Financing Tesla vehicles in Canada

[garumaru]

FYI folks,
My rate for 96m at 3.98% was approved on 3/13.
I am picking up the car today 6/08 and the rate on the MVPA is locked at 3.98%.

 

[Felix Khan]

For those who did a trade in, did you get the tax credit on your trade-in same as when you buy and trade in a vehicle at any dealership?

 

[Tony_YYZ]

All of my

For those who did a trade in, did you get the tax credit on your trade-in same as when you buy and trade in a vehicle at any dealership?

Yes you do.

 

[blue_dragon]

Who are you guys emailing to convert your LR to P orders?

 

[iKhalid]

FYI, I just got approved for 5.31% with Scotia for 96 months. BMO offered a bit higher @ 5.55% for the same period.

 

[martcanada]

I was able to lock 4.78% for 72 months

 

[Colsla]

Who are you guys emailing to convert your LR to P orders?

Why would one do that

 

[blue_dragon]

Model Ps seem to deliver quicker

 

[SparkEV]

I have a Life Insurance Policy that my father started in my name when I was a toddler. I considered cashing it in - but that is the worst . Tax implications would take at least 1 /3rd. ( An alternative would be a loan from the Canada Life at 6%) Found out about a Line of Credit using the Life Insurance as collateral . up to 90 % of the cash value. Scotiabank and RBC wouldn't consider it . I have to apply to Banking Solutions , a division of National Bank affiliated with Canada Life. These people don't move fast. I started the process over a month ago. An email sat with the Assigned Canada Life advisor a week . Then I was contacted by his assistant. Lots of documents..... that were forwarded to the bank. My only contact is the Canada Life advisor. Interest rate will be prime 3.2% + 1% . I plan to buy a used Model S . To rewind the year I woulda ordered a Model 3 SR+ last December . Waiting .... meanwhile Teslas that I considered buying , have been sold.

Finally Got approved. But less than I was expecting . I work PT and am below their $50,000 threshold income

 

[amarchcan]

So what is considered a "high score" credit rating to be able to get a decent interest rate in Canada ?

 

[Murky-Article]

So what is considered a "high score" credit rating to be able to get a decent interest rate in Canada ?

Rate does not change with credit score with BMO or Scotia (Tesla finance lenders). You are either approved or not. I got approved with 680

 

[sokhangoo]

Rate does not change with credit score with BMO or Scotia (Tesla finance lenders). You are either approved or not. I got approved with 680

On top of that, you may have to put more downpayment IF you owe way more than what you earn, but credit score doesn't matter here.

 

[Jaboo]

So I jumped on an Model 3 performance that was showing in inventory. Seems they are offering 5.2% 72 months through RBC. I indicated 20k down, but I'm still waiting to hear what they'll offer for my trade in (I'm assuming 15-18k (3 year old civic with 35k)). Any idea how long they usually take to respond to that? Is that going to alter the rate any you think? I sent in all the pictures there is some scrapes on the front corner which I sent pictures off as well.

 

[095179005]

So I jumped on an Model 3 performance that was showing in inventory. Seems they are offering 5.2% 72 months through RBC. I indicated 20k down, but I'm still waiting to hear what they'll offer for my trade in (I'm assuming 15-18k (3 year old civic with 35k)). Any idea how long they usually take to respond to that? Is that going to alter the rate any you think? I sent in all the pictures there is some scrapes on the front corner which I sent pictures off as well.

48-72 hours

 

[sarkhudri]

FYI, I just got approved for 5.31% with Scotia for 96 months. BMO offered a bit higher @ 5.55% for the same period.

How did you get two offers, Scotia and BMO? i am doing mine now and i only can select preferred partners, but i would like to see at least two banks, thanks

 

[Alchemist_28]

How did you get to offer, Scotia and BMO? i am doing mine now and i only can select preferred partners, but i would like to see at least two banks, thanks

Yes. Even I would like to know the same.

 

[095179005]

How did you get two offers, Scotia and BMO? i am doing mine now and i only can select preferred partners, but i would like to see at least two banks, thanks

Yes. Even I would like to know the same.

When I applied Tesla just applies on your behalf and goes down the list of the banks they're partnered with.
Scotiabank, BMO, and RBC.

 

[iKhalid]

How did you get two offers, Scotia and BMO? i am doing mine now and i only can select preferred partners, but i would like to see at least two banks, thanks

They first apply to one of them (I guess at random), then once you get approval they stop applying to the others unless you ask them to shop for a better rate.

 

[cirex]

I see that some of you say you are reaching out to someone with questions about the loans and approvals, who exactly are you reaching out too? Got an approval but have some questions.

 

[rypalmer]

My EDD has slipped to October-November, about a full year after ordering. If rates are over 7% by then, count me out. I'll continue riding a bicycle, thanks.