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I was going to pay for it cash but decided to buy high dividend stock (4%+) instead.
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My SA sent me the bank wire details and I sent over the wire 2 days prior to delivery (which can be done directly from RBC online banking portal).
It's my first time buying a car, so I'm gonna have to ask a really noob question. My financing was approved on Tesla website about a month ago just after I placed a deposit for the car. It was with Scotiabank. Do I need to do anything like call Scotiabank to set up an account? Or do I just show up with my down payment when I'm picking up the car?
My loan is with Scotia as well and I don't have any accounts with them. I just showed up with a void check, signed the financing papers and I was on my way. I did $0 down and 1st payment will be deducted from my account a month from pickup.
my loan just got updated and asked me to accept, dropped from 3.1% to 2.8% Scotia taking delivery Tuesdya. Over $1000 in saving for me
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"Loan approvals are valid for up to 90 days and rates are valid for 30 days from the application date".
i suspect rates will be dropping. this new variant is going to hammer the economies again. might smack inflation down though.
Hey Guys!
Brand new soon to be Model S LR owner here!
Ordered the car on Fri (Nov 26), got financing approval yesterday (Mon, Nov 29) -Scotia, 3.1% for 96 months.
Putting down 20K and financing the rest.
Some questions i had:
1) Since expected delivery is appx June 2022, does this mean the car would be a 2022 Model S? Or will it still be considered a 2021 (as it was ordered in 2021)?
2) I have 30 days to accept the loan agreement right? What happens closer to June 2022/ real delivery date (whenever that might be, i dont expect the June 2022 date to hold). Will Scotia re-run credit again?
3) How can I go about getting a lower rate (if possible)?
4) Odd question here: But lets say I decide to change my mind and want to change from a Model S to an X (also 20K down, financing rest), would it be possible to do this?
5) Even odder question: What if I decide to get a completely different car entirely? Say a 2021 Porsche Cayenne E Hybrid... Can the now "approved" Scotia loan be used for this? Or would it have to be a new application entirely - new credit hit and all?
Thank you!
Brand new soon to be Model S LR owner here!
Ordered the car on Fri (Nov 26), got financing approval yesterday (Mon, Nov 29) -Scotia, 3.1% for 96 months.
Putting down 20K and financing the rest.
Some questions i had:
1) Since expected delivery is appx June 2022, does this mean the car would be a 2022 Model S? Or will it still be considered a 2021 (as it was ordered in 2021)?
2) I have 30 days to accept the loan agreement right? What happens closer to June 2022/ real delivery date (whenever that might be, i dont expect the June 2022 date to hold). Will Scotia re-run credit again?
3) How can I go about getting a lower rate (if possible)?
4) Odd question here: But lets say I decide to change my mind and want to change from a Model S to an X (also 20K down, financing rest), would it be possible to do this?
5) Even odder question: What if I decide to get a completely different car entirely? Say a 2021 Porsche Cayenne E Hybrid... Can the now "approved" Scotia loan be used for this? Or would it have to be a new application entirely - new credit hit and all?
Thank you!
Dang, so I am guessing I shouldve chosen the Cash option first? And then decided on Finance as it got closer to delivery date (mine is June 2022)?
So double credit hit - one now, one in June 2022- for nothing?
Is it possible to change from the finance option i selected during the order to Cash now?
How many times will they check credit? I have already gotten approval for the loan amt - Scotia, 3.1 @ 96 months.
Dont really feel like i need another hit anytime within 6 to 9 months again
It said right on my order summary, bottom of the page right below Additional credits,
"Loan approvals are valid for up to 90 days and rates are valid for 30 days from the application date."
So yes you will need to preform another credit check when you reapply unless it is within the 90 day period.
"Loan approvals are valid for up to 90 days and rates are valid for 30 days from the application date."
So yes you will need to preform another credit check when you reapply unless it is within the 90 day period.
just noticed it too, this sucks. Didn't get a loan renewal offer yet. I was supposed to take delivery on Nov 17...
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