Get A Handicap Van Loan

If you believe you have the necessary credit, a loan from a bank (some banks have special loan options for people with disabilities), credit union or other financial institution is probably the quickest way to park an accessible van in your driveway unless, of course, you have means to pay for the vehicle completely out of pocket. Again, you’ll want to know exactly what you plan to purchase, the price, etc. before you seek a loan.

Typical vehicle loans range from three to five years, but for a handicap van loan, somewhat longer loan terms are possible. Be sure to ask the lending institution about potential downsides to obtaining an auto loan for more than six years. You may be unable to purchase an extended warranty or Guaranteed Auto Protection (GAP) insurance. All you’ll have will be the factory warranty for as long as that lasts.

Even if you purchase a brand-new wheelchair accessible van, by the end of the sixth year, the van’s worth may be far less than the remaining payments, depending on the term length of the loan. Also, if you and your van are in a major wreck within the first five years of a longer loan, you could wind up in serious financial trouble, based on the resale value vs. what you still owe.