How does everyone finance a used adventure van

[nyyankees588]

This is a helpful thread - financing has been a question I've considered lately... nearing that decision point of, "do i pay $700-$1200/month for rent or go full time and put half of that towards a car payment." Buying new is probably the easiest option for financing... but there's so many more interesting/better value used options out there.

 

[Cheyneskeezer]

Well my Cheveron credit union approved me for the transit they r in el segundo ca and the last Susan worked with me as long as I verified personal use they were good 3.59

 

[obselesc]

Look into one of the newer online loan websites. Upstart, Prosper, probably some others. They tend to focus on credit scores and not so much what the money is used for. I went with Prosper to get a quick loan on an old van...not as expensive as yours, but they didn't ask for details other than the fact that it was a vehicle (if I recall correctly).

 

[Bayou Boy]

I am a firm believer in having a good relationship with a local bank. Weird stuff like this is why. I recently found a good deal on a used 5th wheel before selling my old camper. Not wanting to pull the entire amount out of savings I got them to do an interest only loan for about 80% of the new camper until I sell the old one to pay it off. I had the funds in 24 hours. All because I could call a local manager at the bank that knew me and could get it done.

 

[Gooseberry]

Cash seems to be best. I started a harley fund when I wanted one and never stopped so I had the funds and did not pay a bank to use them oh and I have the harley that might not be the one I wanted but with more color so to speak.


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[Redheddedwonder]

When we bought our van my normal bank said no way, it’s a 2013 E350 quadvan, bluebooked for only $19k. We used Numerical Credit union and they based the loan off of comparable vans on Craigslist. Higher interest rate due to “unique collateral” but I just paid it down to blue book value and refinanced. We are in the northwest but they might be worth a phone call at least. Good luck with the purchase!

 

[Cheyneskeezer]

From my experience. And a lot of phone calls. Like the gentleman above mentioned you gotta have a relationship with your bank. I’ve belonged to the Cheveron credit union for years as I opened it to save money for my sons college (he’s 3) but always pop my head in there when I’m working at the refinery.

she was the only one that called her dmv consultant and said look he’s using it for personal use.

my problem wasn’t the amount but the use. I had a good chunk saved up but I was lookin for the loan for the Kelly blue book price of said van. The problem was that most are reading past is the “ commercial” use tied to the vin. No banks would issue a used car loan for it.

with that said Cheveron did and even got me new car rates ( 3.49 72 months private party) because the mileage was 13k . Mind you I have perfect credit own a home with a lot of equity and have little debt to income ratio... no debt besides house.

Other banks I’ve-found that may help with this situation are Umpqua bank , and like others mentioned the lightstream ( though rates were 6.29)

Hope this helps future van buyers in this situation

 

[zach123]

I usually pay cash, but a few years ago I hadn't saved enough for the truck I wanted. I used Lightstream.com. 3% unsecured loan with good credit. They don't care what you buy as long as your credit is great.

I went with Lightstream for a 2018 Quigley Ford Transit. Rate was much better than other options.

 

[billiebob]

I know the world has changed since my family grew up but for us the things to finance were the home, the kids education, my wifes car. Everything else, my vehicle... always used, landscaping, the garage, toys like the ski boat, the sled, and the tents, trailers, vacations, visits to England.... were paid with cash... maybe VISA but paid off within a few months. I'll never understand buying something you don't need thru a loan.

Financing a business investment which will give a financial return? Sure. Buy something guaranteed to escalate? Sure. Invest in something to reduce urility expenses, move your home towatds net zero. Sure.

Finance an RV ??? are you crazy ? RVs are places to spend big work bonuses. Not places to incur debt.

 

[Mwilliamshs]

Live within your means.

 

[AbleGuy]

Live within your means.

here’s a cautionary tale regarding this:

A good friend of mine last year bought a fully loaded new Dodge One Ton Mega cab, dually, long bed, diesel 4x4...with a loan...added a new huge 38‘ fifth wheel toy-hauler to the package...with a loan...and topped it off with a fancy new red RZR 4 seater quad...with a loan. But, wait for it, wait for it..........Now he’s decided he really, really, really hates his job. But guess what? He’s way, way, way too far in deep debt to even think about changing his life for the better by trying to switch employment to what he’d really rather be doing. And to top it all off...he only got out and camped in that ridiculously expensive combo maybe 5 weekends this past year.

So, yeah you might be able to get those loans.....but should you?
(please note, my comment is not directed to the OP here, it’s just is a follow up to where this thread’s been going)

 

[Stevemo]

Around here you need to get an appraisal of the vehicle to get full coverage insurance if its >10 years old. The appraisal needs to come from a real appraiser and you need to include copies of advertisements for similar vehicles. When I got my 2004 Roadtrek there were only about 5 for sale in Canada with varying options/mileage so it is a PITA to agree on value.
I think you will need to do the same for insurance and it may help with the borrowing as well.

 

[Deleted member 9101]

Financing a toy is a major "no-no" unless the interest paid on the loan is less than the return on an investment that you would be cashing out to buy it.

Honestly, if you can't easily write a check to pay for a toy, you can't afford it.

 

[Deleted member 9101]

Live within your means.

I wish that more people understood this!

 

[6door74]

Life is short. Do your homework and finance if you need to. We shouldn't assume that people don't have a plan to pay it off quick and minimize interest costs. We also don't know if people make a conscious decision to drive a daily used beater car and finance their "toy" as opposed to a new car. Everyone's situation is different. Good luck to the OP and enjoy your purchase.