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

McFlurri

Active Member
Apr 27, 2016
1,511
1,742
Kitchener, Ontario
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

Active Member
Apr 27, 2016
1,511
1,742
Kitchener, Ontario
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"
 

03DSG

Active Member
Apr 5, 2016
2,158
2,524
Ontario
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

Active Member
Apr 27, 2016
1,511
1,742
Kitchener, Ontario
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%)
 

pmich80

Between U and me I'm giddy waitin' for the Model ≡
Mar 21, 2016
461
365
Toronto
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

Active Member
Apr 27, 2016
1,511
1,742
Kitchener, Ontario
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.
 
  • Informative
Reactions: akidesir

enwhy

Member
Apr 4, 2018
90
36
Toronto
Is it this link?
Scotiabank Value Visa card

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