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Lower financing in canada?

Discussion in 'Canada' started by Luclyluciano, Feb 10, 2015.

  1. Luclyluciano

    Luclyluciano Member

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    Location:
    Canada
    Just wondering if anyone knows if Scotia will be lowering the Tesls car loan rate now that the bank of canada has lowered their overnight key lending rate? Mortgages & LOC are dropping. Our US friends have it really good with ultra low rates. Would be nice if we could benefit from a rate drop on car loans as well. I know it already previously dropped to 3.99%. But I feel We are due.
     
  2. marruda1

    marruda1 Member

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    Feb 10, 2015
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    Location:
    Toronto, Ontario
    Tesla just added Desjardins as a finance partner, they are doing 3.90% over 96 months.
     
  3. iKhalid

    iKhalid Member

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    Ajax, ON (for now)
    You guys are lucky to have these rates now...
     
  4. Jgdixon

    Jgdixon Member

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    Burlington, Ontario, Canada
    Anyone financing for a term of 96 months is making a big mistake.
    Long term financing has been a huge issue in the automotive business.
    People chasing low payments by extending terms to 72, 84 and now 96 months.
    The evidence is the average person only keeps their car for 36-48 months.
    Then they have huge negative equity when they try to trade.
     
  5. nleggatt

    nleggatt Member

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    I would beg to differ on that as a blanket statement. There are always exceptions. ; )
     
  6. Luclyluciano

    Luclyluciano Member

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    #6 Luclyluciano, Feb 11, 2015
    Last edited: Feb 11, 2015
    I'd like to see lower rates. Banks profits are doing splendidly fine. Bank of Canada expected to further lower by another .25% in March so it's time banks pass this on to consumers and stop hoarding their profits.
     
  7. SmartElectric

    SmartElectric Active Member

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    Has anyone used their home equity line of credit to finance part/all of their Tesla purchase?
    Mine is floating bank prime rate + 0% (2.85% currently).
     
  8. wayner

    wayner Active Member

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    I agree that using your home equity line makes more sense - having had a loan on your car is always somewhat of a hassle when you go to sell it, particularly if you are selling before the loan is paid off.
     
  9. green1

    green1 Active Member

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    The sad part is reading the financing rates people south of the border are getting and comparing them to ours :(
    That said, I've never financed a car in the past, and I'm doing my best to avoid it this time too (though this is certainly a HUGE price jump from anything I've bought in the past)
     
    • Informative x 1
  10. hingisfan

    hingisfan hingisfan_Mark_V

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    I'm using my HLOC for about 40% of mine. (Prime +1)
     
  11. Trev Page

    Trev Page Member

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    Location:
    Aurora, Ontario, Canada
    I'm with @Jgdixon , financing a car for more than 60 months is insane. History has taught me that I get bored with my car after 3 years and I've been caught with negative equity before so I lease but only as long as I can cover any mileage overrage. I negotiated a reduced rate purchased in advance when I leased our Lincoln. Anything I don't use is refunded to me when I turn it in.

    If you run a business, as I do, there are some tax advantages on a lease too.

    A HELOC is an option but I'm loathe to jeopardize my home if something goes bad.
     
  12. S'toon

    S'toon Knows where his towel is

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    SK
    I drive my vehicles until they fall apart, or in the case of my 29 year old Land Cruiser I roll it.
     
  13. pmich80

    pmich80 Between U and me I'm giddy waitin' for the Model ≡

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    Right now i have Prime +0.25% on my Home equity Line. (3.25%) Does Tesla or anyone else not offer anything less than that? I'm a bit shocked. I guess i can't use the HELOC for a lease though.
     
  14. SmartElectric

    SmartElectric Active Member

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    Checked today and our HELOC is 2.7% . We negotiated a lower rate to get the Tesla.
     

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