Financing Tesla vehicles in Canada

[Smiley416]

Hi all. Just signed up to the club after lurking the past couple of days.

I've placed my order for a M3 few days ago and my ultimate goal is to finance. I was content with the 2.49% rate that was being shown on the main site when building the car but once I got to the final page it was showing me a 3.0% rate instead.

After reading around here (mostly from USA members), it was suggested to select Cash as the payment method. This allows the 'order' to be pushed through the queue.

So I'm just looking for confirmation I guess that it's okay that I selected cash, and once I get a VIN I'll be able to call my SA and get them to switch it to financing again, and maybe push for a better rate at the same time?

Thanks all!

 

[Smiley416]

Sorry, I'm not finding a way to edit my post lol. Also wanted to know about the referral link. I've used someone's referral and it showed up correctly during order process. Do I need to tell my SA again or is it automated?

 

[defsam]

Hi all. Just signed up to the club after lurking the past couple of days.

I've placed my order for a M3 few days ago and my ultimate goal is to finance. I was content with the 2.49% rate that was being shown on the main site when building the car but once I got to the final page it was showing me a 3.0% rate instead.

After reading around here (mostly from USA members), it was suggested to select Cash as the payment method. This allows the 'order' to be pushed through the queue.

So I'm just looking for confirmation I guess that it's okay that I selected cash, and once I get a VIN I'll be able to call my SA and get them to switch it to financing again, and maybe push for a better rate at the same time?

Thanks all!

I heard it doesnt matter if either car or finance since you have time to shop around and can always cancel the accepted financing. I took it and then emailed [email protected] and then they sent me a much lower quote. You can also mention it to your SA that you had a previously lower offer. What I did is I just shopped around different banks but ultimately found that the tesla financing I was offered was lower than what banks are offering me.

 

[MrSlippery]

Hi all. Just signed up to the club after lurking the past couple of days.

I've placed my order for a M3 few days ago and my ultimate goal is to finance. I was content with the 2.49% rate that was being shown on the main site when building the car but once I got to the final page it was showing me a 3.0% rate instead.

After reading around here (mostly from USA members), it was suggested to select Cash as the payment method. This allows the 'order' to be pushed through the queue.

So I'm just looking for confirmation I guess that it's okay that I selected cash, and once I get a VIN I'll be able to call my SA and get them to switch it to financing again, and maybe push for a better rate at the same time?

Thanks all!

Yes best to select cash, you can always change it once you have delivery confirmation. For simplicity the SA will tell you to just the same thing, select the cash option and when the car is close to delivery change to finance or lease, etc. Plus then if you are doing a trade, or putting down a different amount you can change it all at the same time.

 

[EVer]

Another recent data point

ordered Aug 7
First EDD was oct 15-nov 6 a few days ago
Then it changed to oct 25-nov17 today

the the basic no frills model 3 sr+, default options

 

[EVer]

Another recent data point

ordered Aug 7
First EDD was oct 15-nov 6 a few days ago
Then it changed to oct 25-nov17 today

the the basic no frills model 3 sr+, default options

haha wrote the wrong response in the wrong thread…too many tabs opened.

Meant to share that I also got 2.8% for 96 months from RBC as of Aug 7

 

[DM 171950]

Order my Model Y LR white with gemini wheels on Aug.06 and have EDD Nov.14 - Dec.14. Also I've got 2.85%/96mths from ScotiaBank.

I have accidentally clicked "I don't want to trade in a vehicle" and my trade-in is gone from my account. Tried to email the SA but not getting a response yet and there's never anyone answering the phone in Tesla Lawrence. Does anyone know if I can reinstate my original trade-in or I have to go through the entire process and get another quote?

 

[defsam]

haha wrote the wrong response in the wrong thread…too many tabs opened.

Meant to share that I also got 2.8% for 96 months from RBC as of Aug 7

Nice I got 2.75 from RBC was originally cibc but I emailed and gave me that

 

[echlon]

Nice I got 2.75 from RBC was originally cibc but I emailed and gave me that

Did you end up getting two credit checks? 1 for the original approval from CIBC, and another when you got 2.75 from RBC?
Got a VIN assigned so going through the steps of locking in the finance rate now but also seeing the 3% posted on the Tesla site so I'm expecting (hoping) it comes out lower.

 

[defsam]

Did you end up getting two credit checks? 1 for the original approval from CIBC, and another when you got 2.75 from RBC?

Didn't matter for me. I called around different banks. Was watching my Equifax and it only dinged 1 point for each.

 

[echlon]

Applied and I got approved for 2.45% at RBC for 72 months.

 

[EVer]

Nice I got 2.75 from RBC was originally cibc but I emailed and gave me that

thanks for sharing
i wonder why my rate is higher then
I have 850+ credit score and low utilization

it’s not a big diff but still…I will email when I get an EDD closer to pickup to see what lowest rate is, don’t care about another credit check

 

[defsam]

thanks for sharing
i wonder why my rate is higher then
I have 850+ credit score and low utilization

it’s not a big diff but still…I will email when I get an EDD closer to pickup to see what lowest rate is, don’t care about another credit check

No idea either, I am in the same credit score and I already have a financing on my name that is going to be taken over by my brother. idk, Income? I am not sure what factored that.

 

[kooro]

I got 2.75% for 96 months with RBC on July 4.
I hope it will be 2.8% when I will be picking up my SR+ in Sep (I hope Sep )

 

[EVer]

No idea either, I am in the same credit score and I already have a financing on my name that is going to be taken over by my brother. idk, Income? I am not sure what factored that.

Thanks, I would say I can comfortably buy a model S plaid on my income but I spend where I believe is best value and also maximize my dollars

side note my EDD is now +2wks longer lol

will have bought snow tires before I even have the car by Nov…

 

[defsam]

Thanks, I would say I can comfortably buy a model S plaid on my income but I spend where I believe is best value and also maximize my dollars

side note my EDD is now +2wks longer lol

will have bought snow tires before I even have the car by Nov…

Yeah I don't know, I will need to try the Model S Plaid to make it feel worth it. For me, It feels like SR+ is best value. Has better real mileage than LR and P version of model 3 is what I am hearing from people. And the acceleration is phenomenal. Literally the acceleration is already insane for this price.

also yeah I probably was just lucky and has nothing to do with me bugging my SA for everything

Anyhow, I would have done the same but I got my car too soon! haha
Also, I am leaning more to the 18" as researching people who went from 19" to an 18" they say that 18" is smoother drive.

 

[cgartly]

I applied on 8/13 for a M3 SR+ and recieved 2.8% 96 months with RBC.

 

[YHZ-Owner]

A

For me, It feels like SR+ is best value. Has better real mileage than LR and P version of model 3 is what I am hearing from people. And the acceleration is phenomenal. Literally the acceleration is already insane for this price.

Agreed. SR+ is the best Model 3 for a lot of reasons. I don't understand why anyone would get the LR or P? It makes no sense.

 

[canadaben]

A


Agreed. SR+ is the best Model 3 for a lot of reasons. I don't understand why anyone would get the LR or P? It makes no sense.

LR is great

 

[kooro]

A


Agreed. SR+ is the best Model 3 for a lot of reasons. I don't understand why anyone would get the LR or P? It makes no sense.

SR+ is great because it qualifies for federal and provincial incentives