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Thread: Financing Tesla Model S in Canada

  1. #1
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    Financing option for my Model S - Canada

    Hi,

    I started to read about Scotia bank offering Model S financing at 3.99%. That doesn't even seem to be critalized yet - we have no details. Better than a Personal loan at prime + 3-4% but much more expensive than in the US where they get 1.49%, 1.99%,... I have asked my broker to find me the best offer on the market.

    Anybody with other ideas. I'll post what my broker comes back with.

    PB

  2. #2
    Senior Member Jaff's Avatar
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    Remember that our banking system is far more conservative than our neighbours to the south...and that has kept us in good stead, especially over the past four years...
    Member Southern Ontario Tesla Owners Club

  3. #3
    Member colinb's Avatar
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    RBC retail banking offered to match the 3.99 but with a variable underpinning. Not willing to go that route as prime will likely move back up in 2-3 years.

  4. #4
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    No wonder why their are in deep ****...

    My broker is from RBC Dominion Securities, I believe he said he woul call up his buddy at RBC retail to get me a rate.

  5. #5
    Member znino's Avatar
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    Quote Originally Posted by pbrulott View Post
    Hi,

    I started to read about Scotia bank offering Model S financing at 3.99%. That doesn't even seem to be critalized yet - we have no details. Better than a Personal loan at prime + 3-4% but much more expensive than in the US where they get 1.49%, 1.99%,... I have asked my broker to find me the best offer on the market.

    Anybody with other ideas. I'll post what my broker comes back with.

    PB
    Most banks have a product that is essentially a line of credit secured by your house. you can then block a portion of that LOC at a fixed rate for a number of years (say 5) with an amortization period of your choice. Can be amortized on 3 years, 5, 12, 25 as you wish. Like a mortgage. This way you have control over your payments and depending on how low you want the rate, you can lock in for longer periods (again, similar to a mortgage). Currently, you can lock in at about 3% interest for 5 years. Better than the 3.99% with the Scotiabank car loan deal. Only drawback is that you cannot block the rate for more than 5 years but then again, after 5 years you can always revisit your options and for 5 years you are saving 1% a year over the Scotia deal so you have a ways to go if interest rates go up before you end up paying more than Scotia.
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  6. #6
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    Did any of the Sig owners-to-be use the financing option? Doug's post in the Sig thread showed a financing button and mentioned Tesla financing. I would be interested in hearing what rates they offer in comparison to the banks.

  7. #7
    Member colinb's Avatar
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    Quote Originally Posted by Orthonos View Post
    Did any of the Sig owners-to-be use the financing option? Doug's post in the Sig thread showed a financing button and mentioned Tesla financing. I would be interested in hearing what rates they offer in comparison to the banks.
    I did - they only ask if you would be interested in learning more and require a credit application. Waiting for any follow-up on that to confirm the Scotiabank 3.99% deal.

  8. #8
    Senior Member mknox's Avatar
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    Quote Originally Posted by colinb View Post
    I did - they only ask if you would be interested in learning more and require a credit application. Waiting for any follow-up on that to confirm the Scotiabank 3.99% deal.
    Any deets on the Scotia deal? Is the rate fixed for the term? How many years will they let you go?

  9. #9
    Senior Member Jaff's Avatar
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    I'm pretty sure Scotiabank will finance the Tesla scheme over 8 years maximum.
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  10. #10
    CAD P25 to S15 now P49 tomanik's Avatar
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    I spoke to a customer rep on Friday last week about this and was told Scotia bank was providing fixed rates at 3.9% for upto 84 months for financing through Tesla. Nothing official yet afaik but seems to be pretty consistent messaging.

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