Financing Your Elio

[Marshall]

I winder if I have just missed it or if there has been any discussion concerning financing for purchasers? When I searched, I only came up with financing for the company.

While major auto companies often have their own financing units, some arrange partnerships with other financial institutions. This sometime offers a slightly more lenient package and terms than those offered directly with those same financial institutions.

It's just one more thing for Elio to do.

I know I'll need help to pay the balance when it's time to finalize the purchase and while some consider it pocket change, the Elio is targeting a demographic which will also need help financing their purchase.

 

[NSTG8R]

The Elio gas card is the only one that comes to mind. The deal is when you purchase gas you use their card. If you get $10 worth of gas the card gets charged $30, the extra $20 charged is your Elio payment. Don't know off hand but I'm sure there's a minimum payment per month if you don't use much fuel.

 

[Ty]

I know Paul mentioned a bank willing to work as their finance center as they'll offer regular financing like a regular dealership.

EDIT: Out of curiosity, I did some quick checking.

@ 1.49%, borrowing $7,000 for 36 months will run you $199/month
Extending that to 48 months will run you $150/month

If you borrow $6,000 for 36 months, it'll run you $170/month, for 48 months, $129/month
If you borrow $5,000 for 36 months, it'll run you $142/month, for 48 months, $107/month

 

[pauljr]

Guess I might sell one of the motorcycles to get mine.

 

[Frim]

Guess I might sell one of the motorcycles to get mine.

I am going to have to reclaim my change. Right now my lovely wife is hoarding it.

 

[Grumpy Cat]

I'm just guessing you'll be able to walk into any bank and get a car loan.

 

[CrimsonEclipse]

I've had a lot of time to save up, much more than I thought I would.

So, at this point.... cash.

 

[NSTG8R]

I've had a lot of time to save up, much more than I thought I would.

So, at this point.... cash.

Ditto!

 

[Sethodine]

Depending on how fast we pay off the Leaf and which month I recieve my Elio, I'll either be paying cash or putting a large chunk down and paying off the rest over the following few months.

 

[BiloxiGeek]

I'm just guessing you'll be able to walk into any bank and get a car loan.

Maybe, but since some states consider it's a motorcycle you'd have to get a motorcycle loan which at some banks is a completely different set of loan rules.

I'm putting away a couple hundred a month into a savings account and I've bought a small number of shares. My plan is once the Elios are on the road in consumer hands the stock price will go up and I can sell the stock for a profit to poss the savings account and pay for #17471 with a check.