Financing Tesla vehicles in Canada

[Gioreyes94]

Does anyone here know if I can change the terms from 84 months to 96 months after being approved

 

[sokhangoo]

Does anyone here know if I can change the terms from 84 months to 96 months after being approved

Yes you can, just email Tesla finance or contact your SA, very easy process. Even if till delivery interest rate goes down, you can request to get the lower rate as well.

 

[DeadSea]

First time poster but long time lurker.

Ordered my MY yesterday and financing was done in about 2 hours via RBC. I was assigned a contract loan rate of 2.15 for 72 months.

 

[Dr Gez]

First time poster but long time lurker.

Ordered my MY yesterday and financing was done in about 2 hours via RBC. I was assigned a contract loan rate of 2.15 for 72 months.

Did you do a trade in with your order? If so did you use the trade in calculator before ordering to see what they would offer?

 

[SpeedWagon]

Judging by what I was offered, they don't want trade-ins.

 

[BHouse]

Judging by what I was offered, they don't want trade-ins.

Yeah they offered me 1k for my 2011 Mazda CX-7. I understand a Mazda isnt anything special, but I'll get much more than 1k selling privately.

 

[TheRFMan]

Yeah they offered me 1k for my 2011 Mazda CX-7. I understand a Mazda isnt anything special, but I'll get much more than 1k selling privately.

I asked and was given a trade-in estimate of $4200 for my 2012 Volt (135,000km). Not horrible, but at that amount it won't make much of a difference in the cost of a 3, we'll keep it as a second car.

 

[Silentwords]

Yeah they offered me 1k for my 2011 Mazda CX-7. I understand a Mazda isnt anything special, but I'll get much more than 1k selling privately.

I received a $1,000 trade-in credit for my 2005 Civic (~168K KM).

 

[Double_J]

Tesla interest rates in Canada drop to record lows - Drive Tesla Canada

 

[Skier70]

Tesla interest rates in Canada drop to record lows - Drive Tesla Canada

If we are set for 2.55 and now that it has dropped, do I just email the finance group @ Tesla and ask for a lower rate? I am taking delivery of my Model Y on the 12th. Not a big difference but every dollar counts!

 

[Double_J]

Not sure. I just picked up mine a few days ago at 2.6%. Kinda sucks but what can ya do.

 

[5boys4cats]

If we are set for 2.55 and now that it has dropped, do I just email the finance group @ Tesla and ask for a lower rate? I am taking delivery of my Model Y on the 12th. Not a big difference but every dollar counts!

I second this question. I was approved at 2.55 for 96 months on Oct 15. Any insight would be appreciated.

 

[Double_J]

Call/email the SA

 

[forgamez]

I second this question. I was approved at 2.55 for 96 months on Oct 15. Any insight would be appreciated.

I am in a similar spot. I contacted my SA and he said that he was still seeing the old higher rates.

 

[mjohnbalde28]

Is it 2.55% now? I'm still waiting for mine, but it shows as 2.6% and I ordered Sept 21.

How much is your monthly payment with $0 down?

 

[ohkun]

Nov 11th, 2020

Finance rate via RBC
2.15% for up to 72 month
2.65% for up to 96 month

 

[mjohnbalde28]

Nov 11th, 2020

Finance rate via RBC
2.15% for up to 72 month
2.65% for up to 96 month

And thats based on your credit application? How much down paymeny besides the $2500 deposit?

Thanks!

 

[ohkun]

And thats based on your credit application? How much down paymeny besides the $2500 deposit?

Thanks!

SA quoted 2.15% and asked me how much deposit I wanted to put down. Looks like you can get this rate with basic $2500 down.

However, I asked to put down $20,000 down payment, RBC application came back with $10,000 down payment term ($12,500 in total)


It's common for banks to give better rate for larger loan because it's better business for them.
I never bother to push for $20,000 down and just accepted the term.
Mainly because this is open loan so I'm free to pay off more amount at any time.

 

[mjohnbalde28]

SA quoted 2.15% and asked me how much deposit I wanted to put down. Looks like you can get this rate with basic $2500 down.

However, I asked to put down $20,000 down payment, RBC application came back with $10,000 down payment term ($12,500 in total)


It's common for banks to give better rate for larger loan because it's better business for them.
I never bother to push for $20,000 down and just accepted the term.
Mainly because this is open loan so I'm free to pay off more amount at any time.[/QUOTE

SA quoted 2.15% and asked me how much deposit I wanted to put down. Looks like you can get this rate with basic $2500 down.

However, I asked to put down $20,000 down payment, RBC application came back with $10,000 down payment term ($12,500 in total)


It's common for banks to give better rate for larger loan because it's better business for them.
I never bother to push for $20,000 down and just accepted the term.
Mainly because this is open loan so I'm free to pay off more amount at any time.

Good decision on not putting 20k down. I would rather leverage that cash elsewhere and make good returns. Id buy some tesla shares and hold long.

Otherwise nice!

 

[ohkun]

Good decision on not putting 20k down. I would rather leverage that cash elsewhere and make good returns. Id buy some tesla shares and hold long.

Otherwise nice!

Exactly my thought afterward. 2.15% loan is basically free money. I'd be ok with $2500 down.
I was afraid I was going to make stupid investments with the whole 20k.

So.. here we go. 10k toward Tesla, 10k for whichever big company stock.
It's be unlikely to do worse than 2.15% gain per year.