I know PE's financing options that he is aiming to implement, but what if we (consumers) try to use a conventional loan? At what rates do you think the Elio will get financed at? Will we have to get a motorcycle loan or a car loan? I'm seeing average motorcycle loan rates of 10%+. Car loans are down near 4%. That's a big difference. Where do you thing the Elio will sit?
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Elio Financing
- Thread starter Karnaj
- Start date
slinches
Elio Addict
It should be the same as any other loan. The rates will depend on your credit and the collateral you can put up against it. Just go to your bank and ask.
Never get an auto loan through the dealership if you can avoid it
Never get an auto loan through the dealership if you can avoid it
No I get that but, depending on credit of course, Motorcycle loans are higher rates than normal Cars. Which would the Elio fit in for loan rates?
Lawrence G.
Elio Aficionado
The first option will be pay triple on your gas bill, 2 for the trike, 1 for the gas. Offered through Elio.
Watch the 47 minute video with Paul Elio.
.
Let me know if this helps.
Watch the 47 minute video with Paul Elio.
Let me know if this helps.
HonestTex
Elio Addict
- Joined
- May 3, 2014
- Messages
- 442
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Probably motorcycle. Sounds like that's where the money is ( for the bank). If I don't have the cash saved when the time comes, I'll take a loan from my 401K and pay myself the interest.
wizard of ahs
Elio Addict
IF you are trying to finance a $6800 vehicle.......then maybe...........your shouldn't be buying it 
Personally, I do NOT finance ANY vehicles...........if I can't afford it, I don't buy it !!!
Live within your means
Personally, I do NOT finance ANY vehicles...........if I can't afford it, I don't buy it !!!
Live within your means
slinches
Elio Addict
I completely agree with living within your means (once you actually have means), but credit can be a useful tool.
Actually, I see the Elio as a good opportunity for high school aged kids who just got their first job. It wouldn't take too long to save up ~$2k for a down payment. That would leave a $5-6k 36 month loan which would be manageable even with only part time work and would be a good start on establishing credit. On top of that, they'd have a reliable vehicle to drive to work and take with them to college.
Actually, I see the Elio as a good opportunity for high school aged kids who just got their first job. It wouldn't take too long to save up ~$2k for a down payment. That would leave a $5-6k 36 month loan which would be manageable even with only part time work and would be a good start on establishing credit. On top of that, they'd have a reliable vehicle to drive to work and take with them to college.
Notice I live in So Cal. I make 80k plus a year, still have a hard time making it. Gas is at 2.50 and my rent is 2500/mo. For 1100sq.ft. Not making excuses just saying I'd be living high on the hog in most off the US. It's a different story in one of the most expensive areas in the world. I can afford a monthly payment, but saving that kind of cash would take a while.IF you are trying to finance a $6800 vehicle.......then maybe...........your shouldn't be buying it
Personally, I do NOT finance ANY vehicles...........if I can't afford it, I don't buy it !!!
Live within your means
Also, the sooner I can make the purchase the sooner I can save more money (gas, insurance, maintenance, etc). Just to let you know where i am coming from.
bunchathrees
Elio Addict
Leverage has its place.
