[Lovemysan]

We have 5 kids and we would like 2 more, yes we are crazy. I've been watching prices since spring of 15. I started shopping in september. I attempted to purchase a t350 low roof, 15 passenger, xlt, 3.7 for $29,900 in september. I applied for 2.9% financing through a local bank and was approved for the loan. They later called back and explained that I was indeed approved for the loan but not for the transit. They explained to me that ford registers the vehicle as commercial and there was no way they could loan against it.

Fast forward to yesterday. Started looking again and found almost exactly what I want. t350, 12 pass, xlt, silver, 3.5, tow package, and limited slip axle( i have to have the LS axle its hilly and the plows don't always take care of us) $29.9k. I applied at a different local bank and was again denied. They could offer no alternatives. At this point I spoke to the dealer and he recommended apply for credit through one of their venders. I did that. I also was recommended another lender locally through a real estate contact. I'm currently working with her but so far I havent heard anything.

Has anyone else experienced this? I'm wondering if this will effect resale value on the used market in the future?

 

[CTown Transit]

Have you looked at a 250? The 350 is indeed considered commercial even in the van format, someone needs to come correct on that. I don't k know why banks don't want to lend against used commercial vehicles, but it's been like that since the banks were bailed out. Banks won't even lend against a 6 year old vehicle.

That's when we joined the local credit union, they are much more lenient.

Good luck

 

[Lovemysan]

I wasn't aware t250 wagons were available.

 

[EddieZ]

Don't know about your state, but, in some (all?), commercial vehicles can be registered as non-commercial, subject to expected use. Maybe there's a way the dealership could work with you, to get it re-registered as a condition of purchase.

 

[asdrew]

I got a loan on my used T350 12 passenger 9000lb GVWR ($23.5k) in January no problem. I had a pre-approved bank draft issued from Navy Federal for it, but went with the dealer's loan through Capital One Auto for 1% less.

 

[mgore03]

good to know

We have 5 kids and we would like 2 more, yes we are crazy. I've been watching prices since spring of 15. I started shopping in september.

Has anyone else experienced this? I'm wondering if this will effect resale value on the used market in the future?

Interesting that you mention this - we have 5 kids and want one more, so we ended up ordering a new 10 passenger T150. We will be financing some of it (about 50%), but I've haven't applied for the loan through our bank yet (it arrives early to mid April). I didn't think it would be an issue, but now I'm wondering if it will. Hopefully the 150 won't be considered "as commercial", but we will see. Have you considered a 10 passenger? I know it wouldn't be as much storage space or as much seating capacity, but it's still more than any normal vehicle. Plus, you may avoid the financing issue. I could be wrong, but I don't think the 250 has a wagon version. We were going to get a 350, but my wife really wanted to have leather seats, which you can't get beyond the 10 passenger. Good luck regardless, and kudos on your big family!

 

[mgore03]

I got a loan on my used T350 12 passenger 9000lb GVWR ($23.5k) in January no problem. I had a pre-approved bank draft issued from Navy Federal for it, but went with the dealer's loan through Capital One Auto for 1% less.

Just saw your post - even though we are getting the 150, I'm glad to see NFCU offered the financing, because that's likely who I'm using. USAA may have slightly lower rates, but we'll see.

 

[joefromga]

You can buy leather seats later.

 

[mlts22]

Depends on the state. Texas, it does not matter nearly as much as it would in California.

 

[audiopyle]

What would matter in California?

 

[asdrew]

What would matter in California?

That it's not a Prius?

 

[skagitstan]

Don't know about your state, but, in some (all?), commercial vehicles can be registered as non-commercial, subject to expected use. Maybe there's a way the dealership could work with you, to get it re-registered as a condition of purchase.

Our SWR 350 van is registered as non-commercial. It's registered as an RV. There were no issues in getting that done. It might have been a different story if we'd bought the DRW with its higher GVWR.

 

[TXAggie]

Did you try Ford Credit? We were able to finance both a 12 pax T350 XLT & a 15 pax T350-HD XL EL without any problems. Although I would also suggest a credit union as another alternative.

 

[elysium]

I had no problem financing a used T-350 12 passenger mid-roof XLT in California through my credit union. It's registered as non-commercial too.

 

[HCSGuy]

We ordered a 15 seat T350 in October and when it was about to arrive, tried to finance it through our regular bank, who was offering 2.75% base, minus some for "Relationship bonuses, etc", and were told verbally they should be able to get it down to about 2% as my wife and I have banked with them for 24 years, have both of our businesses bank with them, and both have very good credit. I just about crapped my pants when they came back with 8.75%. We spent a week providing them with tons of paperwork about paid off loans, proof of income, and finally gave up when they said 75% loan at 4.95% was the best they could do. Went to our local credit union (Selco) and got approved in a few hours at 1.95%, though they would only finance 80%, which was what we had planned anyway. Our loan rep at the credit union did have to go to bat for us with their underwriter and tell him several times it was for personal use, but that was it. We were told later by the manager, who used to work at our bank, that the bank tries to avoid commercial auto loans because of the depreciation. Just my two cents, but I've dealt with credit unions before and they are usually much more flexible than the big banks. Don't know what Ford is offering now, but when we picked our van up Feb 12 they were offering 2.99%, though I don't know what they do on used vans.

 

[audiopyle]

That it's not a Prius?

T250 cargo van, CA commercial plates, credit union financed at 2.4% without blinking an eye.

 

[Deadwood]

Most banks just won't deal with financing a commercial vehicle. I'm not sure how the wagon is classified but the cargo van pretty much starts out as a commercial van. I'm not sure what is involved in getting it changed. When my conversion is finished I will definitely look into getting it changed to an RV. I went with Ford's financing because my credit union would not touch it. I checked a few other banks and it was the same story. I bought my van in December and my financing for 48 months was 1.9% so I was happy with that. But it went up 1 point for every 12 months you financed.

 

[kitesurfer]

I had the same issue. my credit union wouldn't finance because my cargo is coded commercial. i went through 2 employees and 2 supervisors but finally got approved. i reminded them that i had been a member since 1980. i only borrowed $10k

 

[Lovemysan]

A quick update: I got a conditional approval yesterday from a locally owned bank. We submitted our credit application and are waiting to hear back. I also am waiting to see pictures of both perspective vehicles. One is in shipment and the other was rented to a church group till sunday. Good things take time i suppose. I reviewed the build sheets on the etis site. These are the first 2 I have found that met my criteria. I previously found a few that were much further away. It would have cost 600-800 to go get plus missing 2 days work. But the biggest concern was not being able to do an inspection. I was preparing to see one and after requesting larger photos noticed very obvious mismatched paint. This after being assured the vehicle was perfect.

 

[Lovemysan]

i received word from the bank today that the loan was approved. They have not proposed interest rates or terms, this concerns me. I'm still waiting to be sure I have an application in at the dealer as well.