

[Gioreyes94]

Hi guys! I'm new to the community and I'm thinking about buying a Model 3, now I saw that there is a Lease optio for the model 3 and it's way cheaper than a loan, would you guys recommend a lease? Any pros and cons you csn think of?