Canadian Financing PSA

[cbrcanuck]

Just a heads-up for those few it might apply to (Canada specific, no idea about USA) - Rivian currently only provides financing to individuals, not businesses. So plan ahead

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[a154610]

Are you able to provide any details, interest rate, term length etc. Thanks in advance.

 

[cbrcanuck]

Are you able to provide any details, interest rate, term length etc. Thanks in advance.

Unfortunately I didn’t have access to that info. But I suspect someone else up here who has received delivery or about to has probably looked at it if you could chime in?

 

[atlastracer]

Of course I've beyond that step now in the 8-steps. But what I have in my spreadsheet from about 1-2 weeks ago (late Feb):

Term (months)	Rate
48	6.72%
60	6.82%
72	6.89%
84	7.10%
96	7.29%

I remember with Tesla that the rates changed every month. So it's is possible these are no longer correct as they may have been refreshed on March 1.

 

[a154610]

Thank you.

 

[atlastracer]

Also forgot to add. Scotiabank was the lender in the system. And there was a note that there were 0 lump-sump/pre-payment penalties on the loan.

The one thing I *don't* know is whether the interest is front-loaded or not. IE: If you pay off a 5 year loan after 2 years whether you have to factor in the full interest (as if you were borrowing for full 5 years) in the pay-out or just the remaining principal balance. I've had car-loans of both types over the years.

 

[BlixemT]

Also forgot to add. Scotiabank was the lender in the system. And there was a note that there were 0 lump-sump/pre-payment penalties on the loan.

The one thing I *don't* know is whether the interest is front-loaded or not. IE: If you pay off a 5 year loan after 2 years whether you have to factor in the full interest (as if you were borrowing for full 5 years) in the pay-out or just the remaining principal balance. I've had car-loans of both types over the years.

Wow, I have never had a loan (or even heard of a loan) where they front load the interest.

Edit: I can imagine there might be some penalties for early pay-off....

 

[Haulin Oats]

Also forgot to add. Scotiabank was the lender in the system. And there was a note that there were 0 lump-sump/pre-payment penalties on the loan.

The one thing I *don't* know is whether the interest is front-loaded or not. IE: If you pay off a 5 year loan after 2 years whether you have to factor in the full interest (as if you were borrowing for full 5 years) in the pay-out or just the remaining principal balance. I've had car-loans of both types over the years.

the interest is not front loaded. that's usually only the case with B lenders/private lenders

 

[atlastracer]

the interest is not front loaded. that's usually only the case with B lenders/private lenders

Ah great - we took a longer term just for flexibility with some near-term house projects that we don't have final budgets for. Intention was to pay it off much earlier. The joys of pre-ordering a vehicle over 4 years ago - and not really having a clear idea of *when* it would arrive - naturally it finally is coming right in the middle of a renovation project.

 

[Zool]

Thought I'd repost this. Hoping that someone with more experience can chime in. Is this what front-loading or precomputed interest looks like? The clause where I promise to repay the loan amount and interest for the full term has me alarmed and confused.

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