Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register
  • The final cut of the 9th episode of the Tesla Motors Club Podcast, featuring Chad Schwitters, the former president of Plug In America, is now available. You can watch it now on YouTube or listen to it on all major podcast networks.

self employed finacing?

Doug_G

Lead Moderator
Global Moderator
Apr 2, 2010
17,888
3,410
Ottawa, Canada
Everyone's situation is unique, especially when it comes to the self-employed. It gets a lot easier when you have a long work history. If you're just a couple of years in the banks will look at you very skeptically, unless you can back it up with an asset (e.g. line of credit "mortgage" on your house).

Perhaps a leasing arrangement might work for you?
 

deonb

Active Member
Mar 4, 2013
4,061
4,362
Redmond, WA
Do you own/is partner in your self employment venture?

I'm a partner in a company and dont get any salary - just the occasional K1 (or is it K2).

Anyway. Bought (and financed) both a GMC Denali (price of a 70D) and Nissan Leaf this last year - and did a refinance. Nobody cared about the employment arrangement. It was purely total earnings and credit score.
 
I haven't done so for a Tesla (yet), but had no problem leasing a LEAF. As deonb said, all they seemed to care about was total earnings and credit score.

Was much simpler than trying to get a loan for a condo in Poland... where everything fell through toward the end of a long process and we had to just buy with cash (a bit stressful). :p

But good idea to start looking early. Let us know if you find any good avenues. Am saving this thread. :D
 

wayner

Active Member
Oct 29, 2014
3,942
1,522
Toronto
Do you own/is partner in your self employment venture?

I'm a partner in a company and dont get any salary - just the occasional K1 (or is it K2).

Anyway. Bought (and financed) both a GMC Denali (price of a 70D) and Nissan Leaf this last year - and did a refinance. Nobody cared about the employment arrangement. It was purely total earnings and credit score.
Canadian banks tend to be stricter than US banks - which is just one of the reasons that we didn't have to have a government bank bailout in 2008.
 
I am self employed. I have a good credit rating despite my taxes showing a loss after all my expenses.

I applied for a lease through Tesla's website in early November 2014. I didn't hear back after a day or so and went to the Toronto Lawrence showroom. I moved forward to purchase a demo Model S and was approved. There were some paperwork delays waiting for Tesla in California but I had my keys in a week.

After enjoying the car for a month, I got a letter from Tesla saying my credit application was denied. Whaaaat?

I have to assume it was my online application that was denied. So, my advice is to apply in person at the showroom. At the very least it will be faster to get a yes or no. More over, people on the ground are more practical than people just looking at credit ratings and income through a remote monitor.
 
I'm in BC and I went through with this earlier in the year before I picked up my car.

I'm self employed as well and all the banks wanted the last two years of CRA NoA's to show my income. Credit score and current income played very little role in it. Since I only got my current income this year, all the banks denied me.

Tesla Leasing, however, approved me with very little issue.
 
I'm in BC and I went through with this earlier in the year before I picked up my car.

I'm self employed as well and all the banks wanted the last two years of CRA NoA's to show my income. Credit score and current income played very little role in it. Since I only got my current income this year, all the banks denied me.

Tesla Leasing, however, approved me with very little issue.
What was the rate difference between banks and Tesla or did u get that far with the bank?
 

Products we're discussing on TMC...

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top