Financing Tesla vehicles in Canada

[CanadaGoose]

BMO rate 3.99% for 96 months, 3.25% would be nice.

Updated, less than 24 hours from delivery. 3.65% for 96 months.

 

[teslatradeup]

Updated, less than 24 hours from delivery. 3.65% for 96 months.

Nice, was that with BMO as well?

 

[Marvy3]

Same here, BMO, rate updated to 3.65 96 months, the night before delivery date from 3.99

 

[teslatradeup]

Same here, BMO, rate updated to 3.65 96 months, the night before delivery date from 3.99

How long ago did you get your approval and confirmed the financing? My delivery is tomorrow, crossing my fingers for a better rate.

 

[Marvy3]

How long ago did you get your approval and confirmed the financing? My delivery is tomorrow, crossing my fingers for a better rate.

I got approval last Wednesday, took delivery yesterday.

 

[P2AT]

What are the going rates now after the interest rate hike?

 

[garumaru]

3.99% is the default rate right now for 96m. You can potentially get something lower if you go 72m.

 

[CanadaGoose]

When I looked at my paperwork, it said the rate of 3.65% for 96 months with BMO was for a period of Feb 1 to March 31.

 

[teslatradeup]

Unfortunately, my rate didn't get adjusted the night before my delivery. It's at 3.99%. Driving the car makes me forget about that. Loving it!

 

[Dimundz]

Interested to see what the rate does April 1. ANYONE thinking they'll receive a VIN in the next 14-21 days I suggest you apply for financing today and lock in a rate by tmw to hold until April 30.

 

[garumaru]

BoC is expected to raise overnight rate by another 0.25 - 0.5% on their next announcement which is scheduled for April 13th.
Sucks to be those like myself when current is for only 30 days.

 

[DK7519]

showing 4.35 and 4.7% now

 

[ItsToasty]

Hey guys,

Can someone help me understand "tesla financing" please? are your payments made out to Tesla Finance or will your checks be made out to like BMO and Tesla simply connects you to them?

 

[MrSlippery]

Hey guys,

Can someone help me understand "tesla financing" please? are your payments made out to Tesla Finance or will your checks be made out to like BMO and Tesla simply connects you to them?

You will need to bring a bank draft with you on delivery day for the down payment, etc that is made out to Tesla Canada ULC they will send you paperwork to tell you the exact amount. You will also need a void cheque for the financing portion, a void cheque is not made out to anyone, Tesla will take that and if BMO is your lender they will be taking the funds a month after your pick up date.

You will get paperwork after as well telling you the exact date for fund removal and the confirmed amount.

 

[ItsToasty]

You will need to bring a bank draft with you on delivery day for the down payment, etc that is made out to Tesla Canada ULC they will send you paperwork to tell you the exact amount. You will also need a void cheque for the financing portion, a void cheque is not made out to anyone, Tesla will take that and if BMO is your lender they will be taking the funds a month after your pick up date.

You will get paperwork after as well telling you the exact date for fund removal and the confirmed amount.

Ahh ok, so your monthly financing payments will be made out to BMO on your credit card statement? Or would it show as Tesla Financing.

 

[MrSlippery]

Ahh ok, so your monthly financing payments will be made out to BMO on your credit card statement? Or would it show as Tesla Financing.

I assume it would be removed from your bank under BMO, you have an agreement with them for financing for the Tesla.

 

[booruce]

Wow…. At this point it might be better to pay more to get the car earlier and pay less in interest!! So annoying we can’t lock in a interest rate now

 

[Celus]

Do we know what's the April rate yet?

 

[blue_dragon]

Got rate through Scotia April 1, 4.04% 60 months. Credit score high 880s on both Trans Union and Equifax. Needless to say I'm looking at different lenders

 

[catman44]

Is anybody using a HELOC (Home equity line of credit) to purchase? Wouldn’t that have a better interest rate?