Financing Tesla vehicles in Canada

[nwd89]

Thank you

I actually have enough money to buy in cash, just would prefer not to since the rates are so low, colateral I need to look, but if it's possible to use a investment portfolio that's easy, the rest I will need to work out

Guess I will be driving a 2013 Leaf for a while

Sounds like you know what to do happy I could reassure you. Welcome home, welcome to Canada. As one pork-chop to another, we are happy to have you.

 

[sokhangoo]

If it helps, a month ago I bought a '21 M3 used from a dealer and got 3.53% through CIBC. Might be worth looking at financing options other than whatever Tesla provides.

For how many months?

 

[Tony_YYZ]

Looks they are creeping up. 4.35% for 72 months and 4.7% for 96 months

WHATTT??? Oh man, I haven’t been paying attention it seems. Still not expecting my car for another 1-2 months or so.

 

[Tony_YYZ]

Looking for some input here. Assuming a 4.7% rate for 96mo from Tesla finance, would it make sense to max out my unsecured LOC (Prime + 0%) which only has like a 20k limit on it and use that as part of my original downpayment amount in order to reduce the amount financed via Tesla and then pay both the Tesla finance and LOC monthly?

I might be off base here. Thanks.

 

[whimsical]

Looking for some input here. Assuming a 4.7% rate for 96mo from Tesla finance, would it make sense to max out my unsecured LOC (Prime + 0%) which only has like a 20k limit on it and use that as part of my original downpayment amount in order to reduce the amount financed via Tesla and then pay both the Tesla finance and LOC monthly?

I might be off base here. Thanks.

yes, it makes sense @Tony_YYZ .. Although it is unpredictable on how fast Prime Rate can go up, but its a risk worth taking. Reckon its going to take some time Prime reaches 4.7%

 

[garumaru]

Another thing to consider when you get these prime rate loans, big banks sometimes do not follow BOC rate increase. BOC may increase by 0.25, big banks could decide to raise more aggressively. (0.3 or more)
So the prime rate could catch up to 4.7% rather quickly.

 

[nwd89]

Another thing to consider when you get these prime rate loans, big banks sometimes do not follow BOC rate increase. BOC may increase by 0.25, big banks could decide to raise more aggressively. (0.3 or more)
So the prime rate could catch up to 4.7% rather quickly.

Likely a .50 rate increase tomorrow. So, who knows. This will change a lot of stuff for a lot of people!

 

[Tony_YYZ]

yes, it makes sense @Tony_YYZ .. Although it is unpredictable on how fast Prime Rate can go up, but its a risk worth taking. Reckon its going to take some time Prime reaches 4.7%

Hi,

I was referencing @P2AT ’s post regarding the 4.35% @72 mo and 4.7% @96 mo regarding Tesla rates. Is that not correct for the rates being offered today? Are they in fact lower?

 

[garumaru]

Hi,

I was referencing @P2AT ’s post regarding the 4.35% @72 mo and 4.7% @96 mo regarding Tesla rates. Is that not correct for the rates being offered today? Are they in fact lower?

If I were to pick up my car tomorrow then I would be locked in at 3.99%. Because that's what I got approved for and Tesla honours it for 30 days.

Actually a question about this if anyone knows this. My profile is completed at 3.99. Do they update it once 30 days expires or do they just update the rate when I am about to schedule the pickup?

 

[nwd89]

If I were to pick up my car tomorrow then I would be locked in at 3.99%. Because that's what I got approved for and Tesla honours it for 30 days.

Actually a question about this if anyone knows this. My profile is completed at 3.99. Do they update it once 30 days expires or do they just update the rate when I am about to schedule the pickup?

Considering I picked up my car in Feb and my rate was 2.98. I'd lock that in now, as things are not shifting towards a lower rate any time soon.

 

[Graham J]

For how many months?

96

 

[Randy-12]

If I were to pick up my car tomorrow then I would be locked in at 3.99%. Because that's what I got approved for and Tesla honours it for 30 days.

Actually a question about this if anyone knows this. My profile is completed at 3.99. Do they update it once 30 days expires or do they just update the rate when I am about to schedule the pickup?

If the car is ready within the 90 days your loan is approved for, you will get a new rate at that time.
If you loan is expired (over the 90 day approval) you will need to reapply and the 30/90 day starts again.

 

[GhostSkater]

@Graham J thanks, I might look into that option, specially with the wait times, first thing I will do once there is place and order, the rest I will figure out later, will have a few months to do it. Honestly I'm not too worried about the rates, if the monthly payment can fit in my budget I don't mind the total value much
I'm almost sure I will have to look for financing outside of Tesla, no way I will get approved without talking to someone, showing proof of funds and whatever they need to aprove the loan

@nwd89 Thanks you for the welcome, can't wait to arrive

 

[d.n.d.]

If it helps, a month ago I bought a '21 M3 used from a dealer and got 3.53% through CIBC. Might be worth looking at financing options other than whatever Tesla provides.

Wow great rate, thanks for the data point. Will definitely look into that with my bank.

 

[Tony_YYZ]

If it helps, a month ago I bought a '21 M3 used from a dealer and got 3.53% through CIBC. Might be worth looking at financing options other than whatever Tesla provides.

Was that financing through the dealership or that you did with the bank directly? If the former then the rate might be attributed to the deal the bank has with the dealership. All brands except for Tesla have these lower rates in place when buying from dealerships directly. IIRC.

 

[Graham J]

Was that financing through the dealership or that you did with the bank directly? If the former then the rate might be attributed to the deal the bank has with the dealership. All brands except for Tesla have these lower rates in place when buying from dealerships directly. IIRC.

The dealership arranged the financing so maybe that was it.

 

[DasTasla]

Was that financing through the dealership or that you did with the bank directly? If the former then the rate might be attributed to the deal the bank has with the dealership. All brands except for Tesla have these lower rates in place when buying from dealerships directly. IIRC.

Not sure I understand - Tesla has agreements with the big banks - i got a good rate while market prevailing rates were a few basis points off.

 

[rickvancouver]

I am new to Canada - and I am closing in on my EDD. I do want to try and get existing rate tomorrow before the basis points increase.

What’s the best way to go about it? Reach out to Tesla would be one. Is there any other avenue to look into to get a competitive rate locked in?

Any help is very much appreciated. Thank you for your time!

 

[Graham J]

I am new to Canada - and I am closing in on my EDD. I do want to try and get existing rate tomorrow before the basis points increase.

What’s the best way to go about it? Reach out to Tesla would be one. Is there any other avenue to look into to get a competitive rate locked in?

Any help is very much appreciated. Thank you for your time!

Buy a used one today

 

[Randy-12]

I am new to Canada - and I am closing in on my EDD. I do want to try and get existing rate tomorrow before the basis points increase.

What’s the best way to go about it? Reach out to Tesla would be one. Is there any other avenue to look into to get a competitive rate locked in?

Any help is very much appreciated. Thank you for your time!

If you change it from Cash to Finance with your s/a
you then apply for finance through the Tesla App and in a few minutes to a couple of days you will get your rate if approved.
This rate (in Canada) will be good for 30 days and the loan approval will be good for 90
at the end of the 30 days if you don't have your car you will get a new rate.
If at the end of the 90 days you'll need to re-apply for financing again.

I myself am almost at the 90 day as I applied when I hit my first 2 week EDD, now looks like I'll have to re-apply.