Elio Buyer Financing Options Discussion

[trock59]

Interest rates might be a little higher for a motorcycle loan but a 7k loan for 5yrs is under 150 a month. Even 3yrs is about 220 and you've got at least 12-16 months to save for the down payment (or to pay off other bills and get your credit score back up) and lower the loan amount. Elio is also offering their own credit card plan which should help a lot of people get in the door.

 

[Dooltd]

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.

Wise words.

 

[fpelsdca]

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

Lots of good advice being giving. I would like to add a little also.

If you do not have extra to put down on the Elio right now, then wait and save. With the production numbers being proposed you will only be a few months behind those who went All-In a year ago. That is a few months more to save up the price of the Elio.

Now the math: Assume you wish to save up $7,000 rather than borrow $7,000. If you, and anyone else with bad credit, have to pay WAAAAAAAYYYY high interest rates on that money, then your monthly payment will be very high. Instead, make those payment to yourself now and save that money before you get the Elio. I would recommend that you check with your local Coin Store as to their buy/sell rates before doing this, but think about buying silver coins every paycheck and saving these. Then when it is time to take delivery of the Elio, take the coins back down to the coin store and sell them back, or sell them to another collector. Not too long ago a friend from the office was talking about selling a gold coin to buy a new computer. I told her not to, but if she insisted, I would buy the coin from her. Even though I offered her more, she sold it to me at the coin store's buy price, so I got a good deal on the transaction. You may be able to do the same. One thing that we do know is that silver will not earn you interest, but in two years it will be worth more.

$7,000 divided by 100 weeks (one year 11 months) is $70 per week, about $300 per month. If that is too much, the half that, $35 per week in silver coins will give you over half the purchase price, and the rest can be financed using the gas credit card, even with bad credit. Remember, $70 per week is only $10 per day. Try to find ways to save those little things and it will add up.

To sum it up, why wait to make payments, make them now and pay yourself the interest.

 

[JP]

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

Just a heads up, you might want to remove your address from your location in your signature. We're good people here but be careful putting your real address online.

 

[zelio]

Just a heads up, you might want to remove your address from your location in your signature. We're good people here but be careful putting your real address online.

Good call, JP. I noticed that and it went right over my head. When I first signed up I had only southern Oregon listed but after questions about parts of Oregon way south of me that I know nothing about, I added my town's name. I am definitely considered in souther Oregon, just not southern, southern Oregon. LOL :-) Z

 

[Rickb]

If you have bad credit......you probably just haven't made a late payment or two. You are way over extended financially........perhaps credit card debt. Take a class offered by many community outreach groups and get back on track. Actually, there should be a Financial Management 101 Class required for High School Graduation. How to Budget Your Personal or Families Income and Live...........within your means......Applied Math.

 

[zelio]

Lots of good advice being giving. I would like to add a little also.

If you do not have extra to put down on the Elio right now, then wait and save. With the production numbers being proposed you will only be a few months behind those who went All-In a year ago. That is a few months more to save up the price of the Elio.

Now the math: Assume you wish to save up $7,000 rather than borrow $7,000. If you, and anyone else with bad credit, have to pay WAAAAAAAYYYY high interest rates on that money, then your monthly payment will be very high. Instead, make those payment to yourself now and save that money before you get the Elio. I would recommend that you check with your local Coin Store as to their buy/sell rates before doing this, but think about buying silver coins every paycheck and saving these. Then when it is time to take delivery of the Elio, take the coins back down to the coin store and sell them back, or sell them to another collector. Not too long ago a friend from the office was talking about selling a gold coin to buy a new computer. I told her not to, but if she insisted, I would buy the coin from her. Even though I offered her more, she sold it to me at the coin store's buy price, so I got a good deal on the transaction. You may be able to do the same. One thing that we do know is that silver will not earn you interest, but in two years it will be worth more.

$7,000 divided by 100 weeks (one year 11 months) is $70 per week, about $300 per month. If that is too much, the half that, $35 per week in silver coins will give you over half the purchase price, and the rest can be financed using the gas credit card, even with bad credit. Remember, $70 per week is only $10 per day. Try to find ways to save those little things and it will add up.

To sum it up, why wait to make payments, make them now and pay yourself the interest.

I have marked this with a like because I feel you have explained your information very well, however, having been questioned about my "favorites" pattern I have to say, what you offer will only work for someone with money to work with. I used to find financial advice books so frustrating because they automatically started with an income so far above mine that their information was meaningless. I definitely agree about making payments to yourself now and in fact went to my credit union yesterday to set up a savings account that would allow me to do that. What I learned was the amount I can save per month - $100 - is so small I am better off leaving it in my checking account which gets a better interest rate than any small savings account. So I will transfer the money into the savings account anyway so at least is is out of my checking account. Less temptation that way. LOL

One thing that has worked for me is having a very serious goal. In my case, getting the Elio. As I have stated in other posts, that has changed my entire outlook about money. I used to have roughly 10¢ left over at the end of the month. Since my decision in January I have been able to save up to $100/mo. I say up to because I started at $68, then went up to $84 (do you see a pattern here?) and then finally $100. My entire focus has been the Elio. I don't even question that I will get it and so I am making certain when the time comes I have the money to pay as much down as possible to buy it. That way my payments will be a whole lot closer to that $100/mo and maybe they will even be less. How cool would that be. :-) OK, enough preaching. If you read this far, I congratulate you on your patience. :-) Z

 

[outsydthebox]

I have marked this with a like because I feel you have explained your information very well, however, having been questioned about my "favorites" pattern I have to say, what you offer will only work for someone with money to work with. I used to find financial advice books so frustrating because they automatically started with an income so far above mine that their information was meaningless. I definitely agree about making payments to yourself now and in fact went to my credit union yesterday to set up a savings account that would allow me to do that. What I learned was the amount I can save per month - $100 - is so small I am better off leaving it in my checking account which gets a better interest rate than any small savings account. So I will transfer the money into the savings account anyway so at least is is out of my checking account. Less temptation that way. LOL

One thing that has worked for me is having a very serious goal. In my case, getting the Elio. As I have stated in other posts, that has changed my entire outlook about money. I used to have roughly 10¢ left over at the end of the month. Since my decision in January I have been able to save up to $100/mo. I say up to because I started at $68, then went up to $84 (do you see a pattern here?) and then finally $100. My entire focus has been the Elio. I don't even question that I will get it and so I am making certain when the time comes I have the money to pay as much down as possible to buy it. That way my payments will be a whole lot closer to that $100/mo and maybe they will even be less. How cool would that be. OK, enough preaching. If you read this far, I congratulate you on your patience. Z

Way to go, Z!

 

[Jim H]

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

Armin, Having read the 3 pages in this thread I recommend you follow Zelio's advice. She has a strength of character that many of us would like to emulate and while she admits that she is on a limited income she has the passion to focus on how to make this happen rather than the "whoa is me, I can't get it done" attitude. I told my grandson when he started college to put away $25 a month in savings even if he had to skip going out for that nice restaurant meal every once in a while. He graduated without any college debt and over $5000 in an investment account. Zelio has demonstrated that you can always find a few dollars a week that could be saved toward you Elio. We want you to have one too - follow her lead.

 

[Rickb]

Armin, Having read the 3 pages in this thread I recommend you follow Zelio's advice. She has a strength of character that many of us would like to emulate and while she admits that she is on a limited income she has the passion to focus on how to make this happen rather than the "whoa is me, I can't get it done" attitude. I told my grandson when he started college to put away $25 a month in savings even if he had to skip going out for that nice restaurant meal every once in a while. He graduated without any college debt and over $5000 in an investment account. Zelio has demonstrated that you can always find a few dollars a week that could be saved toward you Elio. We want you to have one too - follow her lead.

You are a good and wise Grandpa! You also have a smart grandson for listening to and applying that advice!