2 Seat Commcerical??

[Aesop]

Found a cargo van recently and its newer and low miles and the credit union said because it has 2 seats their rules consider it as commercial and they wouldn't lend me an used auto loan for it. they would want me to go to their commercial side.


i kept telling them that it wont be for commercial use but it looks like its a no go.

anybody have any experience with this?

 

[Artsyguy]

I had a similar problem with my bank. They approved a line of credit for my loan, and when I went to buy, I discovered that the loan wasn't good for commercial vehicles. Applied to Lightstream.com. Got approval instantly at a better rate than my bank. Plus the loan was unsecured. If you have good to great credit, I highly recommend checking them out.

 

[Uncle Todo]

You may want to check with insurance as well, could be the same deal there and want commercial insurance.

 

[Aesop]

I had a similar problem with my bank.  They approved a line of credit for my loan, and when I went to buy, I discovered that the loan wasn't good for commercial vehicles.  Applied to Lightstream.com.  Got approval instantly at a better rate than my bank.  Plus the loan was unsecured.  If you have good to great credit, I highly recommend checking them out.

thanks yes. i have heard of lighstream in my searches of this site. and yes it wasnt that the van was commercial (it wasnt) it was apparently the credit unions own official rules saying that since the vehicle only has two seats that they consider it commercial and therefore werent able to lend me an used auto loan for that and they wanted to transfer to the commercial lending team.

Why would i want to go to a commercial used auto loan when I dont plan on using the vehicle as commercial? commercial = big bucks.

 

[MrNoodly]

Yeah, I don't get how the type of vehicle has anything to do with your ability to pay back the loan. Anyone have an explanation?

 

[Sofisintown]

Found a cargo van recently and its newer and low miles and the credit union said because it has 2 seats their rules consider it as commercial and they wouldn't lend me an used auto loan for it. they would want me to go to their commercial side.


i kept telling them that it wont be for commercial use but it looks like its a no go.

anybody have any experience with this?

My van had an extra seat when I bought it. After I registered it as personal truck, I took the 3rd seat out.

 

[WalkaboutTed]

we ran into the same issue with our Nissan cargo vans. USAA said no, as did Navy Federal. We found a local credit union that would would finance it.

Just keep looking.
Ted

 

[Sofisintown]

I also used a local credit union to finance it. They did not ask anything about the number of seats.

 

[Aesop]

My van had an extra seat when I bought it. After I registered it as personal truck, I took the 3rd seat out.

yeah lol that's what i suggested to the credit union that wanted me to do a commercial loan. they said they would need pics of the 3rd seat lol. just gotta count them out then. not doing commercial (which means big bucks) for a personal vehicle.
got pics of your rig?

 

[Giggles]

Found a cargo van recently and its newer and low miles and the credit union said because it has 2 seats their rules consider it as commercial and they wouldn't lend me an used auto loan for it. they would want me to go to their commercial side.


i kept telling them that it wont be for commercial use but it looks like its a no go.

anybody have any experience with this?

Yes, I had the same problem with Geico. Progresive insured it with no problems, though. Try them.

 

[Matlock]

Yes keep looking for a lender that looks for ways to finance you. Those guys don't want to bother. Then the same song and dance goes for insurance.

When I bought my UHaul Box Van it was titled as a 1 ton truck by UHaul. For the title transfer to me the gal at the BMV walked out and looked at the truck and asked if I was using it commercially and I said it was for personal use only. She checked the mileage then we went back in and she wrote it up as a commercial vehicle but nothing different on the title. She said in Ohio " if " it was being used as a "for hire commercial truck" I would need "Truck Plates" indicating a "for profit" use and those plates are about double the price for this vehicle. It's a weight thing = road damage tax I guess. Also truck plates mean much higher insurance rates.

The box van's vin number came up as a 1-ton commercial vehicle for insurance (state farm), no surprise. They asked how I was going to use it and I said personal use and that's what my insurance paperwork says. "Commercial vehicle for personal use" So cheap insurance.
just my 2¢

 

[Artsyguy]

I think a CARGO van would be considered a commercial vehicle, no matter where it is purchased. A van with windows, is considered a station wagon in PA where I reside. Since my windowless cargo van is a 3/4 ton (Express 2500) the GVW requires that the van be registered as Class 3 which adds a significant amount to the registration fee annually. The dealer was willing to register it as a Class 1 (passenger vehicle), but I wanted to be legal, and not give law enforcement or state inspection any reason to hassle me down the road. I realize this doesn't address OP's question about financing, but insurance and financing research DOES need to be done prior to purchasing any van that you plan to use as a camper (I didn't do this). Every state is different. I insure through Liberty Mutual in PA with NO question asked after I told them it was for personal use. I can see where commercial use would have higher rates, due to heavy mileage, multiple drivers, and theft concerns.

 

[highdesertranger]

There has got to be more to it than just "2 seats". several sport cars only have seating for 2, so there must be something else besides the 2 seats that is triggering this. highdesertranger

 

[Freelander]

Yea a LOT of Pickup trucks have 2 seats as well.

Even my Class C RV has just 2 seats up front.

 

[bodineahrens]

We have a 1979 Chevy P-20 Step-van Progressive insured it as an RV for $80.00 a year.

 

[Aesop]

yeah, this isn't about insurance, its about the stupid credit union not wanting to lend an used auto loan because by their definition . it having only 2 seats makes it commercial in their eyes. no matter, there are other lending institutions.

 

[Aesop]

There has got to be more to it than just "2 seats".  several sport cars only have seating for 2,  so there must be something else besides the 2 seats that is triggering this.  highdesertranger

yes , i agree. I'm thinking that the credit union is probably thinking "well, they can turn it into commercial!" lol. doesn't matter, its over anyway.