Financing Tesla vehicles in Canada

[jonthomas]

Just got 2.75% APR from RBC via Tesla for 72 months, $0 down. I initially got 3.2% for 60 months but yesterday I went back and asked for a few different scenarios and got this new quote.

 

[rezla]

Got an email last night from Tesla regarding my loan. It was previously 96 months @ 3.65% from RBC and got updated to 3.25%.

 

[L33T]

Just got 2.75% APR from RBC via Tesla for 72 months, $0 down. I initially got 3.2% for 60 months but yesterday I went back and asked for a few different scenarios and got this new quote.

Hello, they offered me the same, could you please share what different scenarios made them change the rate ?


Thanks alot.

 

[DasTasla]

Sorry for the late response guys, i am not exactly sure why i got the lower rate (not complaining ) - but it might be because I work for RBC - and have all my financial products with them…

There you have it - no special party Favours for RBC employees - from above posts looks like RBC is offering lower 96 month rates now

 

[kisceneret]

Got an email last night from Tesla regarding my loan. It was previously 96 months @ 3.65% from RBC and got updated to 3.25%.

did you previously hit the "Confirm" button when you had the 3.65 for 96 months offer?

 

[rezla]

did you previously hit the "Confirm" button when you had the 3.65 for 96 months offer?

Yes, everything was done.

 

[Dimundz]

Anyone regret doing 96 months over the lower interest 72 months?

 

[DasTasla]

96 months gives you more flexibility than the 72 - you can go 96, but pay additional principal each month to get it artificially down to a 72 month (like you would with mortgages).

Speaking for myself, but I don’t intend to pay $940 and change every month for next 8 years. But I also don’t want to be paying higher monthlies when I can be putting that towards my TFSA or RRSP and get some good returns in the market.

Ultimately, completely your call. As long as you have a plan, you can’t go wrong.

 

[Dimundz]

Ya, totally get the differences, just asking if anyone regrets. It'd save you around $500/year in interest but yes significantly more principal.

 

[sokhangoo]

Anyone got a better luck with their own banks as for rates and approval (96 months)? I heard HSBC gives good rates.

 

[rezla]

Anyone got a better luck with their own banks as for rates and approval (96 months)? I heard HSBC gives good rates.

HSBC's rate is variable, I'd be careful with that in this environment.

 

[StatVirus]

For those of us currently with a March EDD, do you think it’s worthwhile to apply today to lock-in February rates? I know the rate only lasts for 30 days, but I assume if it expires you’d only be subject to a soft credit credit, not another hard check?

 

[CdnElec]

For those of us currently with a March EDD, do you think it’s worthwhile to apply today to lock-in February rates? I know the rate only lasts for 30 days, but I assume if it expires you’d only be subject to a soft credit credit, not another hard check?

yes, it can only give you more options which is always a good thing.

 

[DasTasla]

For those of us currently with a March EDD, do you think it’s worthwhile to apply today to lock-in February rates? I know the rate only lasts for 30 days, but I assume if it expires you’d only be subject to a soft credit credit, not another hard check?

Pretty sure it’s a hard hit. And yeah good idea if you think there is a reasonable chance you will be getting the vehicle in 30 days. Likely rate hike happening this Thursday.

 

[StatVirus]

Pretty sure it’s a hard hit. And yeah good idea if you think there is a reasonable chance you will be getting the vehicle in 30 days. Likely rate hike happening this Thursday.

I know the initial loan approval is a hard hit, but you think if the rate expires you get another hard hit?

 

[kisceneret]

They probably wont query again after 30 days. They might however pull again after 90 days

 

[Randy-12]

The rate is good for 30 days and the approval is good for 90 days.

 

[StatVirus]

I just applied and got the same as others - 3.65% from RBC for 96 months. However, my trade-in may be screwing up the payments - they're ~$300 higher than they should be and I have a "negative trade-in" listed as a line item. I'll have to follow up with my SA.

 

[DasTasla]

I know the initial loan approval is a hard hit, but you think if the rate expires you get another hard hit?

Yeah, you are right - typically one pull and have the rate can be updated over 90 days.

BUT, but, if you change terms - reduce/increase downpayments, or change/add features (color change of car) etc etc does lead to another hard hit. I know this because this happened to me, Scotia pulled my credit twice. The second one happened after I changed my color from black to white interiors.

I also had a separate hit from RBC. So in all, less than one month I had 3 different hard hits To my credit, which fell by 5 points - nothing significant but even so.

 

[UxbridgeVibes]

Just got 2.75% APR from RBC via Tesla for 72 months, $0 down. I initially got 3.2% for 60 months but yesterday I went back and asked for a few different scenarios and got this new quote.

Assuming you're referring to reaching out to [email protected]... How long does it take to get a response from them? Messaged them last Friday but still haven't heard anything back.

Can I "accept" the rate offered to me on my account page and they can follow up with a better rate? Or should I just leave it unaccepted?