Elio Buyer Financing Options Discussion

[Norahsbed]

No to the 401K good job or not.

Craig I agree, but I was trying to explain why it's not a good idea. Most people don't have the job security today that they once did. Even a small loan of 7k or 8k can have devastating results if you lose your job.

 

[Hypnosis4Fun]

With a $6800.00 base price, it will probably be similar to a big box store credit card. Go to Lowe's or Home Depot and walk out with a credit card and 10 grand worth of "stuff" with an OK credit score.

 

[Norahsbed]

No matter how you will finance your Elio, you have a year or more to save and put a larger down payment on it. The more you put down, the lower your payment. At some banks and CUs the more you put down, the lower the interest rate. 20% or more down, make banks and CUs feel better about giving you a loan. Remember vehicles lose value the second you drive it off the lot! Elio's will be no different.

I also realize many of you live paycheck to paycheck ( been there ) or have a fixed income, ( we started a few years ago, living off what we think our retirement income will be ) all the more reason to start acting like your making your Elio payment now. You have a year or more to figure out how to get the Elio payment into your budget. Good luck!

Oh, and if the Elio fails to materialize ( heaven forbid ) your still ahead of the game on your next vehicle purchase!

 

[JEBar]

fully realizing that this is being asked a full year early, some questions for those who will need to arrange financing .... do you have any concerns about financing through your local bank or credit union .... has anyone had a preloan conversation with your source for financing about what type info they are going to require .... has anyone run into any issues which you feel may complicate the loan process

Jim

 

[Smitty901]

For those that will finance, if Elio could hold the paper they stand to make more on finance than they do on the sale. Win, win for both.
Credit Unions should not be a big issue for members in good standing for a loan that small. Some banks may want to charge used car rates on a loan that small. Face it if it sells they will make loans on it.

 

[goofyone]

fully realizing that this is being asked a full year early, some questions for those who will need to arrange financing .... do you have any concerns about financing through your local bank or credit union .... has anyone had a preloan conversation with your source for financing about what type info they are going to require .... has anyone run into any issues which you feel may complicate the loan process

Jim

I doubt financing will be a big issue, as like any vehicle loan the collateral is the vehicle itself, and loans are based more on your ability to pay than anything else. The biggest issue I see is not whether financing will be available but instead if some financiers will be willing to finance this vehicle at new car interest rates instead of the slightly higher new motorcycle rates.

 

[JEBar]

I doubt financing will be a big issue, as like any vehicle loan the collateral is the vehicle itself, and loans are based more on your ability to pay than anything else. The biggest issue I see is not whether financing will be available but instead if some financiers will be willing to finance this vehicle at new car interest rates instead of the slightly higher new motorcycle rates.

10-4 .... do you know how an Elio will be listed by NADA .... car or motorcycle .... I suspect that will be the way most lending institutions will go

Jim

 

[goofyone]

10-4 .... do you know how an Elio will be listed by NADA .... car or motorcycle .... I suspect that will be the way most lending institutions will go

Jim

It will be NHTSA certified as a motorcycle and have a motorcycle VIN so this is how I expect NADA, and also insurance companies, will treat the Elio. Hopefully EM will be very successful and change some perceptions as it is really neither a motorcycle or a car but an auto-cycle. The only reason the vehicle in the same class as motorcycles is because the Federal government says that anything with fewer than four wheels is a motorcycle which presents Elio Motors with both many opportunities and many issues. Private institutions, such as insurance companies and banks, can choose to classify the Elio any way they wish and I hope they move faster than the government in terms of recognizing what the Elio really is.

 

[JEBar]

Private institutions, such as insurance companies and banks, can choose to classify the Elio any way they wish and I hope they move faster than the government in terms of recognizing what the Elio really is.

moving faster than the government isn't setting the standard very high ...

Jim

 

[ozarkbugg]

Its going to be about 2 years for my Elio to arrive ( if all goes as planned) The money Im saving up, Im buying silver with it also. Very high odds that the price of silver will be a lot higher in 2 years. I also study the investment markets, so Im not flying blind here. We are in a commodities bull market, and should be for 3-5 years yet. Silver and other commodities ( oil is another) should show fantastic price appreciation shortly. But don't take my word for it. Study up a bit. I like to follow the money manager blogs at
www.kingworldnews.com . The pros know what's coming down the pipe! If you are unprepared for whats coming, it ain't gonna be fun.