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Financing Options Financing for Kit Purchases & Completed Cars! We have been working on this project on and off for more than two years. We are finally satisfied that we have a program to help customers afford to build and drive a Factory Five. Here is some background… After two years and meetings with numerous banks and lending institutions (big and small) we came to the realization that no-one is interested in financing kits. Our industry is just too small and the |
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| process of building your own car involves too many variables for a bank to understand. No matter how hard we tried, we couldn’t persuade any banks to develop a financing plan for guys who are building their own cars. | |
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What we really needed was something like a home-building or construction loan. With a construction loan you get a line of credit from a bank for a certain amount of money. You then buy property, pay contactors and build your house, writing checks as you go. When the house is completed, you assume a mortgage based on the money you spent building the house. This is done a million times a year for houses. We thought, “Why can’t we find a way to do it for guys who are building their own cars!”
We have developed a two step approach to financing kits. The first step enables customers to buy a kit and the other running gear parts. This is done thru a personal loan line of credit. The second step involves a car loan written on the completed car. When the car is complete, the second company will pay off the higher rate “building” loan and finance the completed car. |
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