Current Finance Offerings from Rivian (via Scotiabank)

[1SikhRivian]

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[crashmtb]

Still just the one customer service person for all of canada, hmmmm?

 

[wristybusiness]

Pretty ‘adventurous’ to borrow at that rate to fund a vehicle at this price for most Canadians

 

[alisdair1941]

Holy SHITE, those rates! Hopefully I can get better by being an existing Scotia customer and having an 'excellent' credit score. Otherwise going to have to potentially wait until BoC drops rates...

FWIW - Prime lending rate for Scotia is currently 5.95%

 

[Count Orlok]

JFC, if someone needs 96 months to buy a vehicle they are buying way too much vehicle.

 

[alisdair1941]

JFC, if someone needs 96 months to buy a vehicle they are buying way too much vehicle.

Generally I agree, however not everyone has 100k at the ready to blow on a new vehicle. Especially in Vancouver...

 

[Count Orlok]

Generally I agree, however not everyone has 100k at the ready to blow on a new vehicle. Especially in Vancouver...

then they should buy something they can afford. >36 months at 7 % is not a smart financial move IMHO.

 

[atlastracer]

Yikes those rates. Is that what other new car rates are these days from other brands that don't discount rates? I know the 0%, 1 or 2% rates were mostly the brand paying the bank the difference. But are the other ones that high too??

 

[Donald Stanfield]

RIP the bank account of the person taking a 8 year loan out at 7.72%

 

[rraj2k81]

Yikes those rates. Is that what other new car rates are these days from other brands that don't discount rates? I know the 0%, 1 or 2% rates were mostly the brand paying the bank the difference. But are the other ones that high too??

It is in line with the market rates right now, considering where interest rates are.

My Tesla finance through Scotia is 6% but from June.
Ford is about 7% for the Mach-E, Polestar is about 7% as well.

 

[cbrcanuck]

Great info, thanks. Really helps for planning. Some institutions have EV preferred rates, will do some shopping around for whatever balance I finance.

 

[1SikhRivian]

Great info, thanks. Really helps for planning. Some institutions have EV preferred rates, will do some shopping around for whatever balance I finance.

let me know if you find anything decent, I’m fine with the above rates, it’s still on par with my calculations vs a 65k+ ICE truck in terms of what’s the better buy, but if there’s better options I’m all ears.

 

[cbrcanuck]

let me know if you find anything decent, I’m fine with the above rates, it’s still on par with my calculations vs a 65k+ ICE truck in terms of what’s the better buy, but if there’s better options I’m all ears.

Vancity is prime plus 1%, so a bit better. Will be hard to beat that, I expect. Still makes for pretty darn high financing costs. I foresee many configuration changes to delay orders...

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