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Questions for getting TESLA loan.

Questions for getting TESLA loan.

Hi fellows, I am gonna start my four or six years university life in Canada, as a Chinese student, I'm wondering that if I could get a car loan when I am buying a brand new Tesla Model 3 in Canada. And if the answer is positive, how long will the repayment period be, and I'm also curious about the least down payment.

Best regards!

gballant4570 | January 13, 2019

Those sound like questions for a lender rather than this forum.... but I am not the most knowledgeable, since I don't have much experience with car loans - but I don't believe Tesla is the lender. There are second parties involved I believe, depending on location. Those lenders typically tailor their offerings somewhat to the applicant. But perhaps there may be someone on this forum with similar circumstances who can relate their own experience....

M3BlueGeorgia | January 13, 2019

Do some research on the Internet please.

This is a very specialized question.

A couple of points:
- Have a charging strategy in place before you buy.
- A substantial downpayment will make an enormous difference on being able to finance the balance. You might need 25% down, or more, and the loan period might be short

RDH32693 | January 20, 2019

You can select the car you are thinking about getting and when you get to the summary there are two tabs at the top for Cash or Loan. select Loan then at the bottom of the page a loan calculator with be available and you can adjust for down payment, length of loan and see how much the monthly payments should be.

goodspeeffffd9633 | June 19, 2019

There are second parties involved, depending on location

FISHEV | June 19, 2019

Great credit rating (in 800's) and Tesla/US Bank wanted $8k/$53k, 15% down for a 3.99% rate. Payments are $708 month for five years. Be paid off by time you graduate if you have the budget.

This is US, be interesting to see if Canada financials are that much different.

In US, Credit Unions have better rates and service, not sure if Canada has them. If your school has one, ask them about a car loan. They may be more competitive. My credit union offered 3.75% so Tesla/USBank were competitive and went with them just to make the transaction smoother. Can always refinance with credit union in the future.

NapaChris | June 19, 2019

I thought you couldn’t post here unless you were already a verified M3 owner???

Nexxus | July 1, 2019

@NapaChris,

Looks like he started it back in January, prior to the cutoff of having to be an owner to post.

nickivieru1991 | July 9, 2019

A personal loan is one of the cheapest ways to buy a car, especially as rates have plummeted in the last few years .MoneyMutual reviews https://www.paydayloanamerica.com/companies/checksmart-review/ provides an trusted way to get a loan . Many possitive feedbacks make this service one of the quickest with a great financial perspective to achieve all your goals.

FISHEV | July 9, 2019

Payday loans? Aren’t they the predatory pay day lender?

Odd Jackfan0514 never came back or was able to post a topic without being an owner.

Omicron | July 9, 2019

jackfan0514, unless you happen to have already saved a significant amount of money, I would worry about finishing school before buying a new Tesla. Owning a Tesla is truly wonderful, but even the entry-level models involve a serious investment.

Payday loans may serve a purpose, but buying a new car is not one of them. According to the above website, they are charging between 186.07% and 459.88% (That's a crazy 2 to 5 times interest on the loan amount every year).

The theory between Payday loans is you borrow an amount (Say $500.00) and pay them a fee up front, it could be something like $75.00. You then get 2 weeks to pay it back (Total $575.00) Think of it as an advance on your next paycheck. The problem is that unless you pay it off in full, every 2 weeks, you end up paying the fee over & over again. Even worse, unless you pay down the debt, the balance only keep going up, so that after paying $75.00 every 2 weeks, the balance due is still the original $500.00

Here is a copy of the "Fine Print":
* Customer Notice: A single payroll advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payroll advances are not recommended as long-term financial solutions.

I can't think of any worse option including getting a cash advance on your credit card.