Whether buying a house and or a car one should have a 20% down payment saved while having a payment that fits well within your budget. You seem budget minded if you are savinging 30% of your net income. I assume a % of that is for down payments and a smaller % for retirement. Way to Go! I paid my home morgatage off much sooner by making some double payments along the way.
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Bank Loan Rates For Buying Your Elio
- Thread starter Cache Man
- Start date
Edward
Elio Addict
Actually, that doesn't include retirement saving. That comes out pre-tax and we never even see it, aside from the 2-3 times per year I log in and check on those accounts. We are currently saving 4% because we are focused on saving for a house, but plan on bumping it up to 10% once we have the house.
Hopefully, you have a financial plan advisor for your retirement savings so you save only what you need for your retirement lifestyle. It would be sad to over save for retirement and lose out on some enjoyment along the way to retirement........or putting more down on the home mortgage. I always had a 6 month emergency reserve savings fund that would carry the familiy in case of a job loss and/or transition to a new job. Happy my wife and I made it into retirement with some luck, early on planning, and using credit for only homes and cars along the way. Sounds like you are in control of your families financial well being. Child care must mean a baby on the way as I recall. That's a life changer too.........in a good sort of way.
roadtrippin2016
Elio Aficionado
I am excited as the next person...but, found the same to be true when you go too early to the banks before the vehicle is available. On a Elio blog...there were safety certifications that need to be presented nationwide to prospective lenders so they will be able to see the value of the 5-star safety rating/3-air bags/classified as a motorcycle for insurance coverages, etc. The company is working all this out for us. Patience will pay off in the long run for your nerves...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?
roadtrippin, welcome to the forum and the Elio family. We are, usually, a helpful friendly group and look forward to your questions, comments and pinions. We try to keep the forum informative and entertaining and hope you enjoy the Elio experience and the journey with the other forum members.