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

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#21
Scotiabank Value Visa card
If you scroll down it says: but there is a $29 annual fee for this card. scotia.jpg

Interest rates

11.99% / 0.99%
11.99% on purchases. 0.99% on cash advances, balance transfers and Scotia Credit Card Cheques
 
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Reactions: McFlurri
#24
If you dig in to the fees on their site you also find this:

Promotional low rate fee³ 3% of each transaction amount (min. fee of $3.50)

3 Promotional low rate fee: 3.00% (unless waived or reduced by us in the offer) of the amount of each transaction under a promotional low rate offer made to you (minimum fee of $3.50). A promotional rate means the rate is lower than your preferred annual interest rates. Promotional low rate offers may apply to cash advances, balance transfers or Scotia Credit Card Cheques. The exact promotional low rate fee will be disclosed to you at the time the offer is made.
Click to expand...
 
#26
I see this as being quite a risk if you can't cover the 14k at the end of the 6 months. With the change in power of whoever wins I can imagine things could get delayed or held up for any reason. If that happens this gets expensive quick.
 
#27
johndorian said:
I see this as being quite a risk if you can't cover the 14k at the end of the 6 months. With the change in power of whoever wins I can imagine things could get delayed or held up for any reason. If that happens this gets expensive quick.
Click to expand...
Depends on your personal situation.

This may not work for everyone.

My plan was to always float the rebate either with taking money out of investments (then refilling them when I got the rebate), or just using my HELOC. At least this now gives people a 6 month grace period so to speak where we can borrow up to $15,000 for an extremely low interest rate.
 
Last edited:
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#29
akidesir said:
Just got the Scotiabank card in the mail and activated it and went to a scotiabank branch and got a bank draft. Withdraw $14950 so as not to go over for the $3.50 cash advance fee, $7.50 bank draft fee and $29 Visa card annual fee.

Extra $ for the down payment for the vehicle! Score! Thanks McFlurri for the find
Click to expand...
No problem.

Glad I could help out!

I'm still waiting for my card in the mail... just got my PIN today.. so hopefully i'll see the card tomorrow....
 
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#30
McFlurri said:
No problem.

Glad I could help out!

I'm still waiting for my card in the mail... just got my PIN today.. so hopefully i'll see the card tomorrow....
Click to expand...
I applied on May19th the same day you posted, didn't receive the PIN in the mail just the bigger mailer with the card. Went over to my local Scotiabank and got a PIN and told them I wanted to get a cash advance and bank draft on the amount. Easy!
 
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