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.
1. Tesla financing
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 6.31 - 6.61% 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.
2. Online lenders for Tesla financing
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 around $60,000 or less. 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.
Compare options for Tesla financing in Canada
1 - 5 of 5
3. Banks and credit unions for Tesla financing
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.
4. Tesla lease
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.
How to buy a Tesla in Canada
Follow the 4 steps below to learn how to buy a Tesla in Canada.
Step 1: Choose your Tesla model
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 $53,990 or up to $130,990. You can easily compare Tesla prices in Canada in the table below.
Tesla price in Canada
Tesla Model S
Tesla Model 3
Tesla Model X
Tesla Model Y
Starting price
$99,990
$53,990
$109,990
$53,990
Mid-range model price
N/A
$63,990 (Long Range)
N/A
$63,990 (Long Range)
High-end model price
$124,990 (Plaid)
N/A
$130,990 (Plaid)
$69,990 (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.
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.
Rollover risk: Low due to high-strength architecture and floor-mounted battery pack
Impact protection: Built with a high-strength architecture
Active safety features. Automatic emergency braking, multiple airbags, lane departure warning, blind-spot monitoring, adaptive cruise control, 360-degree cameras, ultrasonic sensors and more
Entertainment: Advanced audio system, high-definition gaming system
Storage: Front and rear trunks and fold-flat seats
Control system: Touchscreen control panel, self-driving capability
Tesla Model 3
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.
Rollover risk: Very low due to rigid structure
Impact protection: Built-in impact protection
Active safety features. Automatic emergency braking, multiple airbags, automatic lane change, automatic parallel and perpendicular parking, blind-spot monitoring, adaptive cruise control, 360-degree cameras and more
Entertainment: Advanced audio system, video streaming services
Control system: Touchscreen control panel, self-driving capability
Extra features: Glass roof, premium seating
Model X
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.
Rollover risk: Very low due to floor-mounted battery pack
Impact protection: Front and side protection due to rigid structure and built-in impact protection
Active safety features. Automatic emergency braking, multiple airbags, automatic lane change, automatic parallel and perpendicular parking, blind-spot monitoring, adaptive cruise control, 360-degree cameras and more
Entertainment: Advanced audio system, gaming and movie streaming
Control system: 17″ touchscreen control panel, self-driving capability
Extra features: Largest amount of storage, seating for up to 7 adults, standard trailer hitch
Tesla Model Y
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.
Rollover risk: Very low due to rigid structure and low centre of gravity.
Impact protection: Large crumple zones for full impact protection
Active safety features. Automatic emergency braking, multiple airbags, 250 metre visual processing, adaptive cruise control, 360-degree cameras, ultrasonic sensors and more.
Entertainment: Advanced audio system, video streaming services
Control system: 15″ touchscreen control panel, self-driving capability
Extra features: Seating for up to 7 adults, all-glass roof, versatile storage options, optional third row of seats
Step 2: Customize your Tesla
Once you figure out which base model you want, you’ll need to think about the extra features you’d like to add to your Tesla. Any feature will add to the overall price of your Tesla. Extras include the following:
Paint. Paint that’s not included as a default colour is between $1,300 and $3,300.
Charging parts. Costs for the charging parts $315 for the Mobile Connector and $650 for the Wall Connector.
Interior. Changing the interior décor can cost between $1,300 and $2,600.
Steering control. Upgrading to a yoke steering wheel will cost $1,350.
Wheels. You can pay between $2,000 and $7,200 for a new set of Tesla wheels.
Enhanced Autopilot. To get the autopilot that comes with features like Navigate on Autopilot, Auto Lane Change, Autopark, Summon and Smart Summon, you’ll need to pay $7,800.
Full self-driving capability. This is an additional $16,000. This add on includes all of the features of Basic Autopilot and Enhanced Autopilot, plus Traffic Light and Stop Sign Control protections.
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.
Step 3: Figure out how much you need for Tesla financing in Canada
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.
Tesla financing calculator
Calculate how much you could expect to pay each month on a Tesla financing in Canada
Enter the amount you want to borrow to buy a car under Loan amount. This might not be the same as the cost of your car when you add sales tax and minus the amount of your down payment.
Write the amount of time you have to pay off your car loan under Loan terms (in years). If your loan term is in months, divide it by 12 first.
Enter the interest rate you expect to pay on a car loan under Interest rate. If your car loan comes with fees, enter the annual percentage rate (APR) instead.
Click Calculate.
Example of Tesla financing monthly cost in Canada
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 $56,590 after customizing the paint colour and interior. You then put down a 15% down payment of $9,592 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:
Cost of Tesla
$58,890
Loan type
Auto loan (term loan)
Loan amount (after down payment)
$54,355
Interest rate (APR)
6.61%
Loan term
7 years
Additional fees
0% application fee (waived by Tesla)
Monthly payment
$810
Total loan cost
$68,043
*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.
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.
1. Put in an order at a Tesla store
You can place an order for a Tesla at one of the 20+ 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.
2. Order online with Tesla
Your second option for how to buy a Tesla in Canada is to order it online. Follow the steps below to get started:
Go to the Tesla Canada website, click on the model you want and click “Order Now”.
Customize your vehicle – including choosing paint colour, wheels and other accessories.
Select whether you want to pay with a loan or cash, or choose to lease the vehicle for your business.
You’ll want to choose “Loan” or “Lease” to get financing directly from Tesla. Click on “Cash” if you’re paying in cash or you already have Tesla financing set up with your bank or a private lender.
Fill out the required fields with your personal information and select your delivery preference.
Choose the method you’d like to use to cover your non-refundable order payment and enter your payment information. Then hit “Place Order”.
Upon receipt of payment, Tesla will reach out to you to negotiate Tesla financing and delivery details.
Can I buy a used Tesla in Canada?
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.
Where to buy a used Tesla in Canada
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.
How to finance a used Tesla in Canada
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.
Tesla EV incentive
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.
Incentives for Zero-Emission Vehicles Program (iZev)
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:
2022 Tesla Model 3 Standard Range and RWD
2021 Tesla Model 3 Standard Range and Standard Range Plus
The iZev program has 2 levels of incentives:
Battery-electric, hydrogen fuel cell and longer range plug-in hybrid vehicles are eligible for up to $5,000 (like the Tesla Model 3 and Model Y).
Shorter range plug-in hybrid electric vehicles are eligible for up to $2,500.
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.
Tesla Cybertruck
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.
When will the Tesla Cybertruck be available in Canada?
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.
What is the Tesla Cybertruck price in Canada?
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:
Rear-wheel drive: Est. $57,390 USD
All-wheel drive: Est. $76,390 USD
Cyberbeast: Est. $96,390 USD
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.
Range: Up to 340 miles
Acceleration: 0 to 60 mph/h in as little as 2.6 seconds
Engine: Up to 845 horsepower
Top Speed: 130 MPH
Rollover risk: Very low due to low centre of gravity
Impact protection: Ultra-strong glass and polymer-layered composite to absorb impact
Entertainment: Advanced audio system, video streaming services
Control system: Touchscreen control panel, self-driving capability
Towing capacity: Up to 11,000 lb
What Tesla drivers wish they knew before buying
Here’s what Tesla drivers say they wish they knew before buying:
Find a test drive facility. Teslas are an acquired taste, so you want to make sure you enjoy driving one before you buy. Visit a Tesla store location in certain Canadian cities or call customer service to find out more about how to take a Tesla for a test drive.
Price out car insurance before you buy. Car insurance for Teslas can cost more because they are often considered luxury vehicles. Make sure to price out your Tesla car insurance before you make your purchase.
Install charging ports in advance. Have a qualified electrician install upgraded power points in your garage before you get the car. Typical wall outlets can charge the car but may be frustratingly slow.
Invest in an air suspension system. If you’re tall or have issues squeezing into a lower vehicle, you may want to invest in an air suspension system. This will lift your Tesla higher off the ground and make it more comfortable for you to get in and out of.
Remember to plug in every night. Make sure you establish a routine of plugging your vehicle in every night – even if your charge isn’t completely empty. This will prevent unexpected issues with your battery on longer drives.
Expect to spend more on accessories. Be prepared to pay more for extras such as tires, roof racks and trailer hitches since these will often need to be custom-fit to your Tesla.
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.
Bottom line
You can get Tesla financing directly from Tesla, your bank or a private lender. The minimum you’ll pay for a baseline Tesla is $54,990 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.
Frequently asked questions Tesla financing in Canada
The cheapest Tesla in Canada is either the Model 3 or Model Y, both of which cost $53,990.
No, you cannot buy anything from Tesla Canada with Bitcoin, but you can buy eligible Tesla products with Dogecoin. In fact, Tesla does not accept any other type of cryptocurrency other than Dogecoin. You will need a "Dogecoin wallet" to buy anything on Tesla's website with this cryptocurrency.
The basic vehicle warranty lasts 80,000 km or 4 years – whichever comes first.
You can get Tesla insurance through most insurance brokers in Canada, but you may need to pay luxury vehicle rates. The average cost of Tesla car insurance will vary based on personal factors such as your driving record and where you live. That said, you can expect to pay anywhere from $3,000 to $5,200 per year for Tesla insurance.
No, Tesla does not typically offer 0% financing on any of its vehicles, either used or new. Instead, Tesla determines financing rates based on your credit score, income and other financial factors.
Although Tesla Canada does not specify a minimum credit score to apply for Tesla financing, you can expect to need a good or excellent credit score to get approved for the lowest car loan rates. If you don't get approved for Tesla financing, consider providing a larger down payment, reapplying with a cosigner or turning to alternative online lenders, although you'll likely have to pay a higher interest rate.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
Learn how to calculate how much car you can afford based on your salary and budget.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
