Purchasing a new or pre-owned handicap accessible vehicle can be a major financial responsibility. Luckily, there are financial institutions that offer auto loans that can help you cover the costs associated with purchasing a mobility vehicle. Here are some considerations you should keep in mind, though, before signing on the dotted line.
Eligibility Requirements
Although the details may vary from bank to bank, generally people who are defined under the Americans With Disabilities Act are eligible to apply for specialized auto loans. Eligibility can also extend to family members and primary caretakers who apply on behalf of any persons living with a disability. In the event you’re not sure whether you meet eligibility requirements, be sure to contact your preferred financial institution.
Knowing Your Budget
When it comes to buying a new (or almost new) vehicle, we’d prefer all the bells and whistles possible, but sometimes our budgets refuse to oblige. Getting realistic about your budget will help temper expectations.
This does not mean you should skimp on any essential mobility modifications, either. If you need a lift or transfer seat pre-installed, make sure to share that information.
What’s Your Credit Health?
Granted, there are certain exceptions that come with applying for a specialized auto loan, one fundamental truth remains: a good credit score increases your chances of loan approval. Before you consider applying for an auto loan, make sure you’ve done everything to can to improve your credit score leading up to the application. Everything from outstanding loans to late payments on utility bills can negatively affect your credit rating, keeping you from the mobility vehicle of your dreams.
The National Mobility Equipment Dealers Association (NMEDA) is an advocate for mobility and accessibility for drivers with disabilities. If you need help with converting or buying a handicap accessible car, truck or van, please consider one of our Quality Assurance Program mobility equipment dealers.