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Financing Tesla vehicles in Canada

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#2,721
Would any one happen to know if there's a difference in the loans between lenders, i.e RBC, BMO or Scotia?
I was approved for 96 months at 6.2% with RBC. I asked Tesla Finance about lower rates and they said BMO would be 6.19%.
I don't bank with any of them. I'm pretty sure all of them are open loans. But do any of them charge a penalty for early payment?
Thanks!
 
#2,722
drowningfish said:
Would any one happen to know if there's a difference in the loans between lenders, i.e RBC, BMO or Scotia?
I was approved for 96 months at 6.2% with RBC. I asked Tesla Finance about lower rates and they said BMO would be 6.19%.
I don't bank with any of them. I'm pretty sure all of them are open loans. But do any of them charge a penalty for early payment?
Thanks!
Click to expand...
Pretty sure you can pay off the loan early without penalty with either bank, going 72 months would get you a slightly lower rate.
 
#2,723
drowningfish said:
Would any one happen to know if there's a difference in the loans between lenders, i.e RBC, BMO or Scotia?
I was approved for 96 months at 6.2% with RBC. I asked Tesla Finance about lower rates and they said BMO would be 6.19%.
I don't bank with any of them. I'm pretty sure all of them are open loans. But do any of them charge a penalty for early payment?
Thanks!
Click to expand...
Open loan is literally the definition of no penalty
 
#2,727
drowningfish said:
Would any one happen to know if there's a difference in the loans between lenders, i.e RBC, BMO or Scotia?
I was approved for 96 months at 6.2% with RBC. I asked Tesla Finance about lower rates and they said BMO would be 6.19%.
I don't bank with any of them. I'm pretty sure all of them are open loans. But do any of them charge a penalty for early payment?
Thanks!
Click to expand...
Hi. Was just approved yesterday RBC 96 months at 6.20%.

Anyone recently been able to get a lower rate with Scotia for 96 months?

I have heard in the past that Scotia had lower rates than RBC.

Thanks
 
#2,728
Dumb question....but what's the process of getting a loan through RBC, Scotia, or BMO?

I said in my order that I'll pay full cash upfront...and now that the EDD is in 2-3 weeks, how can I get this changed to a loan? And do I just call RBC and say "hey, I want a loan for $xx,xxx"? Or should I go through Tesla Financing?
 
#2,729
canadiann said:
Dumb question....but what's the process of getting a loan through RBC, Scotia, or BMO?

I said in my order that I'll pay full cash upfront...and now that the EDD is in 2-3 weeks, how can I get this changed to a loan? And do I just call RBC and say "hey, I want a loan for $xx,xxx"? Or should I go through Tesla Financing?
Click to expand...
Email your tesla rep and tell them you changed your mind and to open the financing again
 
#2,735
Hey folks,
I'm trying to apply for a loan through Tesla, anything I should take care of before applying? Do you think a down payment is a must? Mine is MYLR and thinking of getting the whole amount loaned. Any suggestions or tips would be appreciated. I hope I get approved for the loan (anxiety)
 
#2,736
Anon Huskie said:
Hey folks,
I'm trying to apply for a loan through Tesla, anything I should take care of before applying? Do you think a down payment is a must? Mine is MYLR and thinking of getting the whole amount loaned. Any suggestions or tips would be appreciated. I hope I get approved for the loan (anxiety)
Click to expand...


When is your delivery time? We're closing in on Dec which will probably be another interest bump so if your Y is coming in Dec I'd apply Nov 30th to lock in Nov's rate just in case Dec goes up - which it probably will.

At least this way you'll have the option of Nov Dec rate when it arrives.

Again what I'm hearing is another hike which is already insane at 6.76!!!

As for downpayment, that only affects your monthly. What payment can you handle easily, go from there.

I always do $0 down as I flip mine every couple years...
 
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#2,737
evenme said:
I applied for financing the LR that is coming in 2 weeks and got 6.74% with Scotia. Any tips to get a bit lower?
Click to expand...
Rates are locked - it's a rough time to get a vehicle loan in Canada. Personal banking is even worse.

Like I told someone else, I'd apply now to lock in Nov as Dec is "supposed to" go up again, probably 7%.

This way here you'll get Nov's rate.

GL
 
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