Financing Tesla vehicles in Canada

[ChrisOtt]

Thankful for my 2.45% on my 2021 3, snagged it just before rates started going back up.

Still unsure how much I’ll finance on my X coming (hopefully) in Sept — I think I’ll just plan down payment/amortization out so the interest payments equals the amount I was planning to pay last year when rates where lower.

 

[HeroicKaizer]

$892.00/mo.

Literally yesterday.

I applied on Saturday night. Got a email saying someone pulled my credit on Sunday (It was Scotia). Havent heard anything.

 

[Keyz1]

FYI if you're in Canada, or picking up in the GTA for example - even the delivery manager's recommend bringing a certified bank draft for your down or full payment on the day of delivery - actually easier for both parties vs the wire transfers (and cheaper); where mix ups may or may not happen including proof of wire.

 

[MrSlippery]

FYI if you're in Canada, or picking up in the GTA for example - even the delivery manager's recommend bringing a certified bank draft for your down or full payment on the day of delivery - actually easier for both parties vs the wire transfers (and cheaper); where mix ups may or may not happen including proof of wire.

Can confirm, honestly its easier for all involved.

 

[Rennei]

5.9% on 96mths with 26k down @ RBC

 

[Rennei]

FYI if you're in Canada, or picking up in the GTA for example - even the delivery manager's recommend bringing a certified bank draft for your down or full payment on the day of delivery - actually easier for both parties vs the wire transfers (and cheaper); where mix ups may or may not happen including proof of wire.

great tip. ty!

 

[Torontom]

i only need to bring the downpayment amt in a certified instrument right? the remainng amt being financed is between tesla and the loan provider i got approved for? no need for anything else to do from my end when it comes to that right?

 

[ChrisOtt]

i only need to bring the downpayment amt in a certified instrument right? the remainng amt being financed is between tesla and the loan provider i got approved for? no need for anything else to do from my end when it comes to that right?

Correct

 

[HeroicKaizer]

Finally got approved today. Scotia 96months 5.66%

 

[Retox]

Finally got approved today. Scotia 96months 5.66%

Exactly what I got from them as well. Have financing history with them too

 

[TezlaTO]

Finally got approved today. Scotia 96months 5.66%

Interesting. So the 6% Tesla is showing may be less when you actually apply it appears. I called them and they said without app they can't even speculate. I'm with them now for my 3.
Credit score is 858.

I have an inbound Y I'm going to finance and sell my current 2022 M3.

EDD is Oct.

Debating whether to put $0 down or the money I make on my 3 (aiming for $10K)

I plan on flipping the Y in year 4.

To give you an example:

10K down gives me a payment of 1077/mo where as with $0 down its $1208/mo.
This based on Tesla web calculator at 6%.


I'm leaning towards $0 down as it'll only be $6000 more on the payment for the 4 years before I trade/sell it and get another.

Thoughts anyone ?

 

[TezlaTO]

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

Did you go through Tesla online credit app or in person at bank ? Online it says 6% right now.

If you read my previous post kinda in a dilemma and trying to sort out purchase

 

[cooperyue]

Got approved 5.66% 0 down 96m Scotiabank, 5.9% 0 down 96m RBC and BMO, ended up choose Scotiabank, every penny counts!

 

[TezlaTO]

Got approved 5.66% 0 down 96m Scotiabank, 5.9% 0 down 96m RBC and BMO, ended up choose Scotiabank, every penny counts!

This recent ? Thought Tesla online Application?

 

[cooperyue]

This recent ? Thought Tesla online Application?

Right, through Tesla website application August 20, 2022 TU 805 EQ754

 

[Superxtruder]

UGGGHHH!!! So I got my VIN and delivery day set up - tomorrow morning at 10 am. This was Friday that I scheduled. I asked the Tesla Bot via text if bank draft of my down payment was okay. It said yes. So yesterday I go out and get a bank draft of 7500 and a void check. LATER that night I get a email at 8:47 pm saying I need to submit my payment for delivery for 8250! My banks are closed today to change it. I think I know what I already have to do tomorrow morning but wanted to vent a bit. Anybody else have this problem? Thinking It's just bad timing for me and a bit of frustration to get sorted out.

Still frigging stoked!!!

 

[Tony_YYZ]

UGGGHHH!!! So I got my VIN and delivery day set up - tomorrow morning at 10 am. This was Friday that I scheduled. I asked the Tesla Bot via text if bank draft of my down payment was okay. It said yes. So yesterday I go out and get a bank draft of 7500 and a void check. LATER that night I get a email at 8:47 pm saying I need to submit my payment for delivery for 8250! My banks are closed today to change it. I think I know what I already have to do tomorrow morning but wanted to vent a bit. Anybody else have this problem? Thinking It's just bad timing for me and a bit of frustration to get sorted out.

Still frigging stoked!!!

They should be able to change that prior to your delivery appt. Call your SA or your local stores and ask them to help rectify it.

 

[Shekhawat Mx]

Interesting. So the 6% Tesla is showing may be less when you actually apply it appears. I called them and they said without app they can't even speculate. I'm with them now for my 3.
Credit score is 858.

I have an inbound Y I'm going to finance and sell my current 2022 M3.

EDD is Oct.

Debating whether to put $0 down or the money I make on my 3 (aiming for $10K)

I plan on flipping the Y in year 4.

To give you an example:

10K down gives me a payment of 1077/mo where as with $0 down its $1208/mo.
This based on Tesla web calculator at 6%.


I'm leaning towards $0 down as it'll only be $6000 more on the payment for the 4 years before I trade/sell it and get another.

Thoughts anyone ?

Don’t look at just the payment amount. See how much your payments are going into interest/ principle.
If you stick to 4-year terms then it’s fine but in case you plan to settle early then making a down payment is advisable.
Note you pay compound interest so interest on interest.

 

[TezlaTO]

Don’t look at just the payment amount. See how much your payments are going into interest/ principle.
If you stick to 4-year terms then it’s fine but in case you plan to settle early then making a down payment is advisable.
Note you pay compound interest so interest on interest.

My plan is AFTER 36 months is completed start looking at trade-in with Tesla or selling private during the 4th year.

I’m still taking a 96 month loan tho

Just can’t decide whether to put money down to lower payment (10K) or just do $0 down and eat the high payment for the 4 yrs ugh

 

[blue_dragon]

I'd want to pay as little as possible in interest.