What about Traditional Banks?
A very unfortunate reality is that because there is no
'book value' anywhere in the world for wheelchair vans, nearly every lender uses the same value guide to establish collateral value for a wheelchair van as a standard, unmodified van. The result of this practice is that typically a person with a good or even excellent credit rating is only able to borrow a small portion of the cost of a wheelchair van. The amount available is often less than 50% of the cost. Therefore, some folks who don't have cash readily available chose to access funds from sources such as:
* Home equity loans or lines of credit
* Reverse mortgages (a positive consideration if you are of a certain age with much equity in your home or property)
* Credit cards with low or reasonable rates and fees
* Personal lines of credit, sometimes referred to as signature loans
* Savings accounts, stocks, bonds, securities, etc.
Rarely are traditional banks the source for a persons wheelchair van loan.
And if none of the above fits for you I have these two suggestions for you which may be helpful.
Credit Unions are often the best choice:
You may or may not realize that Credit Unions function differently than traditional banks. I am not an expert on the subject of banks versus C/U's. However, over the course of many years in the wheelchair van industry, there is expertise I have developed regarding getting loans on wheelchair vans. My observation has been that oftentimes folks discover no problem or resistance when they apply for a loan on one of these vans with a Credit Union. Credit Unions have loosened a lot in the way they operate, compared to many years ago. Now, nearly anyone can open a credit union account in a matter of minutes, with only a few dollars needed to open the account. For example, in the area where this business is located, in Southern Oregon, Rogue Credit Union is the big one and they finance many thousands of vehicles per year. Among those, have been many loans on wheelchair vans I have sold. I suggest contacting your local or regional credit union regarding a wheelchair van loan.
A very large percentage of wheelchair van loans are issued by Credit Unions.
U.S.A.A. or Navy Federal Credit Union
If you or your immediate family has been in any division of the armed forces, either one of these national organizations can be the ideal source for a loan. They tend to offer very low rates, quick approvals and they are easy to interact with. Feel free to call me with questions about these two sources of loans.
If you fit the profile of the sort of vehicle buyers these lenders exclusively provide service to, this is likely your best loan source.
Brandl mobility financing:
This organization, as their name suggests, exclusively lends money for the purchase of wheelchair van loans. They usually only offer loans on vans that are 10 years or newer. Their core specialty is loans on new vans and up to 3 years old.
If you desire a loan on a new or very modern used van, Brandl is likely your best loan source. Please ask me for the contact info, as my referral will benefit your borrowing process, due to my professional, specialized relationship with them.
A few final words:
The world of financing wheelchair vans is a very unique subject that is difficult to learn about. The above information is based on my experience regarding hundreds of folks seeking financing on wheelchair vans. I hope it is helpful to your process, as it has been to very many folks I have advised over the years regarding the subject.
Feel free to
call or
email with any questions.
Thanks,
Rick Bohr
