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Financing CNG Conversion?

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  • silkman32
    replied
    Re: Financing CNG Conversion?

    sno-motion (now go natural cng)does both BAF and Baytech and they do conversions on both newer f150's and silverado 2500's. For more info go to gocngnatural.com and look into the frequently asked questions.
    Last edited by silkman32; 07-07-2008, 07:50 AM.

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  • Ben Cubbedge
    replied
    Re: Financing CNG Conversion?

    Yeah, but he's getting his vehicle converted at sno-motion, and I'm not sure those guys can install the Bay-Tech conversion. Also, it has to be either a Crown Vic or an Expedition. If his car is neither of those, then its a moot point.

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  • CraziFuzzy
    replied
    Re: Financing CNG Conversion?

    Actualy, that list DOES include both the Baytech and the BAF conversion kits. Since these are the only kits that are currently EPA certified, this makes sense.

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  • Ben Cubbedge
    replied
    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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  • silkman32
    replied
    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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  • silkman32
    replied
    Re: Financing CNG Conversion?

    It would make it very difficult to sell if I did that. I have to take a pretty bad loss already for how much I have put into this house .

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  • ajgiorgi
    replied
    Re: Financing CNG Conversion?

    Originally posted by silkman32 View Post
    Home 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.
    Can't you pull some equity out of your house before you sell it. You will get the best interest rate.

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  • silkman32
    replied
    Re: Financing CNG Conversion?

    I am going to try to make it to my credit union tonight and will post whatever happens.

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  • maxman
    replied
    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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  • silkman32
    replied
    Re: Financing CNG Conversion?

    Home 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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  • Curtis
    replied
    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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  • CraziFuzzy
    replied
    Re: Financing CNG Conversion?

    the rates at firstagain are around 6-7 i believe.

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  • John Mitton
    replied
    Re: Financing CNG Conversion?

    Is this a new vehicle? If so check with your dealer as I know Sno-motion has in the past been able to get the whole deal financed in one fell swoop (at least this was the case with GM financing on one of their deals I am familiar with).

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  • silkman32
    replied
    Re: Financing CNG Conversion?

    Yeah I was thinking I would have to do a personal but believe the interest on those is around 9%-12% or so (that's just no good). Credit is great (around 750) so I was hoping that would maybe open some doors.
    Last edited by silkman32; 06-30-2008, 12:37 PM.

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  • CraziFuzzy
    replied
    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.com

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