-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
You probably applied directly through RBC. They have a deal with Tesla for lower rates
I applied for this on my phone in the mall and i don't think i had an option to change the down payment. I am set to pay around $7,500 down payment (which I would prefer to throw against my mortage instead).
Anyone know if down payment is optional?
Smart choice. With prime set to go up, pay down any variable loans, than towards a fixed car loan. I did $0 down and got 2.7% for 72 mos. Just call the Vancouver Store, which will connect you to someone in Tesla Canada, and you can ask them to change your downpayment. This should not affect your rate, but do double check with them.
teslatradeup
Member
Just had a question about the process. Once approved for financing, can you then pick a different term? Or do you pick the term when you apply and you're stuck with it?
** Any amount due should be made payable to Tesla Motors Canada ULC
Think a draft works best as its a certified item.
**Please bring either a void cheque OR direct deposit slip in your name for the monthly payments
As far as I know, no additional credit checks if you are within the loan approval period but do check with Tesla Finance.
Apologies if this was discussed earlier, was unable to locate a search thread option.
Assuming one is able to get the best Tesla financing rate ~2.7% in the form of a secured line of credit through the bank and - importantly - is committed to making the same monthly payment as calculated on the auto loan towards their line of credit, is there a perspective on which type of loan is recommended? Is there one that has a greater impact on the applicant’s credit score or how creditors assess them for future borrowings?
I realize the line of credit is based on prime and over the coming months the interest will increase. The line has the benefit of interest only payments if cash flow was ever a concern (also a risk for the undisciplined borrower). The conventional auto loan has principal and interest months, and although has a higher monthly minimum payment, it ensures the loan is paid in time.
Assuming one is able to get the best Tesla financing rate ~2.7% in the form of a secured line of credit through the bank and - importantly - is committed to making the same monthly payment as calculated on the auto loan towards their line of credit, is there a perspective on which type of loan is recommended? Is there one that has a greater impact on the applicant’s credit score or how creditors assess them for future borrowings?
I realize the line of credit is based on prime and over the coming months the interest will increase. The line has the benefit of interest only payments if cash flow was ever a concern (also a risk for the undisciplined borrower). The conventional auto loan has principal and interest months, and although has a higher monthly minimum payment, it ensures the loan is paid in time.
savage698
Member
From my understanding, revolving credit accounts like a line of credit will be weighted higher in most credit score models. Installment loans like an auto loan are weighted less, how much less, I can't tell you. Of course, this is only what I've heard online and through co-workers, I work in the finance industry, but I don't have 1st hand knowledge of credit scoring models weighting.
savage698
Member
Similar threads
- Article
