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Short Term Loan info for Ontario Model 3 Buyers! 0.99%!!!

Discussion in 'Canada' started by McFlurri, May 19, 2018.

  1. McFlurri

    McFlurri Member

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    Hey everyone!

    So I just wanted to give everyone a heads up that ScotiaBank is offering a Scotia Value Visa Card for a 6 month introductory rate of 0.99%!!!

    I just got a $15,000 card which will fully cover the $14,000 Ontario Rebate.

    I would highly recommend checking this out for anyone in Ontario looking for float themselves the rebate until we get the cheque in the mail.

    0.99% is going to be the cheapest money you can find by a long shot!

    If for whatever reason it goes beyond the 6 months, the rate does go up to 11.99%.. but I don't think it should take longer than 6 months to get our rebates... and if it does... put it into a lower interest line of credit or something..

    Anyways.. I hope this helps even just 1 person :)
     
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  2. McFlurri

    McFlurri Member

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    From the fine print;

    "The introductory 0.99% interest rate applies to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) only"
     
  3. ebatmobile

    ebatmobile Member

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    So you just write yourself a cheque for $14,000 from the cheques that come with the card?
     
  4. McFlurri

    McFlurri Member

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    Yup
     
  5. 03DSG

    03DSG Active Member

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    Total fish hook for the consumer. But for our case it’s a great deal! $14,000 addition cash down paid back with the rebate at the 6 month mark for a total cost of $70. Clear it and toast the card.
     
  6. McFlurri

    McFlurri Member

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    That is EXACTLY what im gonna do.

    I dont need a $15,000 credit card.. LOL (except for this 1 instance and only because it's 0.99%)
     
  7. akidesir

    akidesir Member

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    Thanks, applied and got approved for the $15k and they say the card will come in 5 to 7 business days... going to be tight with my May 31st delivery date.
     
    • Like x 2
  8. pmich80

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

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    Usually every spring I get an offer to use a balance transfer on one of my Scotia Line of credits to move any balances to the line of credit at 0.99% I've been checking the mail all month hoping to see an offer. Still holding out hope. Don't want to open another credit card. LOL
     
  9. McFlurri

    McFlurri Member

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    Anyone else have any success?
     
  10. vidya_sagar

    vidya_sagar Member

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    Can we cancel the card after 6 months?
     
  11. McFlurri

    McFlurri Member

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    Absolutely.

    In fact.. that's exactly what I'm going to do :)
     
  12. vidya_sagar

    vidya_sagar Member

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    I am applying it now. hopefully I will receive it before 31st
     
  13. akidesir

    akidesir Member

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    What’s the fastest way to get the $, I worry if I write myself the cash advance cheque for $15k there will be a hold when I deposit it to my bank account.

    Do you think opening a Scotiabank bank account would make it almost instant?
     
  14. McFlurri

    McFlurri Member

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    Idk about that. I have my mortgage through them.. but my main bank is TD
     
  15. chevycc

    chevycc Member

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    Isn't there usually a processing fee for cash advanced.
    I thought about doing that with an AMEX card a few years ago with 0% interest and then found out there is a $99 processing fee.
     
    • Informative x 1
  16. RapTelligence

    RapTelligence Member

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    There could be a 4% processing fee that wipes out the advantage.
     
    • Informative x 1
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  17. akidesir

    akidesir Member

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    Ya gotta check what the fee is first
     
  18. McFlurri

    McFlurri Member

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    I just called and confirmed that there is as Cash Advance fee...

    It's a whopping $3.50!

    Doesn't matter how much money you take out.. the fee remains the same.
     
    • Informative x 1
  19. akidesir

    akidesir Member

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    I applied and got approved 15k, if it takes longer then 6 months to get the EVHIP rebate, I'll get my wife to apply as well at month 5, and cover my portion.
     
    • Funny x 1
  20. enwhy

    enwhy Member

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