Financing Tesla vehicles in Canada

[Fiturist]

Just applied for financing and 10 min. later was approved, 3.08% for 72 months with Scotia.

 

[Ruffus23]

Just applied for financing and 10 min. later was approved, 3.08% for 72 months with Scotia.

I bet you have Good credit score and assets?

 

[Rekognize]

I bet you have Good credit score and assets?

A big down payment helps

 

[Ruffus23]

A big down payment helps

We are looking to pay around 30% down.

 

[Fiturist]

I bet you have Good credit score and assets?

I have 3 mortgages and banking account with RBC, my credit score is 885, but Scotia give me the lower interest.
Tesla SA told me down payment not reflect the interest rate.

 

[Murky-Article]

From what I understand, interest rates are not affected by anything with prime lenders. They have posted set rates and if you qualify great. If not, it is a rejection. Rates change monthly.

 

[Ruffus23]

From what I understand, interest rates are not affected by anything with prime lenders. They have posted set rates and if you qualify great. If not, it is a rejection. Rates change monthly.

Good to know. Thanks.

 

[sandman1330]

Anyone have any theories on if the probable increase in the Bank of Canada prime rate tomorrow will impact our lending rates?

I'm now probably within 3 months of delivery... I'm thinking of doing another approval today before prime goes up to lock in for another 3 months.

 

[Randy-12]

Anyone have any theories on if the probable increase in the Bank of Canada prime rate tomorrow will impact our lending rates?

I'm now probably within 3 months of delivery... I'm thinking of doing another approval today before prime goes up to lock in for another 3 months.

The rate would only be locked in for 30 days

 

[sandman1330]

The rate would only be locked in for 30 days

Hmm, OK. Might still be worth doing, I'm at a 2 week window now of 31 Jan - 14 Feb, assuming that holds... (none of the others have!)

 

[Ruffus23]

Hmm, OK. Might still be worth doing, I'm at a 2 week window now of 31 Jan - 14 Feb, assuming that holds... (none of the others have!)

i phoned to get a quote (expect Fed may raise rates tomorrow) and the Tesla rep talked me out of it. saying it things are delayed you may need to get another quote in another 30 days.

 

[sandman1330]

i phoned to get a quote (expect Fed may raise rates tomorrow) and the Tesla rep talked me out of it. saying it things are delayed you may need to get another quote in another 30 days.

Yeah they got back to me and said it's only good for 30 days.

More reason to be disappointed and frustrated at the delays. I was quoted September when I put in my order - rates were much lower, and there was no luxury tax on the horizon. I'm close to cancelling now since rates have gone up so much and I may end up paying the additional tax too...

 

[sandman1330]

Yeah they got back to me and said it's only good for 30 days.

More reason to be disappointed and frustrated at the delays. I was quoted September when I put in my order - rates were much lower, and there was no luxury tax on the horizon. I'm close to cancelling now since rates have gone up so much and I may end up paying the additional tax too...

So the rate will be locked in for 30 days, and the approval valid for 60. If I need to renew it, it'll be a soft check, so I decided to roll the bones and do the application. If this EDD is finally correct, I'll have the rate locked in. Otherwise, it'll be a soft check and a new rate, but no hard check again.

Anyway, immediately approved with BMO for 2.9%. $130,000 with $50,000 down, 60 months. Too bad, my original approval back in July was 2.4%...

 

[Murky-Article]

Yeah they got back to me and said it's only good for 30 days.

More reason to be disappointed and frustrated at the delays. I was quoted September when I put in my order - rates were much lower, and there was no luxury tax on the horizon. I'm close to cancelling now since rates have gone up so much and I may end up paying the additional tax too...

Can not really complain about interest rates when they are below inflation... They are literally paying you to borrow money lol. Not to mention rates have been CRAZY low for years...

 

[sandman1330]

Can not really complain about interest rates when they are below inflation... They are literally paying you to borrow money lol. Not to mention rates have been CRAZY low for years...

Yeah, true. Still, my decision to buy a new car was partly based on those low rates, and the significant delays I’ve faced have left me with a rate 0.5% higher than I planned for. Obviously that’s not going to break the deal, as it would be dumb to be buying this car if I was that close to the margins, but unfortunate nonetheless.

 

[Torontom]

Hey guys,
What does it mean when an appx date of June 2022 EDD changes to a April xx to May xx date range?

I know its non finance related but hoping someone might have the answer.

Thanks

 

[sandman1330]

Hey guys,
What does it mean when an appx date of June 2022 EDD changes to a April xx to May xx date range?

I know its non finance related but hoping someone might have the answer.

Thanks

Your date range will bounce around wildly. It’s normal. Look at my signature for my history!

 

[nwd89]

Hey guys,
What does it mean when an appx date of June 2022 EDD changes to a April xx to May xx date range?

I know its non finance related but hoping someone might have the answer.

Thanks

Yeah, your date will change several times. Doesn't mean anything, there isn't any structure to it.
Just keep refreshing for several months like everyone else, feel free to complain about it. We all do it

 

[Ruffus23]

CanAda announced No interest rate hike this AM.

 

[Bluecrush]

Got a rate of 2.85% with RBC for 72 months, $0 down. HSBC's offer at 1.99% is tempting, but given that it's a variable rate and the potential increase to prime, need to make sure it makes sense in the long term.