A very unfortunate reality is that
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- 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, most 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.
And if none of the above fits for
you I have these two suggestions for
you which may be helpful.
Ricks’ In-house financing:
I realize that sometimes the
possibilities I mention above aren’t
available or don’t apply to some
people and they find themselves in
need of help to purchase a van. I
understand that you may need a
special solution to help buy a van
which will provide the freedom of
movement you need and desire.
Therefore, even though it is my goal
and desire to receive payment in
full for these vans, I do offer
financing on a limited basis, under
certain circumstances.
The minimum requirements which
make it possible for me to provide
financing are; I need at least half
down payment; on maximum loan
duration of two years; and a
surcharge of ten percent is added to
the cost of the van.
I encourage you to acquire funds
from other sources because that is
your best value, but if you are
unable, I will do my best to provide
financing under the conditions
mentioned above.
If you are an Oregon resident:
There is one credit union I know
of that does not follow the standard
procedure (using common book values
to establish collateral value) when
considering making loans on
wheelchair vans. As an Oregon-based
C/U they are only able to lend to
residents of Oregon. If you are an
Oregon resident and are seeking a
financing solution to purchase one
of my vans, please contact me and I
will be happy to refer you to a
specific person at this C/U who may
be able to create a loan for you.
Feel free to
call or
email with any questions.
Thanks,
Rick Bohr
