Elio Buyer Financing Options Discussion

[3 Card]

My hope is to pay off half the vehicle with cash and finance the remainder. My only question is the final classification of the vehicle. Car or motorcycle? This makes a big difference in the interest rate charged by my bank. All my bank says is that they will have to see once they get more information on it.

Hey guy, Elio will probably have lenders lined up for folks with perfect down to high risk credit ratings.. Cash advance, that can get costly !!.. A year from now you could be in a better financial state..Let's hope Elio is also..

 

[KaziQaleph]

I'm just curious on how you folks plan on paying for this bad boy.

I am planning on putting $4k or more down from the getgo with the $1500 from the reservation and incentive credit. I have iffy credit and I know I can't be financed for a full amount but I'm fairly confident about a down payment that large after speaking to several banks in my area.

Thoughts?

 

[Craig]

I'm just curious on how you folks plan on paying for this bad boy.

I am planning on putting $4k or more down from the getgo with the $1500 from the reservation and incentive credit. I have iffy credit and I know I can't be financed for a full amount but I'm fairly confident about a down payment that large after speaking to several banks in my area.

Thoughts?

Putting away so much each month.
When the car rolls out in 2020 I will pay with cash.

 

[KaziQaleph]

Putting away so much each month.
When the car rolls out in 2020 I will pay with cash.

Oh you. :3 I do hope it comes out in early 2015 as projected.

 

[Craig]

Oh you. :3 I do hope it comes out in early 2015 as projected.

You sound just like the ones in 08

 

[KaziQaleph]

You sound just like the ones in 08

I'd like to think I'm optimistic.

 

[zelio]

Putting away so much each month.
When the car rolls out in 2020 I will pay with cash.

I don't know how I will finance my Elio until I see what is available. However, I do know I hope to have it paid off by 2020. LOL :-) Z

 

[BlioKart]

Higher down payment. Hopefully ill qualify for traditional financing. Maybe the credit card option. I wonder if we will be able to have the financing done pre it being built.

If for some reason I can't get financed I'll be screwed.

 

[3 Card]

Putting away so much each month.
When the car rolls out in 2020 I will pay with cash.

Dealers love people in your age group with a ding or two in credit file.. The reason? Just like you just mentioned, they advertise " we'll get you financed".. They try making you mainly focuse on if you can or can not buy over what will it cost.. They will add as much as 10 percentage points to what you can actually get it for..You want an suggestion from an old dude who went through stuff like that in youth ?.. Go to your bank now, tell them what you are planning to buy, start an Elio savings account and fund it as much as you can in the next year..Believe me when the time comes they will give you a loan , and a low 3 to 6 % interest rate..Banks do not charge high rates , dealers pump up the points to make $$ on the back end of loans.. Buyers need to learn to never discuss payments or financing with dealers , just arm wrestle the price, watch out for the dealer bs fees they try inserting go to a bank.. Remember if a lender is going to turn you down the same lender will reject your application from a dealer, if they are going to approve you , do it direct and not give the F & I desk at the Stealership a chance to cram interest and plus , plus, plus-es up your ass..Go to a local bank or national chain, Do not go to a finance company..You will be fine !..Ps..I may have wrote this reply to the wrong post it was ment for the two people who are concerned about iffy credit not for Craig who plans on a cash purchase.

 

[Craig]

I'm just curious on how you folks plan on paying for this bad boy.

I am planning on putting $4k or more down from the getgo with the $1500 from the reservation and incentive credit. I have iffy credit and I know I can't be financed for a full amount but I'm fairly confident about a down payment that large after speaking to several banks in my area.

Thoughts?

Probably should of posted in the Financing thread. I found it best to use the search first before starting a new thread to avoid doubles.

http://www.elioowners.com/threads/financing.266/page-9#post-12024
You can report your own post and request it be moved to the one all ready started.
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