It’s possible rate went down in Jan. 3.48 was December rate 96 month Scotia
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I see a lot of people talking about 84/96 month terms with fairly small down payments. What do people think about future depreciation/price reductions (once supply chain issues are resolved), and the prospect of being underwater? Do most people who go for longer terms intend to keep the car for that long?
I'm trying to decide what to do for my upcoming MY delivery. Apologies for the questions, historically I've leased, so this is the first time I've really had to consider the various issues that come with financing.
I'm trying to decide what to do for my upcoming MY delivery. Apologies for the questions, historically I've leased, so this is the first time I've really had to consider the various issues that come with financing.
This was discussed before… Makes more sense to borrow as much as you can, as long as you can with current rates. You can invest your extra cash and make money from investments instead of typing up your capital to a car.
Ordered my Model 3 LR and got the 3.48% rate from Scotia this morning. I am an RBC employee, can I request for a quote from RBC - and would there be any employee related discount to this rate?
Also, my delivery of the car was pushed to Apr-May (originally was Mar). I don’t think the Scotia rate would be valid, and with the potential interest rate hike in the coming months, do we know how much the Financing rates are expected to jump? Curious if I should just bite the bullet and lock in the current lower rate by going for a more expensive M3P which is available for Feb per my SA.
I am doing a 96 mo, with 0 down.
Also, my delivery of the car was pushed to Apr-May (originally was Mar). I don’t think the Scotia rate would be valid, and with the potential interest rate hike in the coming months, do we know how much the Financing rates are expected to jump? Curious if I should just bite the bullet and lock in the current lower rate by going for a more expensive M3P which is available for Feb per my SA.
I am doing a 96 mo, with 0 down.
teslatradeup
Member
Just a heads up that HSBC is offering a variable rate of 1.99$ (till March 1st) for electric vehicles loans of up to a 7 year term. It's a variable rate of prime minus 0.46%
Energy Efficiency and Electric Vehicle Loan | HSBC Canada
Energy Efficiency and Electric Vehicle Loan | HSBC Canada
I got the offer rate 3.48% from Scotia yesterday as well. My EDD is Mar 5 to Apr 1. Hopefully I don't have to do another credit check again and won't push behide for the delivery date.
Do i let my SA know i want to apply with HSBC? Or do i have to apply it myself and show documents to tesla prior to picking up the car?
Thank you. thinking of refinancing with HSBC. I got 2.7%/60mos with RBC via Tesla Finance
So I ordered Tesla Model Y in September 2020, initial delivery showed January then pushed to Feb-March and Now showing June. Meanwhile, the loan approval I got earlier from Tesla got expired and Tesla asked me to submit revised income docs and came back and told lenders rejected my loan application as the t4 income doesn't match the income declared. My income increased significantly in 2021 and the t4 of 2020 only had 3 months of information as I am a newcomer to Canada. I think because t4 didn't reflect the annual income I was claiming, they rejected my application. Now I am looking to arrange a 3rd party lender to do my auto loan for the car. Has anyone had this kind of experience? Also now that my delivery shows June should I wait until a VIN is assigned before I approach the banks?
If I were you, I would hunt for pre approvals from banks and credit unions that are valid for a few months just to see if you would qualify rather than wait till you get a VIN. Or see if you can get a line of credit, interest may be higher but only use it when the vehicle arrives, and you don't have to pay any interest until then. Good luck!
I still remember that I got a 60K car loan with Scotiabank back in 2016, as an international student (less 2 years in Canada), no FT job, no t4/ job verification required. For my tesla (EDD 04/2022), I won't process car loan application until VIN appears or delivery date close.
Thanks. Tesla advisor asked me to change it to cash and once VIN is assigned I can arrange the car loan. I am going this route. My EDD again updated to Feb/Mar.
Got my lease approval a couple of weeks ago. Says it’s valid for 90 days. No vin yet, but EDD is Jan 20 - Jan 30.
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