Ivan Nelson

How to Get Discounted Financing for Your Dodge Wheelchair Van Purchase

Written by Ivan Nelson. Filed in Dodge Wheelchair Van Finance & Insurance

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The Need for Dodge Wheelchair Van Financing

Very few people are able to pay in cash when they purchase a new or late model Grand Caravan or Sprinter. A Dodge wheelchair van is a significant investment and it usually requires the buyer to obtain a loan in order to make the purchase.

There are many finance options for wheelchair buyers. Let’s look at your options and discuss a general strategy to obtain the best rate on your wheelchair van loan.

Sources of Dodge Wheelchair Van Loans

Your Dodge Dealership: Your Dodge dealership will be happy to work with you on financing. Dodge is able to secure financing for its customers from a variety of lenders and often offers competitive rates along with the convenience of working in a “buy here, pay here” atmosphere.

Your Personal Bank or Credit Union: If you aren’t concerned with resolving your financing questions in a matter of hours, you may want to talk with your bank about a wheelchair van loan. You can usually get a good interest rate from your financial institution and you’ll have the benefit of keeping more of your money issues “under one roof.”

Home Equity Lending Options: If you own your own home, you can take out a home equity loan to cover the cost of your Dodge wheelchair van. This offers two distinct advantages: (1) You may be able to secure a relatively low-interest loan and (2) you will be able to claim a portion of the interest paid on the loan as a tax deduction.

Online Vehicle Lenders: Online lenders operate with minimal overhead expenses and may be able to provide you with a wheelchair van loan at a lower interest rate than a traditional lender.

Securing the Best Possible Financing for Your Dodge Wheelchair Van

The loans for which you qualify will based primarily on factors that won’t be within your immediate control. The primary driver of loan rates is your credit score, for instance. While you can improve your situation to get a better deal, most people aren’t in a position to quickly elevate their score while they’re facing a need for a new wheelchair van. However, there are things you can do to get the best possible loan.

Increase Your Down Payment: Putting more cash you can put down toward your Grand Caravan or Sprinter won’t just decrease the amount of your loan. It may also qualify you for a lower interest rate.

Shorten the Term of the Loan: You’ll pay more on a monthly basis with a shorter loan, but your overall expenditures will be considerably less. That’s because lenders offer lower rates for shorter loans.

Engage in Comparison Shopping: You don’t want to miss the best possible loan option because you simply didn’t bother to be thorough. Examine multiple options in order to secure the best rate and terms.

Look for Special Offers: The automotive industry is still struggling and dealerships are frequently offering special deals and promotions that can result in much friendlier loan terms for your wheelchair vans.

Financing Your Disability Equipment

You can also finance your disability equipment. Many equipment dealers and conversion companies have in-house financing options. Additionally, most of the options mentioned for vehicle loans are also applicable to equipment financing.

You can improve the terms of your disability equipment and wheelchair van conversion financing by doing everything possible to reduce the price of your equipment. That would include:

  • Finding out if you qualify for any government programs that may pick up part or all of the expenses related to your van’s conversion and modification.
  • Examining your health and worker’s compensation insurance policies to find out if they will either pay or reimburse you for any of your planned adaptations.
  • Getting a physician’s prescription for your disability equipment, which will allow you to avoid paying sales tax for the prescribed items.
  • Aggressively comparison shopping and looking for special offers and deals. Being a smart consumer pays off when it comes to disability equipment for your Dodge wheelchair van.

If you want a new or used Grand Caravan or Sprinter, you’ll probably finance the purchase. You can put a Dodge wheelchair van in your driveway by seeking out the best lender for you and doing everything in your power to secure the best possible loan terms.

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About Ivan Nelson

Ivan Nelson

Ivan is a true hero to countless men and women with disabilities who have been asking Ivan for years on ways and methods to overcome their disabilities and propelling their way to a new and fulfilled life. Ivan's expertise in disability rehabilitation for over 15 years is solid and his knowledge is always fresh from a different perspective.

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