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Bank Loan Rates For Buying Your Elio
- Thread starter Cache Man
- Start date
ross
Elio Addict
I myself will pay cash. I went All-in as soon as I discovered the E-car 50% return was too good to pass up.
I have always paid cash for my cars, as I won't borrow money on a depreciating asset.
If I was in a position where I needed to finance the E-car, I think I'd look into the option where you basically pay for it with savings in fuel. It was mentioned that you can set up a credit card for fuel purchases where if you buy $10.00 worth fuel, the card charges you $20.00 extra, for a total of $30.00, with the $20.00 going to pay for the E-car. In effect you are paying a third of a regular car for fuel, and the savings goes for the purchase price. Pretty good deal. Even though I can afford to pay cash, this is pretty tempting, depending on interest rate.
I have always paid cash for my cars, as I won't borrow money on a depreciating asset.
If I was in a position where I needed to finance the E-car, I think I'd look into the option where you basically pay for it with savings in fuel. It was mentioned that you can set up a credit card for fuel purchases where if you buy $10.00 worth fuel, the card charges you $20.00 extra, for a total of $30.00, with the $20.00 going to pay for the E-car. In effect you are paying a third of a regular car for fuel, and the savings goes for the purchase price. Pretty good deal. Even though I can afford to pay cash, this is pretty tempting, depending on interest rate.
Young people who have difficulty with saving and debt..............were probably raised in a family with financial instability and debt.............leaving home...........not the maze. I'm no financial wizard but the short course is simple...........DON"T SPEND MORE THAN YOU MAKE. People who have to finance their Elio's should be able to make the payment or a portion of the payment on the money they save buying and driving this low cost high mpg vehicle.
More financial wisdom: Buy the base model.......and any options you can't live without could be added on a pay as you go basis.........although most people in debt want it all now.
Start making yourself a small payment today!
NSTG8R
Elio Addict
Taking what ross said a step further, assuming you'll be driving what you're driving now, open a separate account (I know, the interest the banks pay doesn't even keep up with inflation....but.) and 'Starting NOW', everytime you fill up your present vehicle, double that and deposit it in your Elio payment account. Then, when you get your Elio, go with the Elio gas card option for payment. When the gas card bill comes, take it out of your dedicated Elio payment account (which should have a fair amount in it by now). It might hurt a little now depositing the money in the new account (just as it does with 401Ks), but once you get your Elio with it's tiny little tank, you'll be glad you had some self-discipline a year earlier. Heck, you might even end up with some extra cash when it's all said and done for options for your Elio, or whatever else you might want.
The gist of this post - There's more than one way to skin a cat (metaphorically speaking
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I was wondering if anyone else has contacted their bank/Credit Union to see about a loan for their Elio? I contacted a local credit union and they said because the "car" is so new and there isn't an established resale value and the loan interest rate will be higher. This is because if they need to repo the car they don't know if they can recover their money or how fast it will sell. The estimated rate is about 9.0% for the new Elio "car" but for the "autocycle" (it may be classified as a motorcycle/RV) the rates are higher. They hadn't heard the term "autocycle" yet. They said they do not know for sure what the rate will be until it is out on the market. I may have to pull the "Loyal customer" to influence the rate!
- Are most people planning on paying cash?
- Or for those planning on financing their Elios, have you looked into this already? What are you being told?
- Any more info on the Elio financing program?
You can applied for signature loan, and it does not matter what you are buying with signature loan. Your bank may have signature loan or other option. 
tazairforce
Elio Addict
Just sell one you don't use, you make that call.lol
You mean you going to sell EM Parts?
RUCRAYZE
Elio Addict
I'm surprised that no one has mentioned Elio financing. haven't heard much lately, but there was to be a plan with 2x the cost of your gas going towards principle, with a minimum amount per month. nothing regarding rates were concerned.
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