Wheelchair Van & Vehicle Finance FAQs
Affording a wheelchair accessible vehicle can seem daunting. If you aren’t sure where to begin or just have a lot of questions, the answers below will help. And remember, you can chat, call or email the BraunAbility Finance team at any point along the way.
What to Expect
1. How do I apply for wheelchair van financing through BraunAbility Finance?
The first step is to submit a credit application on our secure site. If you haven’t selected a vehicle, BraunAbility Finance will work with your nearest or preferred BraunAbility dealer to find a vehicle that meets your needs and budget. If you have selected a vehicle, simply provide the written sales estimate to BraunAbility Finance for a same-day quote.
2. Will I need a down payment to get approved for a wheelchair van loan?
No, a down payment is not required for wheelchair van financing approval. However, if you do have a down payment or trade-in, let your mobility dealer know at the time of application so you are presented the best rate and terms from the beginning. Keep in mind, most BraunAbility dealers will accept your unconverted vehicle as a trade or will find another outlet to accept it.
3. What interest rates and terms are offered through BraunAbility Finance?
Our best-in-class lenders take many factors into consideration, including your credit score, to find the best rate and terms to purchase your vehicle. The first step is to find the wheelchair accessible van that fits you and your lifestyle, and then BraunAbility Finance works to find loan and terms to fit your budget.
4. What are the terms of BraunAbility Finance loans?
The perfect mobility vehicle has to fit you, your lifestyle, and your budget. Your BraunAbility dealer will work to find the wheelchair accessible van that fits you and your lifestyle, and BraunAbility Finance supplies your dealer with customized, multi-termed quote that gives you the flexibility to choose the term that best fits your budget.
5. Will I be penalized for paying off my loan early?
No, there is no penalty for paying off your wheelchair van loan early.
6. How long will it take to get wheelchair van financing approval through BraunAbility Finance?
If our team has all the required information – a completed credit application and a written sales estimate from the dealer – we can process your application and have your loan approval in less than an hour!
7. Does my wheelchair van loan approval have a time limit?
Your approval is good for 30 days. If necessary, the approval may be extended to 45-60 days to allow for any necessary adaptations (transfer seats, hand controls, etc.) to the vehicle.
Other Financing and Funding Sources
1. Am I eligible for third-party funding for a wheelchair van?
Some individuals qualify for third-party funding for wheelchair accessible vans depending on variables like whether or not you are a veteran and what programs your state offers. Consult the BraunAbility Financing and Funding Guide to find out more, and be sure to ask your BraunAbility dealer about options in your state and local community.
2. Will my health insurance cover the cost of my mobility vehicle?
While some funding sources exist to assist with the purchase of a mobility vehicle, health insurance is not one of them. Medicare and Medicaid cover some durable medical equipment such as a wheelchair or scooter, but not a modified wheelchair accessible van. Be sure to contact your local BraunAbility dealer about funding at the state and local level. They are experts in knowing what options exist to help you achieve your independence.
3. Why won’t a traditional bank provide wheelchair van financing on a mobility vehicle?
Because traditional banks are unfamiliar with the value of mobility vehicles, they are very reluctant to finance them. Many will finance the non-modified chassis only, not the conversion or lift. BraunAbility Finance exists to bridge that gap and secure loans through reputable lenders who recognize the full value of a wheelchair van and offer a variety of rates and terms to best fit your budget.
4. Can my unconverted vehicle be used as a trade-in?
Yes, most BraunAbility dealers will accept your unconverted vehicle as a trade or will find another outlet to accept it.
5. I’m considering other financing services as well. What do I need to watch out for?
When fitting your budget needs, always be certain to review the rate and term of the loan and look for any additional surprise fees. Be certain you’re not inadvertently agreeing to a flexible or higher rate or additional cash down on your wheelchair accessible van loan.
What Qualifies for Financing?
1. Can I finance just the conversion and not the vehicle?
No, our lenders require the entire wheelchair van be financed. BraunAbility Finance only offers secured loans, which requires collateral such as the vehicle to be used as the security.
2. Can the vehicle I am purchasing from a private seller be financed through BraunAbility Finance?
No, BraunAbility Finance only finances new products purchased through our public dealer channel.
3. Can you help me finance my full-size van with a wheelchair lift?
Yes! As long as you are purchasing through our dealer channel, we can provide wheelchair van financing. If you are adding a wheelchair lift to a full-size van, you will need to have free and clear title of the van and allow BraunAbility Finance to offer the finance source to use the vehicle as collateral.
4. Can the extra adaptive equipment I need (hand controls, power assists, etc.) be included in my loan?
Yes! In most cases, the adaptive equipment can be added to your loan.
5. Can BraunAbility Finance refinance my current wheelchair accessible van loan?
No, BraunAbility Finance can only finance a new product purchased through our dealer channel. One exception is if you owned the vehicle that you will be shipping to BraunAbility for a new conversion. BraunAbility Finance can utilize the chassis as collateral to provide financing for the conversion.
6. Can I buy an OEM vehicle at a dealership to receive the incentivized rates and then send the chassis in to be converted?
No, the original wheelchair van loan would need to be paid off and refinanced into one loan.
1. Do I have to have really good credit to obtain financing for a wheelchair accessible van?
Our goal is to provide the freedom and independence of owning a wheelchair accessible vehicle to as many consumers as possible. In order to do that, we work one-on-one with a variety of reputable lenders to review each individual’s story, including amount requested, cash down, third-party funds, resident history, income and more. This gives a more comprehensive picture of each consumer’s financial health and opens the door to more mobility freedom through wheelchair van financing, even if you have a challenging credit history.
2. How does applying for financing through BraunAbility Finance impact my credit score?
When BraunAbility Finance submits your application to our lenders, they will pull your credit report. As with any financing application, this may minimally lower your credit score for a short period of time. If you are pursuing multiple wheelchair accessible van loan options or pricing vehicles at multiple dealers, we recommend you do so all within the same week to reduce the impact to your credit score.
3. My credit is currently frozen. What do I need to do to allow access to my credit score?
The simplest and quickest solution is for you to unfreeze all reports until the loan is processed and approved. You can work with BraunAbility Finance on an alternative if necessary.
Protecting My Vehicle
1. What is GAP (Guaranteed Asset Protection), and why should I purchase it?
In the event of an unrecovered theft, collision, or fire, your wheelchair van may be worth less than the amount you owe on your loan at the time of total loss. In most cases, you would be required to pay the difference between the vehicle’s value and the existing loan amount. With GAP insurance, that difference is covered, keeping you clear of any further financial responsibility. BraunAbility can assist you in obtaining this coverage.
2. What is a Vehicle Service Contract (VSC)?
Your BraunAbility dealer can explain the different types of vehicle service contracts available to extend the original manufacturer’s warranty beyond powertrain coverage. Talk to your BraunAbility dealer or BraunAbility Finance about different VSC options.
3. If I purchase a Vehicle Service Contract and then cancel it, would my loan need to be restructured?
No, any funds resulting from the cancellation would be applied to the principal balance of the loan.