Try to ask your SA to change it over to BMO - this round it looks like BMO is offering slightly lower rates than RBC (i got 2.8/96)
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(Happy) Update!
Same Tesla as above. Ordered April 1. TOOK DELIVERY April 30! My 30-day rate was still locked in, but Scotia had not yet finalized financing on their end, so the Tesla SC re-ran my credentials and I instead got 2.30% for the same term (72mo, 20k down) with BMO instead. That's what my current rate is, now that I have the car.
Likely less relevant since new rates get released every month, and May 1 the cycle would've reset - but adding another datapoint. And hey, I have my car now
sonrantos
Member
Oh wow. Congrats! I wish mine would take as quick as yours. Ordered April 20 and est. delivery is June 8-28.(Happy) Update!
Same Tesla as above. Ordered April 1. TOOK DELIVERY April 30! My 30-day rate was still locked in, but Scotia had not yet finalized financing on their end, so the Tesla SC re-ran my credentials and I instead got 2.30% for the same term (72mo, 20k down) with BMO instead. That's what my current rate is, now that I have the car.
Likely less relevant since new rates get released every month, and May 1 the cycle would've reset - but adding another datapoint. And hey, I have my car now
mamba516
Member
Just got 2.8% for 96 months.. but was told it can change at the time of delivery. Is that normal?
sonrantos
Member
That's normal. The approval is usually good for 90 days but the rate tends to be good for only 30 days. So if you don't take delivery within 30 days the rate will be refreshed and it could change.
Factors that impact the rate are:
1) Calendar month you're approved for financing
2) Term/duration of the loan
3) Which bank is providing your loan
Based on what I've observed, I don't think that the downpayment amount or personal credit score impacts the rate.
Here is an overview of how the maximum rates have varied over the last few months:
1) Calendar month you're approved for financing
2) Term/duration of the loan
3) Which bank is providing your loan
Based on what I've observed, I don't think that the downpayment amount or personal credit score impacts the rate.
Here is an overview of how the maximum rates have varied over the last few months:
Code:
36-72 month term 84-96 month term
Feb 2021: 2.15% 2.60%
Mar 2021: 2.00% 2.45%
Apr 2021: 2.40% 2.95%
May 2021: 2.30% 2.80%Congratulations. Mind if I ask which model 3 did you get? If it happened to be a SR+, would you mind check and see what the gross weight of your car is? In another thread, we are trying to find out if it's true that we Canucks are getting the ones with LFP battery. Thanks(Happy) Update!
Same Tesla as above. Ordered April 1. TOOK DELIVERY April 30! My 30-day rate was still locked in, but Scotia had not yet finalized financing on their end, so the Tesla SC re-ran my credentials and I instead got 2.30% for the same term (72mo, 20k down) with BMO instead. That's what my current rate is, now that I have the car.
Likely less relevant since new rates get released every month, and May 1 the cycle would've reset - but adding another datapoint. And hey, I have my car now
LFP batteries will not be in the Model 3... At least not for now. Next model to have LFP will be the new Model S and Model X this fall.
![angus[Y]oung](/tmc/data/avatars/l/141/141264.jpg?1620160343){kind=avatar}
angus[Y]oung
Active Member
I believe you’re thinking of the 4680 cells, which is different. Elon Musk himself said all standard range models will be going LFP.
Yes that's what is was the 4680 cells made by tesla i thought that was the LFP... Sorry my mistake
sonrantos
Member
2.8% seems to be what everyone is getting for 96 months this month. Does anyone know if Tesla will run your credit again around time of delivery? Wondering if the rate I got approved for stays or will they give you the new one at the time. Or do you have to ask them for it?
mamba516
Member
They told me the credit check is good for 90 days and you can just refinance during delivery without a hit.
Not a Model 3
See my original comment. Model Y LR, Red + White. Not sure if I have the 82 battery or the 75 - my range is 525km at 100%.
TheRFMan
Member
Approval is good for 90 days across Canada as per Tesla website, but rates are only locked-in for 30 days. Your rate could still change if you receive the car more than 30 days from approval.
TheRFMan
Member
I may be an outlier, but I received 2.30% for 72 months (BMO) on April 4th. Still no sign of the car though, so who knows if the rate will change or not.
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