There are a number of ways to secure Tesla financing in Canada if you know where to look. Find out how to buy a Tesla in Canada and get a snapshot of how much you might have to pay for different models. From there, learn which financing option might be the best fit for you.
There are generally 4 options for Tesla financing in Canada.
Tesla offers financing for those who can take delivery in Alberta, British Columbia, Nova Scotia, Ontario, Quebec and Saskatchewan. Loan terms are available from 3 to 8 years.
The advertised Tesla interest rates when we last checked were 6.19 - 6.29% on most new models (36 to 96-month loan term). That said, the Tesla interest rate you’ll qualify for will vary based on your credit score and other personal factors.
To apply for Tesla financing in Canada, order your Tesla online and once you get to the checkout page, select the “Loan” option. You’ll receive a lending decision in as little as a few minutes or up to 48 hours later.
Your Tesla financing credit approval will stay valid for up to 90 days, but the Tesla interest rate you’re approved for will only stay valid for up to 30 days.
To ensure you’re getting a competitive interest rate, it’s worth looking into alternative Tesla financing options, like online lenders. For the Model 3 and Model Y, it should be relatively easy to find financing for vehicles worth between $50,000 and $60,000. For the Model S and Model X, you may need to take out a luxury car loan.
Alternative online lenders tend to be a good option for bad credit borrowers who have a hard time qualifying with other Tesla financing options. Depending on the lender, you may be required to provide a sizable down payment.
Similarly, you can check with your bank or credit union to see if they’re willing to offer Tesla financing. The perk about opting for this option is that banks and credit unions tend to offer lower interest rates compared to other options. However, they typically only finance people with good to excellent credit scores, so this option may not be suitable for all borrowers.
Leasing a Tesla in Canada is another good option to consider if you want to start driving a Tesla. Consider leasing if you want to be able to upgrade your Tesla model every few years.
You can lease a Tesla if you live in Alberta, British Columbia, Nova Scotia, Ontario, Quebec or Saskatchewan. The available lease terms are 2, 3 and 4 years. At the end of your lease you have the option to either upgrade your Tesla model, or purchase the Tesla you were leasing.
Follow the 4 steps below to learn how to buy a Tesla in Canada.
The 4 main types of Teslas to choose from are the Model S, Model 3, Model X and Model Y. The Cybertruck is has just begun delivery, but you can learn more about the Cybertruck’s release in Canada and detailed spec information below.
One of the first questions people ask when deciding which Tesla model to buy is, “how much is a tesla in Canada?” A Tesla could set you back for as little as $49,990 or up to $128,990. You can easily compare Tesla prices in Canada in the table below.
| Tesla Model S | Tesla Model 3 | Tesla Model X | Tesla Model Y | |
|---|---|---|---|---|
| Starting price | $97,990 | $49,990 | $107,990 | $53,990 |
| Mid-range model price | — | $59,990 (Long Range) | — | $63,990 (Long Range) |
| High-end model price | $122,990 (Plaid) | 69,990 (Performance) | $128,990 (Plaid) | $68,990 (Performance) |
Deciding which Tesla model is right for you will depend on your budget and needs. When calculating the overall price of a Tesla, be sure to factor in costs above the sticker price like any customizations, upgrades, sales tax and any licensing or registration fees. You can then minus from that cost any EV inceptives you qualify for.
There are several potential Tesla EV incentives you can learn about below to help you save on the cost of your Tesla.
The features shown are for the Performance or Plaid models.
| Model S | Model 3 | Model X | Model Y | |
|---|---|---|---|---|
| Max. range | 647 km | 548 km | 539 km | 497 km |
| Min. acceleration (0-100 km/h) | 2.1 seconds | 3.1 seconds | 2.6 seconds | 3.7 seconds |
| Top speed | 322 km/h | 201 km/h | 240 km/h | 250 km/h |
| Vehicle Class | Midsize sedan | Compact sedan | Midsize SUV | Compact SUV |
| See Model S details below | See Model 3 details below | See Model X details below | See Model Y details below |
The Tesla Model S sedan offers the quickest acceleration of any electric vehicle in production and one of the longest ranges. You can get the plaid or standard version of the Model S – each with slightly different specifications. The specs below are for the plaid version of the Model S sedan.
The Model 3 is similar to the Model S, but it comes with features such as the option of dual motor all-wheel drive, performance brakes and a lowered suspension. It’s a little bit slower on the acceleration than the Tesla Model S sedan, but it’s a solid all-around vehicle for off-road or winter driving. You can get the Tesla Model 3 sedan as a performance, long range AWD or standard plus vehicle. The specs below are for the performance model.
The Model X is very similar to the Model S but comes with a fully-kitted out interior and sharper handling. It’s designed with speed and comfort in mind, though it has a slightly slower acceleration than the Tesla Model S. That said, it comes with some funky features such as a built-in trailer hitch and a high seating capacity to compensate. You can get either the Model X or Model X Plaid.
The Model Y is like the minivan of Teslas – with tons of storage space and a sleek design. It has seating for 7 people with an optional third row depending on how much space you need. This vehicle is equipped for all 4 seasons and is built for maximum safety. You can get this model in performance or long range. The specs below are for the performance model.
Once you figure out which base model you want, you’ll need to think about the extra features you may want to add to your Tesla. Any feature will add to the overall price. Extras include the following:
The amount of the add-ons you choose can add hundreds or even thousands of dollars to your total cost. You’ll need to think about what extra features you want to add before you tally up your final bill and apply for financing.
This step is where you add up the entire cost of your Tesla, including the sticker price of the model you want, any add-ons or customizations and, finally, sales tax. You can reduce the amount you need to apply for Tesla financing by making a down payment or partially covering your purchase with cash.
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Let’s say you decide you want to buy a Tesla to save money on gas because you live in southern Ontario and have a long commute to and from work. You decide to purchase a 2024 Tesla Model 3 with a total price of $53,890 after customizing the paint colour and interior. You then put down a 15% down payment of $9,134 on the car and apply for financing to cover the rest (plus 13% HST).
Here is a snapshot of how much it could cost to finance a Tesla in Canada:
| Total cost of Tesla | $53,890 |
| Loan type | Auto loan (term loan) |
| Loan amount (after down payment) | $51,761 |
| Interest rate (APR) | 7.25% |
| Loan term | 7 years |
| Additional fees | 0% application fee (waived by Tesla) |
| Monthly payment | $788 |
| Total loan cost | $66,154 |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Compare your Tesla financing options
Once you’ve secured Tesla financing, you can start the process of buying a Tesla in Canada. You have 2 main options to purchase a Tesla in Canada: In-person at one of the rare Tesla stores in Canada, or online.
You can place an order for a Tesla at one of the 25+ Tesla stores located in major cities across Canada. In this scenario, you’ll pay in cash or apply for Tesla financing with a licensed salesperson on site. You’ll then make your initial order payment and organize delivery options to your home address.
Your second option for how to buy a Tesla in Canada is to order it online. Follow the steps below to get started:
Yes, it is definitely possible to buy a used Tesla in Canada. In fact, buying a used Tesla can be a great way to save money by letting the previous owner soak up a huge chunk of the cost of depreciation. Cars can lose anywhere from 30% to 40% of their value within the first year of ownership. Besides saving on the sticker price, avoiding that initial drop in value is a great reason to opt for a used Tesla.
You can shop for a variety of used models directly from Tesla Canada. That’s a nice option if you want to ensure the used Tesla you’re buying is in top condition. The process for buying a used Tesla online from the company’s website will be very similar to buying a new model.
Alternatively, you can buy a used Tesla from sites like AutoTrader.ca and Kijiji. But if you opt for one of these alternative sites, it’s probably worth getting the vehicle thoroughly inspected before buying it to ensure it’s in good condition.
If you buy a used Tesla in Canada from Tesla’s online store, you’ll have access to the same financing options that you would if you were buying new. The application and delivery process for used Teslas are also similar.
If you want to buy a used Tesla from a private seller, you’ll need to turn to banks, credit unions or online lenders for financing. These alternative lenders might have more stringent requirements for financing private sale vehicles, and might require a down payment for approval.
Whether it’s from Tesla, the Federal Government or the Provincial Government, there are several EV incentive programs you can get to help you save on your Tesla purchase.
The 2024 Tesla Model 3 and Model Y are both eligible for the iZev program rebate of up to $5,000. If you ordered one of following vehicles before November 23, 2021, you are also eligible for the iZev rebate:
The iZev program has 2 levels of incentives:
If you live in British Columbia, New Brunswick, Nova Scotia, Ontario, Prince Edward Island or Quebec, your Tesla may be eligible for provincial rebate programs. Read through our full guide to electric vehicle rebate programs in Canada here to learn more. Our guide also lists other electric and hybrid vehicles eligible for the iZEV rebate.
According to data released in the Finder: Consumer Sentiment Survey August 2023, 8% of respondents stated that they are planning to purchase an electric vehicle for their next vehicle purchase.
The futuristic, much-awaited Tesla Cybertruck offers all the utility of a truck with the performance of a sports car. It comes with a reinforced metal shell and break-proof windows to prevent damage to the exterior – even on the most rugged terrain. It’s slower than Tesla sedans given its increased weight, but still packs a punch when it comes to speed and acceleration.
The Tesla Cybertruck has recently completed production and has begun being delivered throughout the US. That said, the Tesla Canada website still doesn’t have the option for delivery in Canada. Still, we can expect it to show up in Canada soon.
Unfortunately, the price of a Cybertruck in Canada has not yet been officially confirmed by Tesla, since the vehicle is just now coming out in the US. However, we can expect that the Tesla Cybertruck price in Canada will be similar to the currency-converted cost for the 3 trim options advertised in the US:
You can now pre-order the Tesla Cybertruck in Canada by paying a fully refundable deposit of $150 CAD.
Check out more Cybertruck specs and features below for the information we know at this point. Specs are for US models only as the details have not yet been released for Canada.
Here’s what Tesla drivers say they wish they knew before buying:
If Tesla’s high prices have you second-guessing your decision to buy an electric vehicle, there are alternative vehicles to choose from. Check out our guide to buying an eco-friendly car to explore a wider range of options for hybrid and electric vehicles that won’t break the bank.
You can get Tesla financing directly from Tesla, your bank or a private lender. The minimum you’ll pay for a baseline Tesla is $49,990 and you’ll usually need to put a down payment of at least 10-20%. That’s why it’s important to take your time deciding which model is right for you and comparing your financing options carefully.
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