Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Tesla APR% Vs high street bank

Animal_UK

Member
Aug 4, 2021
26
8
Ontario, Canada
I only put my order in yesterday for a MYLR and will be getting a loan closer to the time for delivery etc. During the deposit process the Tesla loan amounts were showing as $600 a month (with a $20k downpayment).

I was checking on a couple of banks online just to see for a comparison and scotiabank with the same figures ($80k, $20k down) was showing as $825 a month.

I have been working on the figures from the Tesla site so if it comes to delivery in January next year and all of a sudden goes from $600 to $800+ my wife will be stringing me up by the short and curlies and it'll be goodbye MY!!!
 

YHellYa

Member
Jun 2, 2021
16
18
Winnipeg
the web site only takes into consideration the price of the vehicle, you will have to add destination+pdi, taxes, tire tax, aircon tax, etc... to get to the actual loan payment amount.
so for example i applied for a tesla loan and in comparison the web site said after down payment for 60 months payment would be $700, but the actual loan with same downpayment after all cost and taxes in the loan payment for 60 months was $757 per month.

hope that give some perspective on what to expect.
 
  • Like
Reactions: Animal_UK

Animal_UK

Member
Aug 4, 2021
26
8
Ontario, Canada
Thanks. I did a bit more looking after I posted and eventually realised it doesn't include the 13% Ontario tax on the Tesla figures but Scotiabank site adds it.

putting in the correct, figures with/without tax is showing ~ $700 a month. Not the $600 I was originally working on but better than the $825 it was giving.

Thanks. You've helped put my mind at rest some. Still more than I was anticipating but hasn't put me off :)

I'm hoping I can find a bank with better rates than Tesla will give but wont know until closer to the time
 

YHellYa

Member
Jun 2, 2021
16
18
Winnipeg
you can put in a loan request with them now, the rate is good for 30 days and the loan i believe is good for 90 days approval. and if you find a better rate you can ask for a price match and they usually will match/beat the rate.

and also keep in mind, until you sign the paper work, you are not locked in to the tesla loan. you can just tell the SA that you have your own bank you will use and they will change it in your account and in 10 minutes your all updated with new info on the account.

i just did this myself, where they contacted me and i turned down the loan and the trade in offer for old car, as i got better deal on both, and the SA changed it and updated my account page with new info and viola done.
 

Animal_UK

Member
Aug 4, 2021
26
8
Ontario, Canada
I only order yesterday and showing as Dec 10 - 30th delivery so I'll go through the loan application Early/Mid November likely so it'll all still be valid upon delivery.

From what I've been reading I'm expecting the date of December will slip into the new year anyway.

My SA advised me to put the order in as a cash buy and closer to the time swap it to loan etc
 

YHellYa

Member
Jun 2, 2021
16
18
Winnipeg
yea the cash thing somehow puts you higher up the cue for some reason, and for delivery date you could be looking at jan 2022. but if you have finances all set up now there is a website that tracks vehicles in inventory in canada, you could buy from there as well if the configuration is right or close to what your looking for and get your car much sooner as it is deemed "instock" .

 

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