Still new to this forum so if this has been previously posted I apologize. I am in a big need for the government tax credit so I was thinking converting would be my best option. I am wanting to get an EPA certified kit installed through sno-motion if it will be possible for how slammed they are right now, but can you get financing for the 12K+ it will take to convert through the shop, bank, govt, etc? For how many people seem to do it I wouldn't think most people don't have that much to put down out of pocket.
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Financing CNG Conversion?
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Re: Financing CNG Conversion?
I don't think anybody finances that kind of purchase. If you go through the bank it would probably be a personnel loan and the interest may be high depending on your credit. You could check out the credit unions also, they usually have better rates than the banks. Or if you get a good credit card offer for like 1.99 fixed(the checks you get in the mail), I would go that route. As long as you can make more than the minimum payment.
Or you could just sell your car and get a dedicated NGV. lol. Good Luck.
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Re: Financing CNG Conversion?
Originally posted by ajgiorgi View Post...(the checks you get in the mail)...2008 GX (extended range, trunkless version)
Polished Metal Metallic 2012 Civic Natural Gas
Fuelmaker FMQ-2-36 (since 2001)
Previously owned: 2000 GX (11 years), 1995 Bi-fuel Sonoma, 2000 Bifuel Tahoe, 2000 Bi-fuel F150
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Re: Financing CNG Conversion?
There are companies that do unsecured general purpose loans for VERY good credit customers. They won't be the super cheap, but they are reasonable rates. The frist that comes to mind is www.firstagain.com1997 Factory Crown Victoria w/ extended tanks ~~ Clunkerized!
2000 Bi-Fuel Expedition --> ~~ Sold ~~ <--
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Re: Financing CNG Conversion?
There's also the home equity line option, although many are finding less equity than they had in the past. This makes the interest tax deductible and your payment would be somewhere around $100-$150 a month on $12k.
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Re: Financing CNG Conversion?
Check with a credit union.
When I bought my truck, they were willing to finance it up to about 13,500 and the book value was around 10 or eleven. (I used a different route, though, to keep the title clear.)
I you have good credit, and by the truck at a good enough price, you might be able to show them how valuable it would be converted. They may give you a break and finacnce the conversion.
Max
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Re: Financing CNG Conversion?
Originally posted by silkman32 View PostHome equity would be the best option, unfortunatly I am trying to sell my house right now too.
Thanks for all the information, oh yeah it will probably be a used truck.
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Re: Financing CNG Conversion?
Great news, I talked to my credit union yesterday (America First) and after talking with them for about 30 minutes they called some people at the main office and found out that they can loan upto 140% of the car value to help with CNG conversions on approved credit (not sure what that number is, but I qualified). Sounds like CNG is really starting to get some notice even from credit unions to make it easier for us. For people that are really needing the tax credit this year, this is a great way to get away froom foreign oil, save a little bit more per month, and still get a large tax credit at the end of the year.
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Re: Financing CNG Conversion?
If I'm not mistaken, CNG retro-fits do not qualify for the IRS tax credit. So, if you're doing this solely for the credit, its not going to be worth it, because you won't get a credit.
Here's a list of vehicles that qualify for the income tax credit:
http://www.irs.gov/businesses/articl...175456,00.html
If you're looking for a credit to offset the cost, you likely won't get one with a retrofit. You'd be better off to use the loan to purchase a dedicated vehicle, then use the credit to offset the cost of the loan.
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