Financing Tesla vehicles in Canada

[Edge]

Got approved for 6.06% for 96 months with Scotiabank. How do you get offer from the other Tesla partner banks?

YNCU told me they're still at 5.09% for loans ranging 1-5 years and 5.59% for 6-8 year loans.

 

[likkuid]

YNCU told me they're still at 5.09% for loans ranging 1-5 years and 5.59% for 6-8 year loans.

They said they expect that to go up again this week, so try and get your rates locked in now guys. 90 day rate hold…

 

[Felix Khan]

Got approved for 6% with BMO for 96 months.

 

[Torontom]

Anyone can PM me teh detail of the YNCU contact who set up loans for some members here?

 

[puremj]

For the people that got an offer already, did you guys confirm your first offer and later got a better offer after confirming? Thanks

 

[Shekhawat Mx]

For the people that got an offer already, did you guys confirm your first offer and later got a better offer after confirming? Thanks

Not in my case.

 

[KWC_Diu]

For the people that got an offer already, did you guys confirm your first offer and later got a better offer after confirming? Thanks

No it was same

 

[Psyy]

I got 5.75% from Tesla (via RBC). I haven't clicked "Confirm" yet but I assume I don't need to until car is closer to delivery? Is the rate now locked without going any further?

 

[Randy-12]

I got 5.75% from Tesla (via RBC). I haven't clicked "Confirm" yet but I assume I don't need to until car is closer to delivery? Is the rate now locked without going any further?

If you don't confirm the rate how do you expect it to be locked in?

 

[Shekhawat Mx]

I got 5.75% from Tesla (via RBC). I haven't clicked "Confirm" yet but I assume I don't need to until car is closer to delivery? Is the rate now locked without going any further?

Term ? 96 ?

 

[Jovo]

Does anyone know what their bank’s policy is for paying off the entire auto loan early? Wondering if any of the banks such as Scotia/BMO/RBC charge a penalty for paying off the loan before term end.

 

[lr15]

Does anyone know what their bank’s policy is for paying off the entire auto loan early? Wondering if any of the banks such as Scotia/BMO/RBC charge a penalty for paying off the loan before term end.

According to the Tesla sales rep, the banks they work with (and i believe all major banks in canada) are "open" automotive loans, so there's no penalty for pre-paying principle or paying it all off at once.

 

[hkoTor]

According to the Tesla sales rep, the banks they work with (and i believe all major banks in canada) are "open" automotive loans, so there's no penalty for pre-paying principle or paying it all off at once.

I can confirm that's the case for RBC based on the loan on my Model Y in June.

 

[Psyy]

I can confirm that's the case for RBC based on the loan on my Model Y in June.

Do you know how it works if you apply a lump sum to the outstanding loan, but don't pay it off?

For example, if I have $40,000 outstanding and monthly payments are $800/month for 60 more months, what happens if throw $10,000 at the loan? Does this have the effect of reducing the outstanding term, or is my monthly payment recalculated, or something else?

 

[Shekhawat Mx]

Do you know how it works if you apply a lump sum to the outstanding loan, but don't pay it off?

For example, if I have $40,000 outstanding and monthly payments are $800/month for 60 more months, what happens if throw $10,000 at the loan? Does this have the effect of reducing the outstanding term, or is my monthly payment recalculated, or something else?

Ask your lender to apply 10 k towards the principle amount which will reduce the outstanding principle amount + interest.

If you want to keep the tenure the same then you will get lower monthly payments.

Alternatively, you can ask them to keep the same monthly payments and reduce the term. ( this is the best option because you will pay less interest)

 

[Caines]

Just for some extra data points. I took delivery yesterday of my model X refresh. I applied on may 31st via Tesla for financing. I got approved for 4.9% for 96 months via RBC. 62 days later Tesla honored the 4.9 percent even though my SA said my May rate won’t apply for my order since it’s July and car might even be delivered on august 1st instead.

 

[Keyz1]

Just got 5.66% through Scotiabank 96 months, 15K down.

 

[Torontom]

Just got 5.66% through Scotiabank 96 months, 15K down.

What’s your monthly payment’s looking like

 

[HeroicKaizer]

Just got 5.66% through Scotiabank 96 months, 15K down.

when did you apply?

 

[Keyz1]

What’s your monthly payment’s looking like

$892.00/mo.

when did you apply?

Literally yesterday.