Need advice on mobile van financing

[LeftyGroomer]

Hi all! I have found a used van i want to buy can you tell me what financing avenue you took (business loan, personal loan etc) and can you recommend anyone who will loan me around $45,000. I have great credit but have no money saved. Any other advice is appreciated.

[kats_melody]

I hate to be the voice of gloom and doom. But you have NO money saved and NO bank or finance company wiil go 100 percent on a used rig. Since mobile grooming vans are something the banks don't know the value of, you will find that many banks will only loan the cost of the base van before conversion, less your down payment, meaning you have to come up with the full cost of the conversion out of pocket.

WagnTails sells used rigs and they may be able to get you financed IF you have an EXCELLENT credit score and at least $5000 down.

Been there, done that, got the t-shirt. We wound up building our own van for half the cost of a used one. But that was because hubby works for free.

Good luck.

Laura

[Downtowndogs]

I'll have to be the second voice of gloom and doom but its VERY hard to get financing on a used vehicle. If you have home equity use that, family loans. Both a business and personal loan to purchase something like a grooming van will be very hard to get. Try your luck with smaller banks. Or save money and start with a very inexpensive van, build clients and go from there. Nothing wrong with starting small.

I would take a step back and save up down payment money AND money to back the business up. I would 1000% not recommend starting the business without back up funds. Its a disaster waiting to happen. Just in fee's to start the business I spent over 2k to get every thing set up the correct way. Just the lawyer fees where terrible but worth it having the peace of mind that everything was done right...Wait,Lets not even talk about how much money I spent on him!(I don't want to be reminded)

kats_melody is totally right about the way banks value a mobile grooming van conversion.

I had a Fantastic credit score with 7 years of perfect history(No blemishes) and even with at least 5k-10k down the conversion company would not loan me money and I am sure it is because of my young age and the higher risk that goes along with that. I ended up putting my whole savings on the line and still got the van I wanted but an almost empty bank account except for the 6-9 months of living expenses. What I'm trying to say is that at this time and even over a year ago when I got my van times were tough and still are in the loan department. Just make sure your prepared!

I wish you luck and hope you get your dreams off the ground!

[Button]

You may be over reaching. There are quite a few rigs under $15k in the classifieds here.