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Loans thru Tesla are only valid for 30 days. They should have told you when the loan was approved it would only be valid for 30 days (must be delivered within that time frame). Other banks (such as local) will approve loans for much longer and probably have lower interest rates anyways.
TexLaw
Member
Bond rates are going up. US 10-year treasuries now yield over 2.5%. Expect all financing rates to go up.
aslam
Member
Yeah I posted about this a few days ago in Historical Tesla Financing Rates in Canada. As of Jan 1 they actually have two different rates based on the battery pack you're buying. As soon as I have enough TMC permissions to edit the wiki post (as of now, I still don't have enough history with the site to edit wiki posts) I'll update it and then hopefully we can keep that thread alive for the benefit of any new Tesla buyers in Canada.
Trace, you are probably right, there is a mention in the loan offer saying offers are valid for 30 days. I thought that I had to make my order within 30 days of acceptance, like when you are prequalified for mortgages. When I purchased my previous cars, we agreed on the terms, make a down payment and you wait for the delivery. No surprise on the final price.
I emailed the credit analyst and ask for more details and he said that there was a disclosure on the website. Yes, there is a disclosure. However, there is no disclosure on the French Canadian version of the website that I used. It will be an interesting week of argumentation.
I also heard at Tesla Store today that they will revise rates at the end of February. Does it mean that you order a car and hope for the best until you take delivery?
I was confused as well but my credit analyst stated there would have to be another loan request prior to delivery. The reason for a loan approval as you order is "some customers prefer for be preapproved".
I think you'd have to wish for the best revised rate. Note that you can still get a loan elsewhere too- such as a local bank or Credit Union. Very weird, I wish they would make it more clear.
e. Although I was told that the total price of the car is going to be the same even if it changes by the time you take delivery.
sakimano
Active Member
Canadian benchmarks are more relevant here and are also moving up
Canada 5 year hit 2% this month for the first time in about 7 years. From a low south of 0.50% 2016. This is also where mortgages are priced off and as we've see this week those are starting to rise.
Wow the rates went up fast! I took delivery Sept 29th with a rate of 1.99%. Timing is everything it seems...
But yeah, @Winem4n you should not only expect your preapproved rate to not be valid once you take delivery but there could yet be another increase in Feb. Tesla revises on a quarterly basis. So basically if you can arrange to speed up delivery at Ferrier and get another rate guarantee prior to Feb's revision you will at least freeze it at 3.49%. But since BoC has yet again increased rates this week you should not expect Feb's revisions to remain static unless Tesla has already a deal in the books for Q2.
But yeah, @Winem4n you should not only expect your preapproved rate to not be valid once you take delivery but there could yet be another increase in Feb. Tesla revises on a quarterly basis. So basically if you can arrange to speed up delivery at Ferrier and get another rate guarantee prior to Feb's revision you will at least freeze it at 3.49%. But since BoC has yet again increased rates this week you should not expect Feb's revisions to remain static unless Tesla has already a deal in the books for Q2.
