Elio Buyer Financing Options Discussion

[Joshua Caldwell]

Yes, you still have time for a reservation, the reservation bonus is now 25% instead of the earlier 50%, but yes.
If you will be borrowing money, good credit will result in low interest rates, poor credit will result in high interest rates. I am putting aside $100/paycheck in a savings account and will be throwing in my tax return next year. The rest I will be using my 401k to purchase instead of doing a regular loan for the reason that the interest on the 401k repayments will be going back to myself at a federally set 4% instead of to some company.

 

[TKVancil]

I need help to know if the credit must be good, and if you still have time to reserve the Elio car

YES!! You still have time to get in on the advanced reservation list. They are offering a 25% bonus with your depots right now up to $250.
As for your credit, you will have to talk to a loan officer or credit agency for more details regarding your actual situation.
Since the car is only $6800 and you could accumulate more of a down payment over the next 12 months while this all comes together, I would bet you could swing it. Best of luck my friend.

 

[CompTrex]

Yes, you still have time for a reservation, the reservation bonus is now 25% instead of the earlier 50%, but yes.
If you will be borrowing money, good credit will result in low interest rates, poor credit will result in high interest rates. I am putting aside $100/paycheck in a savings account and will be throwing in my tax return next year. The rest I will be using my 401k to purchase instead of doing a regular loan for the reason that the interest on the 401k repayments will be going back to myself at a federally set 4% instead of to some company.

Careful about taking loans out of 401-K. One thing that is not obvious is the loss of income by not having that money that you took out working for you. 4% interest probably won't make up for the lost income. Just something to think about...

 

[Joshua Caldwell]

Given that the men of my family die young of heart attacks, and those who aren't dead by 65 are affected by Alzheimers, retirement planning isn't something I have to worry about - only moving to a voluntary euthanasia state.

 

[Chris F]

Yes, you still have time for a reservation, the reservation bonus is now 25% instead of the earlier 50%, but yes.
If you will be borrowing money, good credit will result in low interest rates, poor credit will result in high interest rates. I am putting aside $100/paycheck in a savings account and will be throwing in my tax return next year. The rest I will be using my 401k to purchase instead of doing a regular loan for the reason that the interest on the 401k repayments will be going back to myself at a federally set 4% instead of to some company.

I'm trying to put aside $100 a week in savings after just increasing my all-in to $1K. Given the late up-grade, possible slippage and ramp-up time, I figure I still have 18 months or so. That ought to get me all or most of the way.

 

[CompTrex]

Given that the men of my family die young of heart attacks, and those who aren't dead by 65 are affected by Alzheimers, retirement planning isn't something I have to worry about - only moving to a voluntary euthanasia state.

Well, let's hope you break the trend!

 

[Tomg3rd]

You have bad credit? Today?? Start paying everything on time now. Stop getting late fees starting now. By the time Elio comes out you will be surprised how good your credit can be. Just start here and now paying everything on time if at all possible. Not meaning to preach but I was in the same position in the past.

 

[Jeff Porter]

Hi there.
I have bad credit, I can book the car Elio? I can finance it? have ATM card

Hi Armin, welcome! Check www.eliomotors.com, FAQ I believe talks about the idea that you may be able to finance the Elio with a gas credit card.

 

[Jeff Porter]

Armin, regarding Tomg3rd's information above, it is EXCELLENT advice. Here's why...

You've read other posts on this thread from folks that let you know... if you have bad credit, you can get a car loan, but it will have a high interest rate. Sure, that sounds bad, but it's really REALLY bad. Your bad-credit interest rate might be so high, that you will be in effect upside-down on your Elio for a long time. Upside-down, meaning you owe more on it than it's worth.

The more obvious bad feature: your payments will be much higher. For the Elio, your payment will be much lower than if you bought a $15,000 used car, so that's the good news.

In summary, do your very best to make every payment on time. I know I miss a payment every now and then, I'm just not very organized when it comes to in-coming mail. You can google for tips on how to pay your bills on time. It is definitely in your best interest. Good luck to you!

 

[wizard of ahs]

Hi there.
I have bad credit, I can book the car Elio? I can finance it? have ATM card

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