I purchased my Model 3 SR+ yesterday. I'm paying a large portion down, and getting a loan from Tesla (RBC/Scotia) for the remaining $19,793 or so (until my current car is sold to pay it down further). I went with a 48 month term in the payment quote, but the monthly payment estimate seems wayyy off. Here's a quick breakdown,
Car price: $54,180 (includes delivery fee & alternate color option)
+ PST & AC Tax $6613
- EV Incentives $8000
- Order Deposit $2500
- Down payment $30,500
= $19,793 remaining
But its telling me the 4.25% APR for 48 months would be an estimated $692.08/month? That's over $33,000 after 4 years. When I did the loan calculator prior to purchase it wasn't anywhere near that high. I'm assuming this is a bug in their calculations because if I put a lower down payment, the monthly payment also went down (and vice versa). Checking online for a few car loan calculators, it looks like it should be closer to $448 or so ($54,180 purchase price + 12% tax - $41,000 in incentives/deposit/down payment at 4.25%APR for 48 months).
Should I just send the loan for approval and get the real numbers? I'm assuming whatever RBC/SB comes back with is going to be closer to $448/month. If I'm wrong somewhere with my numbers then this car will probably be out of my budget.
Anyone else had issues with their loan calculator recently?