Canadian Financing

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AMPM

Active member
Joined
May 1, 2018
Messages
124
Location
Barrie Ontario
Tesla Owner
Model 3
Country
Country
#2
I too am interested in learning about Canadian (Ontario) loan rates. I recently moved home from the USA and it seems auto loans are much simpler there. Any advice would be welcome.

I am planning on using my credit line with my mortgage to pay the $14000 Ontario rebate up front to reduce the overall car loan and then pay off the credit line when the rebate check appears.
 

Sandy

One obsession to the next
TOO Supporting Member
Joined
Jun 3, 2017
Messages
975
Location
Ontario east of the GTA
Tesla Owner
Model 3
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Country
#3
I too am interested in learning about Canadian (Ontario) loan rates. I recently moved home from the USA and it seems auto loans are much simpler there. Any advice would be welcome.

I am planning on using my credit line with my mortgage to pay the $14000 Ontario rebate up front to reduce the overall car loan and then pay off the credit line when the rebate check appears.
I believe Tesla uses RBC and Scotia for CDN financing. The rates on the configurator were 4.25% for 96 months and 3.9% for any period shorter. Be aware there is some risk involved with the incentive and upcoming Provincial election.
 

AMPM

Active member
Joined
May 1, 2018
Messages
124
Location
Barrie Ontario
Tesla Owner
Model 3
Country
Country
#4
I believe Tesla uses RBC and Scotia for CDN financing. The rates on the configurator were 4.25% for 96 months and 3.9% for any period shorter. Be aware there is some risk involved with the incentive and upcoming Provincial election.
Yes indeed. That’s why I opted not to wait for AWD and get the car NOW!
 

AMPM

Active member
Joined
May 1, 2018
Messages
124
Location
Barrie Ontario
Tesla Owner
Model 3
Country
Country
#5
Was just approved through Tesla for financing at 3.91 for 60 months. Going to try to beat that with my bank before confirming with Tesla
 

Sandy

One obsession to the next
TOO Supporting Member
Joined
Jun 3, 2017
Messages
975
Location
Ontario east of the GTA
Tesla Owner
Model 3
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Country
#6
Was just approved through Tesla for financing at 3.91 for 60 months. Going to try to beat that with my bank before confirming with Tesla
I confirmed my acceptance with Tesla (well, at least for 30 days) at 3.91% 60 months. You may find the only way your bank will beat the 3.91% 60 months will be with a HELOC.
 

AMPM

Active member
Joined
May 1, 2018
Messages
124
Location
Barrie Ontario
Tesla Owner
Model 3
Country
Country
#7
I confirmed my acceptance with Tesla (well, at least for 30 days) at 3.91% 60 months. You may find the only way your bank will beat the 3.91% 60 months will be with a HELOC.
I have a good relationship with my bank so I straight up asked them to beat the rates offered by RBC and Scotia. I could use my HELOC but I’m stubborn. Lol.

Edited to add: I spoke to a Tesla rep about the 30 day rate lock. They confirmed that the rate will be honored even if the delivery slips beyond 30 days.
 
Last edited:

Sandy

One obsession to the next
TOO Supporting Member
Joined
Jun 3, 2017
Messages
975
Location
Ontario east of the GTA
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Model 3
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Country
#8
I have a good relationship with my bank so I straight up asked them to beat the rates offered by RBC and Scotia. I could use my HELOC but I’m stubborn. Lol.

Edited to add: I spoke to a Tesla rep about the 30 day rate lock. They confirmed that the rate will be honored even if the delivery slips beyond 30 days.
Good to hear about 30 day extension. So did they (your bank) beat the rate? I don’t have a HELOC. Mortgage free and want to stay that way. Current car has 11 payments left on a 0% 60.
 
Joined
Jan 17, 2018
Messages
18
Location
Saint-Lazare, Quebec
Tesla Owner
Reservation
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Country
#11
Also looking to see if there is anything out there better than what Tesla is offering, thanks for the feedback! I'll provide as I find options as well.
 
Joined
Aug 6, 2018
Messages
7
Location
Vancouver
Tesla Owner
Reservation
Country
Country
#13
Hi Everyone, I am a new member here.

I recently got the invitation to configure my model 3. I am planning to go with AWD. The interest rate mentioned on tesla's Canadian site is 4.6% irrespective of the term. Does it change after we give the deposit? Based on some of the replies above it seems everyone is getting a different rate based on the term duration.

Any help on this topic is much appreciated.

Thanks :)
 
Joined
Oct 12, 2018
Messages
9
Location
vancouver
Tesla Owner
Model 3
Country
Country
#14
I got scotia bank for 4.25% for 84 months with option to payout anytime without a fee.

We traded our current vehicle so onlyhad to finance $50k
 

devlodha

New Member
Joined
Mar 8, 2019
Messages
2
Location
Whitby, Ontario
Tesla Owner
Reservation
Country
Country
#15
I got approved from RBC (via Tesla) for 4.25% for 96 months with option to prepay anytime without any fees. I also bank with RBC (personal & business) and hence checking with them if they can beat these rates, but am very doubtful.
 
Joined
Jan 24, 2019
Messages
3
Location
Winnipeg Manitoba Canada
Tesla Owner
Model 3
Country
Country
#17
Unfortunately in Manitoba Tesla does not offer financing. Nott Auto in Winnipeg does financing but they added $6000 to the price of the car. The rates through the banks were ridiculous to avoid the $6000 up charge but I found Falcon Auto Leasing in Winnipeg (http://falconleasing.net/) who provided exceptional service and rates better than the bank (cheaper to lease overall including buyout than finance as compared to the banks or Nott Auto).
I dealt with Don and Reece and they were both excellent.
I made the payment Feb 22 and received my LR AWD yesterday March 15.