Financing Tesla vehicles in Canada

[DK7519]

considering the financing option, if we are rejected for the asked amount, do they offer you what amount they are willing to let you finance or it's a yes/no response?

 

[OttawaSRPlus]

With orders being fulfilled in April 2022 right now. How does financing application work, do banks hold the rate for 6 months or do you apply just before delivery? Appreciate any insights into the process.

 

[razh]

With orders being fulfilled in April 2022 right now. How does financing application work, do banks hold the rate for 6 months or do you apply just before delivery? Appreciate any insights into the process.

It’s literally the first text on the leasing link

How to apply​

To apply, complete a lease application in your Tesla Account within one month of your Model S delivery. A member of our Auto Finance team will contact you within two days of receiving your application

 

[RyersonX]

I am seeing 3% APR using the Tesla app, should I contact my SA now or just wait for a lower rate? The delivery time is not until Mar/Apr next year.

 

[ivolol]

I am seeing 3% APR using the Tesla app, should I contact my SA now or just wait for a lower rate? The delivery time is not until Mar/Apr next year.

3% is the standard rate shown online. Generally, when you apply you get the actual rate which is lower.

 

[R.NARANG]

Has anyone financed a Tesla as a business vehicle (under a corporate name). I wonder how Tesla's own financing works in that case?
Would the individual also have to personally guarantee the loan (hence the loan appears on their personal credit statement also?)

 

[Smiley416]

Got 2.4 through Tesla Financing (RBC is the provider)

 

[R.NARANG]

Got 2.4 through Tesla Financing (RBC is the provider)

For how many months?

 

[ivolol]

Does anyone know what the most recent 96 month rate is?

 

[spurs10]

Does anyone know what the most recent 96 month rate is?

2.85

 

[nexxco]

Had to resubmit my credit application, approved for 72 months, 2.35% with scotiabank, Back in July they gave me 2.4% with RBC

 

[ivolol]

Delivery date is in 3 days, just got updated loan terms online. 2.8% 96 months $0 down with RBC via Tesla for M3 SR+.

 

[PovertySpec3]

Delivery date is in 3 days, just got updated loan terms online. 2.8% 96 months $0 down with RBC via Tesla for M3 SR+.

I didn't realize 0 down was an option...?

 

[Murky-Article]

I had some financial trouble 3 years ago. I just approved for M3 LR with 20K down. 2.85%, 96 months. Credit score of only 640. Big factor was the perfect record for the past 3 years. WhooHooo

 

[sokhangoo]

2.8% Finance for 96 months with Scotiabank. M3 SR+, delivery was October 16th, 2021. Order date was sometime in May.

 

[Bratt]

I had some financial trouble 3 years ago. I just approved for M3 LR with 20K down. 2.85%, 96 months. Credit score of only 640. Big factor was the perfect record for the past 3 years. WhooHooo

Did you need a co-signer?

 

[Trompazo]

Has anyone financed a Tesla as a business vehicle (under a corporate name). I wonder how Tesla's own financing works in that case?
Would the individual also have to personally guarantee the loan (hence the loan appears on their personal credit statement also?)

Yes, I do almost all of my cars through my Corporation. I did a model 3 last summer, and I am in the process of doing my plaid right now.

Yes, you have to personally guaranteed the loan. Otherwise, everything is the same [rates, etc.] as a personal loan is just in a corporate name.

 

[Murky-Article]

Did you need a co-signer?

They asked for one at the beginning but I pushed back and approved without one. I also bank with Scotiabank so that prob helped. Same job for 12 years, make 90K..

 

[Trompazo]

I got my VIN yesterday on my Plaid. I filled in the tesla application late afternoon yesterday, and it was approved before lunch today.

72 months, 2.35%

$0 Down payment, ScotiaBank.

 

[Trompazo]

I didn't realize 0 down was an option...?

I filled in the application with $5000 down. When it came back today at 2.35%, I sent an email to see if I could get it at 0% down instead. Within an hour the change made.