Bank Loan Rates For Buying Your Elio

[Jim H]

I also will be making 1 payment

Ditto and that includes all options

 

[Rickb]

Ditto and that includes all options

......All options. You are getting every single Elio option. I have Elio envy.

 

[Jim H]

......All options. You are getting every single Elio option. I have Elio envy.

You can see my options list in my signature line.

 

[Rickb]

You can see my options list in my signature line.

I was thinking maybe you kicked your options list up a notch. lol Automatic, cruise control, and a single payment plan for me too.

 

[Rickb]

Here's an idea, possibly posted before: With the current low gas prices simply make yourself a gas card payment into your personal Elio savings account.........the difference between what you spent filling your gas tank when prices were high to the current low. Imagine the money saved to assist with the downpayment and lowering your bank loan dramatically by years end.......providing gas prices remain low for awhile.

 

[Smitty901]

I will not be financing my ELIO. However for those they choose that option it would be great if ELIO could do the financing in house. There is plenty of money to be made in Financing a car like the ELIO with little risk as long as the handle it right.
One big problem banks will have with the ELIO is the price is just to low , they want to finance larger amounts to bring in more interest. 6,800 dollar loans are costly to make so rates will be higher ..

 

[Catia]

I will not be financing my ELIO. However for those they choose that option it would be great if ELIO could do the financing in house. There is plenty of money to be made in Financing a car like the ELIO with little risk as long as the handle it right.
One big problem banks will have with the ELIO is the price is just to low , they want to finance larger amounts to bring in more interest. 6,800 dollar loans are costly to make so rates will be higher ..

 

[Catia]

Here's an idea, possibly posted before: With the current low gas prices simply make yourself a gas card payment into your personal Elio savings account.........the difference between what you spent filling your gas tank when prices were high to the current low. Imagine the money saved to assist with the downpayment and lowering your bank loan dramatically by years end.......providing gas prices remain low for awhile.

 

[Rickb]

View attachment 4193

 

[Edward]

Paying cash myself. But with a little forethought, a buyer could do the "put away 10% of your income" route, and save some significant interest on the rest of the loan amount...if any was required between now and receiving your Elio.

Our budget for 2015 shows us saving nearly 30% of our gross (40% of net!). Of course, these numbers will be adjusted down once we can get some firm numbers for childcare. But even with this, the wrong question for me is "how much will I save on interest by paying cash?" but "how much will I save on rent by using that cash towards buying a house sooner?"

Only problem with that senario is, financial advisors ( worth their fee) will tell you not to take out a car loan for more than 36 months. If you have to drag it out longer, then you can't afford the vehicle, even with lower interest rates. Your vehicle will deprecate faster than you can pay it down on long term loans. That will put you upside down on loan to vehicle value. Want to trade that car in after 2 or 3 years, guess what, you owe more than its trade in or resale value. It will also result in higher insurance rates, during the loan period of the vehicle. Insurance companies are the ones who have to make up the difference between what you owe and what the car is worth, if it gets totaled, while it has a lean against it.

The problem is that this assumes that you plan on selling the car. I've never sold or traded in a car. Only driven them to death and then junked them. My Cirrus has a worth of about $250 right now. That's what the scrap yard will pay for it!