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

[McFlurri]

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

 

[McFlurri]

Are you absolutely sure that the .99% rate is valid for cash advances and not just regular purchases? As you know Tesla won’t accept credit card payments for anything other than the reservation and order payment. The only way to put that $14k rebate amount down with a credit card would be on a cash advance on the card. Just asking for clarity.

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"

 

[ebatmobile]

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

 

[McFlurri]

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

Yup

 

[03DSG]

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"

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.

 

[McFlurri]

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.

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%)

 

[akidesir]

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.

 

[pmich80]

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

 

[McFlurri]

Anyone else have any success?

 

[vidya_sagar]

Anyone else have any success?

Can we cancel the card after 6 months?

 

[McFlurri]

Can we cancel the card after 6 months?

Absolutely.

In fact.. that's exactly what I'm going to do

 

[vidya_sagar]

Absolutely.

In fact.. that's exactly what I'm going to do

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

 

[akidesir]

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?

 

[McFlurri]

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?

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

 

[chevycc]

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.

 

[RapTelligence]

There could be a 4% processing fee that wipes out the advantage.

 

[akidesir]

Ya gotta check what the fee is first

 

[McFlurri]

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.

There could be a 4% processing fee that wipes out the advantage.

Ya gotta check what the fee is first

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.

 

[akidesir]

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.

 

[enwhy]

Is it this link?
Scotiabank Value Visa card