Financing Tesla vehicles in Canada

[Destiny1701]

Did you have a downpayment? I got 2.85% from RBC (through Tesla) a few days ago over 96 months with a $13k downpayment but as Bratt said the rates might be going up as all the news sites are saying and everywhere is threatening to do.

Yep. You could try with 5k down. BMO came back to me with 12k down 2.75% and I went back to them showing some extra assets/savings to reduce it down to 6k down.
For an MY LR. For the M3 SR+ 2 months earlier it was 0 down 2.8%

 

[DK7519]

Did you have a downpayment? I got 2.85% from RBC (through Tesla) a few days ago over 96 months with a $13k downpayment but as Bratt said the rates might be going up as all the news sites are saying and everywhere is threatening to do.

Yep. I put 15k down. My SA told me, bmo, Scotia, rbc all shows 3.15

 

[DK7519]

Yep. You could try with 5k down. BMO came back to me with 12k down 2.75% and I went back to them showing some extra assets/savings to reduce it down to 6k down.
For an MY LR. For the M3 SR+ 2 months earlier it was 0 down 2.8%

How do you negotiate? I just applied and got approved in a few minutes. I got the full vehicle cash in hand to show as well if needed.

The way things are now, 0 down and put every else to Tesla stock may make the most sense

 

[Emira]

He just got back to me and said this is the November rate. 3.15% for 96 months loan

man I hope not...my car not here yet

 

[Randy-12]

3.15% over 8 years vs 2.85% is not a big difference on a 50K loan
2.85% = 583.08 3.15% = 589.89 heck even 3.25% is $592.17
Not even $10 a month
If I was to drink 1 bottle of wine less a month I would still come out ahead!

 

[Animal_UK]

3.15% over 8 years vs 2.85% is not a big difference on a 50K loan
2.85% = 583.08 3.15% = 589.89 heck even 3.25% is $592.17
Not even $10 a month
If I was to drink 1 bottle of wine less a month I would still come out ahead!

now that's silly talk - drinking less wine ?!

 

[Destiny1701]

How do you negotiate? I just applied and got approved in a few minutes. I got the full vehicle cash in hand to show as well if needed.

The way things are now, 0 down and put every else to Tesla stock may make the most sense

You walk into your local SC and get the sales associate to send an internal email to their finance division.

Haha no doubt. My lucky son bought 8 shares of tesla back in 2019 at $210 pre split with saved up bday/Xmas money from family over the years. Turned into 40 shares after 5:1 split and now $1200/share. He’s now 12 yrs old lol.

 

[Bratt]

These are the new November rates. No negotiation will change that unfortunately.

They can change every first of the month.

 

[DK7519]

3.15% over 8 years vs 2.85% is not a big difference on a 50K loan
2.85% = 583.08 3.15% = 589.89 heck even 3.25% is $592.17
Not even $10 a month
If I was to drink 1 bottle of wine less a month I would still come out ahead!

Yes but this is $10/ a month I rather the banks not have. Can go towards investment instead

 

[Destiny1701]

Yes but this is $10/ a month I rather the banks not have. Can go towards investment instead

Or a fitness membership at Planet Fitness

 

[BratuS]

I’ve completed my order through the website and I’ve changed multiple times between cash and finance. My credit history was affected?
I saw 3.15% to 96 month.

 

[Animal_UK]

I’ve completed my order through the website and I’ve changed multiple times between cash and finance. My credit history was affected?
I saw 3.15% to 96 month.

Have you applied for finance/credit every time you’ve changed to that?

 

[BratuS]

Have you applied for finance/credit every time you’ve changed to that?

It was during wizard to complete my order, so I've tried multiple cenarios, but at the end I've set Cash.

 

[Randy-12]

I just purchased last Friday and did as folks on here said to do.
Put in cash during the purchase and when I get a VIN I'll contact them to change to Finance.
I assume that by the time the car is ready (June is what is showing) that the rates will no longer be 2.8 range but more in the 3.15 range.

 

[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?)

Now that I have taken delivery of my car, here is the answer.

Yes, the individual also has to personally guarantee the loan if going through Tesla. Hence your NVIS will show both your company and personal name.

 

[DK7519]

Now that I have taken delivery of my car, here is the answer.

Yes, the individual also has to personally guarantee the loan if going through Tesla. Hence your NVIS will show both your company and personal name.

how do you take delivery with financing?

hand in bank draft amount of balance showing at delivery? they will take my bank account information later? I haven't gotten the final agreement yet but delivery is scheduled for the 16th

 

[Ruffus23]

isn't tesla website showing 2.7% over 6 years? Am i missing something here?

 

[arklui]

how do you take delivery with financing?

hand in bank draft amount of balance showing at delivery? they will take my bank account information later? I haven't gotten the final agreement yet but delivery is scheduled for the 16th

I brought a void check with me. That was all they need. I did $0 down so I basically walk out after signing the agreement and insurance.

 

[martcanada]

I was able to secure a 2.7% over 6 years. Have anyone tried to get a better rate?

 

[Randy-12]

Has anyone noticed that on Tesla's page for ordering is now showing interest at 3.15% for 84 or 96 months?

How long before do you need to contact Tesla to change from Cash to Loan?
Also is there a preferred contact for this?