When researching financing options for purchasing a wheelchair van, you’ll quickly learn that the process varies greatly from financing a standard vehicle.
A wheelchair accessible vehicle can be more expensive than a standard vehicle. As you already know, purchasing atypical coupe or sedan likely won’t accommodate the special needs of someone in a wheelchair; the vehicle must have sufficient space to house a wheelchair, such as a minivan or regular full-size van. Unless you already own a van that can be converted to accommodate a wheelchair, you’ll likely spend more, due to the type of vehicle you’re purchasing. Add in all required modifications and labor, and the total amount you pay will add up quickly. Purchasing a wheelchair van may also require you to obtain separate loans for the van and the conversion kit.
If you’re already paying medical bills due to disability, you might think that purchasing a wheelchair van can is beyond your financial reach. Funding your purchase may require locating alternative sources that you may have not yet considered, such as financial grants and/or rebates. Thankfully, there are many special options available to purchasers of wheelchair vans that can help curb the cost:
Bank of America has vehicle loans designed specifically for those with disabilities or access needs. You can also borrow as a caregiver for a person in your care, such as your disabled child.
USAA (United Services Automobile Association) is a Texas-based financial services company that provides banking, investing, and insurance to people and families that serve, or served, in the US military. They offer exclusive, reduced-rate financing options and rebates for members who qualify.
Tempe Mobility offers financing for mobility vehicles for those who have had difficulty obtaining loans through standard lenders. They offer competitive rates, consider those with low credit scores, and provide fast decisions on financing.
Please visit VMI’s financing page to read more about the above programs
Here are some other financing options to consider:
Government grants, either federal- or state-run, cater to purchasers with disabilities.
Veteran grant programs offer subsidies for mobility vehicles for qualifying veterans.
Disability organizations in your local area may be able to provide funding toward your van.
Vehicle manufacturers often offer rebates on the purchase of certain vehicles.
Tax exemptions/rebates on wheelchair vans or conversions exist. Check with your accountant for more information.
Contact VMI’s Customer Advocate Center today to help you begin locating the best funding sources for your needs: (855) 864 – 8267