When to finance in light of monthly Bank of Canada interest hikes

[likkuid]

Hey all. The Tesla advisor suggested I only apply for financing post-VIN. This is unwise to me as rates are held for 90 days and Bank of Canada is monthly raising interest rates, with a full-point hike expected in mid-July as all signs point to one-upping the Fed’s June hike.

With rates already at 5.45, that’s a lot. My delivery date is 4-6 months out. My intention is to apply right before the July 13 Bank of Canada meeting as a hedge against this as I’ve heard approval only takes minutes. (And it’s possible my delivery date will bump up as I upgraded the car from RWD MS to LR Blue).

Is the hit to the credit score in the event of a second finance application worth considering? My credit is quite good at 831.

Thank you!

 

[rypalmer]

I thought rates were only held for 30 days.

 

[likkuid]

I thought rates were only held for 30 days.

Looks like I confused credit approval with rate hold. Ugh. That sucks.

“You can apply any time after you place your vehicle order. The credit approvals are valid to up to 90 days, but rates are good for 30 days from approval. If your delivery date falls after your credit application expires, you may need to start a new application.”