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You probably applied directly through RBC. They have a deal with Tesla for lower ratesHow do you guys get these low rates from RBC?
I get 5.99%...
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).2.85% over 6 years with RBC took a few seconds for approval.
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.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?
Interesting move..Looks like the default rates on the website have gone up by 0.2%
** Any amount due should be made payable to Tesla Motors Canada ULCso i have to pay $7500 down payment. Anyone know if i just bring a personal cheque for that amount when i pick up the car?
As far as I know, no additional credit checks if you are within the loan approval period but do check with Tesla Finance.Say your credit check /approval is within the valid period, and you get a delivery date within the validity period. And say it's almost at the end of the 90days the loan is valid for...
Do they do a one last credit check before disbursing the loan to you?
so i have to pay $7500 down payment. Anyone know if i just bring a personal cheque for that amount when i pick up the car?
I only ended up with one pull.Say your credit check /approval is within the valid period, and you get a delivery date within the validity period. And say it's almost at the end of the 90days the loan is valid for...
Do they do a one last credit check before disbursing the loan to you?
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.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.
3.65 over 96 with RBC.3.68% over 96 months with Scotiabank.
Has anyone got a better rate in the last few days? or is it the best I can find?