Elio Buyer Financing Options Discussion

[jtmarten]

I think the credit card financing will be a much better option if a large down payment is applied. As speculated, it will likely have a higher interest rate than a conventional loan from a bank or credit union.
I agree it will be a better option for those not qualifying for conventional financing, or if you have a large enough down payment making the remaining principle too small for conventional financing. The CC option may then have lower interest than a signature loan to cover the balance.

 

[H2odog]

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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Banks, credit unions etc are hesitant to make cycle loans because of the perceived risk, hence the higher rates. Yet ANOTHER good reason to get the Autocycle classified differently.

 

[3 Card]

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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I don't know why a Motorcycle loan has higher interest rates..9 years ago I financed my Harley through Harley @ 6% at the same time banks were giving 6% auto loans and 9% bike loans.. 6% was actually a low interest rate in 2005..A year and a half ago I got 1.9 % on my Jeep.. I could have went for 0% but would have to forfeit rebates to get it.. I did the math both ways.. financing 2 grand less by keeping the rebate and paying the 1.9% came out somewhat cheaper.. Now days when you buy from STEALERSHIPS it's best to go home and play with the numbers then go back a day or two later to close your deal..

 

[3 Card]

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.

Yep , sad to say I'm now the old fart..We all have friends like that, I figure if they still don't get it they never will..but heck, everyone lives life differently..

 

[H2odog]

I don't know why a Motorcycle loan has higher interest rates..9 years ago I financed my Harley through Harley @ 6% at the same time banks were giving 6% auto loans and 9% bike loans.. 6% was actually a low interest rate in 2005..A year and a half ago I got 1.9 % on my Jeep.. I could have went for 0% but would have to forfeit rebates to get it.. I did the math both ways.. financing 2 grand less by keeping the rebate and paying the 1.9% came out somewhat cheaper.. Now days when you buy from STEALERSHIPS it's best to go home and play with the numbers then go back a day or two later to close your deal..

Harley is going to finance their vehicle at competitive rates just because Harley can, They either own or have an agreement with the finance company making the loan to you. Unfortunately Elio does not have that advantage, yet!

 

[3 Card]

Harley is going to finance their vehicle at competitive rates just because Harley can, They either own or have an agreement with the finance company making the loan to you. Unfortunately Elio does not have that advantage, yet!

As I said Elio's card option is great for those who need it, hats off to them for doing it, we will have to crunch the numbers and go with the best deal we qualify for..The fact that somone will opt for an Elio over a 7k used car or even a 30k new car shows responsibility and /or being frugal.. Nothing wrong with either reason.. I will enjoy having one not because I have to , because I want one, saving $$ will help me sleep better..Belive it or not, people my age worry about out living their money..

 

[jtmarten]

I don't know why a Motorcycle loan has higher interest rates.

They may have a higher rate of default, thefts, and insurance losses (without GAP insurance). Also more difficult to repo, and probably lower value to resell after being repo'd.

 

[H2odog]

I am with you as far as ownership goes. I'm getting it because I want it rather than because I need it. I will also being paid cash for it. There is about 6000 in my Elio fund right now, so I figure I am in good shape. Also figure I will need about $8500 to get it out the door. I suspect you and I are near an age. Mine is posted on my profile.

 

[Craig]

Harley is going to finance their vehicle at competitive rates just because Harley can, They either own or have an agreement with the finance company making the loan to you. Unfortunately Elio does not have that advantage, yet!

EMAC just like GMAC. At one time GMAC was making more money than GM.

 

[3 Card]

They may have a higher rate of default, thefts, and insurance losses (without GAP insurance). Also more difficult to repo, and probably lower value to resell after being repo'd.

I am with you as far as ownership goes. I'm getting it because I want it rather than because I need it. I will also being paid cash for it. There is about 6000 in my Elio fund right now, so I figure I am in good shape. Also figure I will need about $8500 to get it out the door. I suspect you and I are near an age. Mine is posted on my profile.

Na..I'm just a 65 year old kid.. You 68 !!.. Can you still drive legally?.. Just kidding, repeating what I hear all the time especially when I ride my Harley, I tell them I only bought it to help me pick up chics..