Financing Tesla vehicles in Canada

[dgreensp]

I have a question about financing. I see many people posting different banks. Are you getting financing quotes from the banks or from Tesla? When I last spoke with Tesla about 3 weeks ago, the rate was 3-6 years at 2.2% or 7-8 years at 2.7%. I'm just confused if I should be securing financing with Tesla or with a bank. Thank you!

 

[I ASH I]

I have a question about financing. I see many people posting different banks. Are you getting financing quotes from the banks or from Tesla? When I last spoke with Tesla about 3 weeks ago, the rate was 3-6 years at 2.2% or 7-8 years at 2.7%. I'm just confused if I should be securing financing with Tesla or with a bank. Thank you!

The financing for Tesla in Canada is done through banks, Tesla doesn’t have in house financing in Canada, As far the rates goes they haven’t been changed you mentioned above. The current banks through which Tesla financing is done is Scotia, RBC, BMO and HSBC.

 

[dgreensp]

The financing for Tesla in Canada is done through banks, Tesla doesn’t have in house financing in Canada, As far the rates goes they haven’t been changed you mentioned above. The current banks through which Tesla financing is done is Scotia, RBC, BMO and HSBC.

Got it - thank you! So will work with Tesla here in Vaughan to arrange the financing. Stay safe!

 

[shahbaz]

Hello Everyone,
I’m new here and and have my eye on the M3 SR+ for a while.
I have few questions if anyone is able to provide their feedback, I’d be grateful.

1. What is the interest that everyone is getting for Jan 2021? and current owners, what was you credit score and what was the interest rate that was offered to you ?

2. I have a car loan on my KIA Optima for 11K, if I sell it for for 8K, can the remaining amount be added to the Tesla loan ? If it can, will the interest rate stay the same for the total amount of loan since my KIA is used and I’m paying 7.24% interest right now.

thanks

 

[TheRFMan]

I have a car loan on my KIA Optima for 11K, if I sell it for for 8K, can the remaining amount be added to the Tesla loan ?

You would have to trade in the Optima to Tesla rather than sell it. Tesla had not been known to offering very good trade-in values, so you may get less that you expect. Also Tesla does not finance vehicles they work with banks to offer financing.

I can't comment personally on credit scores and rates, since I have not bought mine yet (I'm waiting for the end of winter and an easing of COVID restrictions to actually have somewhere to go to). My understanding is that the rates are pretty much the same for everyone. If your credit is not the greatest (or if you don't have much of a credit file), you may be asked to provide a bigger down payment, but will still get the same rate. If you credit is bad enough, they may outright decline.

I think folks have been getting 2.15% on terms of 72 months or less, and 2.65% on 84 and 96 months based on posts earlier in this thread.

 

[shahbaz]

You would have to trade in the Optima to Tesla rather than sell it. Tesla had not been known to offering very good trade-in values, so you may get less that you expect.

Tesla’s online tool gave me a trade in value of $5.6k which is just a rip off and no matter how great credit I have right now, I’d be paying a lot more.
So my best option is to sell it and pay off rest of the loan, right ?

thanks for the info !!

 

[Yody]

Financing option for my Model S - Canada

Hi,

I started to read about Scotia bank offering Model S financing at 3.99%. That doesn't even seem to be critalized yet - we have no details. Better than a Personal loan at prime + 3-4% but much more expensive than in the US where they get 1.49%, 1.99%,... I have asked my broker to find me the best offer on the market.

Anybody with other ideas. I'll post what my broker comes back with.

PB

I just financed my Model 3 SR through Tesla and got 2.55%

 

[shahbaz]

You would have to trade in the Optima to Tesla rather than sell it. Tesla had not been known to offering very good trade-in values, so you may get less that you expect. Also Tesla does not finance vehicles they work with banks to offer financing.

I can't comment personally on credit scores and rates, since I have not bought mine yet (I'm waiting for the end of winter and an easing of COVID restrictions to actually have somewhere to go to). My understanding is that the rates are pretty much the same for everyone. If your credit is not the greatest (or if you don't have much of a credit file), you may be asked to provide a bigger down payment, but will still get the same rate. If you credit is bad enough, they may outright decline.

I think folks have been getting 2.15% on terms of 72 months or less, and 2.65% on 84 and 96 months based on posts earlier in this thread.

Thank you,
Got my loan approved at 2.6% 96months from Scotiabank.

with $2500 + $5000 (EV incentives) down.
Chose the M3 SR+ with FSD. Went with FSD for resale purpose.

726.43$ monthly

 

[Leif170]

Sorry if this has been asked before, but I can't find anything on it.

Are the rates being posted for new cars only? Or would i see similar rates buying an used car from inventory? Any one who has purchased a used from tesla care to share their rate if they don't match the ones stated here?

 

[bobbywagon]

the rates in this thread are solely for new cars

 

[Arturino]

Took MX LR in September, 72 months, 2.15% with RBC.

 

[sando]

Sorry if this has been asked before, but I can't find anything on it.

Are the rates being posted for new cars only? Or would i see similar rates buying an used car from inventory? Any one who has purchased a used from tesla care to share their rate if they don't match the ones stated here?

I bought my used M3 from the Tesla website this past summer and have 2.35% 72m with RBC. It was the same rate that everyone else was posting around the time.

One thing I learned is that you can't put in lump sum payments unless you open a separate RBC account.

 

[Endless]

Hello Everyone,

I am an international student in Vancouver. I have already ordered an M3 SR+. I would like to ask if the international student could get a car bank loan. The reply from Tesla’SA is not good, but I am not willing to spend all 50k on the vehicle, so I want to know if there is any way for international students to get a bank loan so that I can put part of the money into TSLA. Thanks in advance

 

[Endless]

Hello Everyone,

I am an international student in Vancouver. I have already ordered an M3 SR+. I would like to ask if the international student could get a car bank loan. The reply from Tesla’SA is not good, but I am not willing to spend all 50k on the vehicle, so I want to know if there is any way for international students to get a bank loan so that I can put part of the money into TSLA. Thanks in advance

BTW my credit score is 731, and I am willing to pay more than half of the down payment. Is there a bank that will provide car loans to international students? If you guys know, I hope can tell me. Thanks in advance

 

[Choncho]

Hello Everyone,

I am an international student in Vancouver. I have already ordered an M3 SR+. I would like to ask if the international student could get a car bank loan. The reply from Tesla’SA is not good, but I am not willing to spend all 50k on the vehicle, so I want to know if there is any way for international students to get a bank loan so that I can put part of the money into TSLA. Thanks in advance

Not sure on how a bank would look at your situation since they want proof of employment and income to approve a loan. However if you have income from other means(parents, rental income etc) that may be good enough.

 

[I ASH I]

BTW my credit score is 731, and I am willing to pay more than half of the down payment. Is there a bank that will provide car loans to international students? If you guys know, I hope can tell me. Thanks in advance

Actually it all depends some of the factors that may affect your financing with the Tesla can be, you length of credit history the longer your credit history the better, I know someone have posted earlier in this thread as well they were conditionally approved as they were on a work permit and they were approved only till the length of the work permit. But the monthly payment in this factor is dramatically increased. I am from the GTA area and you can get the car financed from the used car dealership or even a few car dealership even if you are a temporary resident.

Good luck for the financing and keep up posted.

 

[I ASH I]

I bought my used M3 from the Tesla website this past summer and have 2.35% 72m with RBC. It was the same rate that everyone else was posting around the time.

One thing I learned is that you can't put in lump sum payments unless you open a separate RBC account.

I just have one question, do you know if I buy a CPO car from Tesla what’s the maximum number of year can I get the car financed. Can it be more than 6 years or limited to just 6 years.

 

[Endless]

Actually it all depends some of the factors that may affect your financing with the Tesla can be, you length of credit history the longer your credit history the better, I know someone have posted earlier in this thread as well they were conditionally approved as they were on a work permit and they were approved only till the length of the work permit. But the monthly payment in this factor is dramatically increased. I am from the GTA area and you can get the car financed from the used car dealership or even a few car dealership even if you are a temporary resident.

Good luck for the financing and keep up posted.

As far as I know, it is easier to get from other dealership than Tesla, and I have friends who get leases from bmw and benz through temporary residents. I decided to contact the bank directly. Thanks for your reply.

 

[PearlShark]

So 2.15% under 72 months is the rate I am reading, correct?
Trying to decide between that a 1.46% mortgage rate. This would be more open and would have that satisfying moment of having a car that is "paid off" eventually.

 

[TheRFMan]

So 2.15% under 72 months is the rate I am reading, correct?
Trying to decide between that a 1.46% mortgage rate. This would be more open and would have that satisfying moment of having a car that is "paid off" eventually.

Are there feed associated with that mortgage? Those could easily eat up the difference.