Elio Buyer Financing Options Discussion

[Cali Chris]

Something some folks might want to look at is their 401K. Interest is low, and you, your 401K are the ones to receive this interest. You are in effect borrowing the money from yourself. If you have enough vested amount in your account you could borrow 100%. Payment is usually deducted from your paycheck. Check with your HR department.

It might be worth noting that although you are paying yourself interest. The interest that you pay back to your 401k is probably less than the interest that would be earned during the same period by leaving the money in the 401k. If you can't secure a low rate at a bank or credit union though, then this would probably be a good alternative. on the flip side if the market is trending down then it might be a safe haven for the money till the market recovers.

 

[H2odog]

Agreed. I wasn't going this route anyway, but I figured it was a useful question since this was such an unusual financing option.

Thanks for getting this information out to the multitudes.

 

[Jim H]

I've worked hard and saved for retirement and told my kids that if I have 5 cents left when I die I didn't plan right. Since I will have to take mandatory withdrawals from my 401K next year I will be paying cash for my Elio

 

[Joshua Caldwell]

Something some folks might want to look at is their 401K. Interest is low, and you, your 401K are the ones to receive this interest. You are in effect borrowing the money from yourself. If you have enough vested amount in your account you could borrow 100%. Payment is usually deducted from your paycheck. Check with your HR department.

exactly what I am planning

 

[Dustoff]

exactly what I am planning

My future Estate planning will include, removing the front wheels and burying my carcass in it. Or in this case my "autocycleass".

 

[Jim H]

Love your sense of humor

 

[H2odog]

I've worked hard and saved for retirement and told my kids that if I have 5 cents left when I die I didn't plan right. Since I will have to take mandatory withdrawals from my 401K next year I will be paying cash for my Elio

That's what I call financial planning.

 

[3 Card]

I'm guessing that the car out the door will be closer to $8000 with tax, license, prep, etc., etc. I also just checked online with my credit union and if they consider this a car then I will pay about 2.79% apr, but if they consider it a motorcycle then I will have to pay 7.34%. This will add about $1,000 to the cost of the loan, OUCH! We need to also remember that interest rates will not go down much if any, but there is a lot of room for them to increase. Large cash down payment and nothing longer than a three year loan would be wiser I think.

I plan on paying cash for Elio number 1 ..As for my second unless the fuel card option is an amazing offer like paying off in one year interest free I will go with a conventional from a bank..It does seem that Elio doing their best to get units sold .. For those who have a few credit dings, ( which is part of being young, I certainly did a number on my credit rating in early life ),but I survived it, wised up or grew up.. Just getting an Elio will help save you tons of bucks in monthly expenses, getting your negatives paid off and fixing that ficco score so down the road your next major purchase interest rate will not take such a big bite out of your ass..Damn I feel like I am repeating everything the old farts told me back in the 70's..

 

[Cali Chris]

Just getting an Elio will help save you tons of bucks in monthly expenses, getting your negatives paid off and fixing that ficco score so down the road your next major purchase interest rate will not take such a big bite out of your ass..Damn I feel like I am repeating everything the old farts told me back in the 70's..

My credit is very good. My credit union just has a very high rate for motorcycle loans (7.39%). If it was an auto loan it would only be 2.39%. It was just a quick check to see what the cost of a loan would be. If I'm not able to pay cash then I will shop around for a better rate for sure.


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[H2odog]

I plan on paying cash for Elio number 1 ..As for my second unless the fuel card option is an amazing offer like paying off in one year interest free I will go with a conventional from a bank..It does seem that Elio doing their best to get units sold .. For those who have a few credit dings, ( which is part of being young, I certainly did a number on my credit rating in early life ),but I survived it, wised up or grew up.. Just getting an Elio will help save you tons of bucks in monthly expenses, getting your negatives paid off and fixing that ficco score so down the road your next major purchase interest rate will not take such a big bite out of your ass..Damn I feel like I am repeating everything the old farts told me back in the 70's..

Does that mean that YOU are becoming an old fart???? I already be one! Yet I have some friends that are older than Methuselah that STILL need advice and tutoring.