Bank Loan Rates For Buying Your Elio

[NSTG8R]

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.

o_O Made me go back and look to see If I posted on the right thread. Ross and I both brought up the Elio gas plan about five or six posts ago. Don't feel bad, I almost never read threads all the way through.

 

[Norahsbed]

Of course if you have equity in a home I would get a HELOC (home equity line of credit)
rather than a auto loan because the interest is tax deductible. But for $7k I'll pay cash.

If you lose your job or become disabled (it can take a year or more for SSDI to kick in) can't make the heloc payment, you will be foreclosed on and loose your house. Can't make the car payment, you loose the car. Why do you think so many people lost their houses in the last 8 years. 100-120% loan to house value, All those Helocs and 2nd mortgages, to finance all the toys in their lives, finally caught up with everyone, along with job loss' and housing prices crashing. Do you really think saving a few hundred dollars on your taxes, is worth the possibility of loosing your home? Time to get a financial advisor! IMO

 

[goofyone]

Moderator Comment: Let's try to keep this thread on the topic of Elio financing without personal commentary about other members and/or their financial choices.

 

[Truett Collins]

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?

Talked to my banker and she had never heard of the Elio, gave her the web page and she checked it out then called and said there would be no problem financing at the same rate as any other vehicle.

 

[Norahsbed]

The Elio is a motorcycle classed vehicle even as an autocycle..........so I doubt anybody will be getting a car loan.

Depends on how the financial institutions classify it. It may be an autocycle but they could classify it under auto instead of motorcycle. Only time will tell.

 

[Norahsbed]

Moderator Comment: Let's try to keep this thread on the topic of Elio financing without personal commentary about other members and/or their financial choices.

Sorry Hector, just trying to add a little financial knowledge to the thread. Hopefully to keep someone from making a financial choice, that could hurt them in the long run, when it comes to financing their Elio.

 

[Jay3wheel]

Talked to my banker and she had never heard of the Elio, gave her the web page and she checked it out then called and said there would be no problem financing at the same rate as any other vehicle.

As long as there is a Title to hold the bank is covered.

 

[Catia]

As long as there is a Title to hold the bank is covered.

Good point.

 

[LillyMayPatterson #1685 & #5648]

We're planning to pay cash for at least two of our reservations. We will help Daughter with financing for hers, if need be. That credit car deal might be just what she needs for boost her credit standings. I've been complaining about the horrible maintenance bills on our vehicle lately. We're just trying to keep on the road. But, we're 'still on track', lol. We should be able to buy all three with cash.
I dream of a year or two with NO mechanic bills and the money going into travel.

 

[Rickb]

Depends on how the financial institutions classify it. It may be an autocycle but they could classify it under auto instead of motorcycle. Only time will tell.

It's possible, but If the Elio has a MC vin number it doesn't seem the lending institution would have an option. I'm guessing they would require insurance as a loan requirement and classify it the same as the insurance carriers, which should correspond to individual State vehicle registration and licensing requirements.