Financing -- Loans/Handicap Van Financing
I am looking to develop a micro-financing opportunity for disabled (primarily Paraplegics) to buy accessible vans. When I purchased mine in after an accident in 2002 it was $50K and a standard bank loan. I paid if off in a couple of years thanks to the generosity of friends and coworkers benefit proceeds. The cost is very high which means a lot of people cannot afford the independence.
In order to develop a feasibility plan for potential investors I need to know:
What are the default rates on mobility loans?
Are the default rates higher or lower than other vehicle loans?
How long do people normally keep mobility vehicles?
Is this a longer or shorter period of time than other vehicles?
What is the average interest rate paid on a mobility vehicle?
What is the resale value of a mobility vehicle?
I have searched and search and am unable to determine how to obtain this information. Do you have any ideas on the answers or where I might go to find them? I do not know of any finance institutions that focus purely on handicapped needs financing. Any assistance would be greatly appreciated as this is a very under-served population.
Interesting and worthy concept.
As there is no specialty finance company that I am aware of that focuses on this area, any finance activity here will be an
ad hoc, one off loan, perhaps done on a personal level at a bank or specialty vehicle dealership.
I really don't have any good advice for you as to how to get hard statistics on this.
Anecdotally, if you can find a good listing of people how have purchased accessibility vans, then find a way to solicit them for
an opinion survey, asking them to participate in a survey, and present your questions, that may be a way to get at least some preliminary info.