WAV Finance | Wheelchair Access Vehicle Finance
Vehicles which have been permanently converted for wheel chair access are commonly known as WAVs and historically have been difficult to finance. Main stream banks and lenders do not understand the expense of conversions and do not want to lend enough money to cover the cost of the vehicle and the conversion.
The Car Loan Warehouse understands the cost of new conversions and the value of vehicles which have already been converted. This enables us to be flexible enough to arrange WAV finance for the full value of the vehicle, without demanding a high initial deposit.
Working closely with specialist lenders, we are happy to finance the vehicles and conversions whilst understanding the types of Disability Benefits that many customers rely upon to fund the purchase of their car.
Our friendly experienced team of advisors are always on hand to discuss your requirements and work hard to understand customer’s finances, enabling us to provide a “Can do” attitude rather than “The Computer Says No!”
Importantly each application for WAV finance is considered on you current ability to pay and not on your credit score meaning that a high number of applications are accepted.
Can I get WAV finance if I am claiming disability benefits?
Yes. Wheelchair accessible vehicle finance applications can be supported with income received in the form of disability benefits. These can be taken into consideration on their own or in addition to employment income or pension income.
Types of Disability Benefits that can be taken into consideration are :
- Disability Living Allowance (DLA)
- Mobility (higher and lower payments)
- Care allowances
- Personal Independence Payment (PIP)
- Employment and Support Allowance (ESA)
- War Disablement Pension
- Armed Forces Compensation Scheme
- Attendance Allowance (lower & Higher rates)
- Carer’s Allowance
Why rent when you can buy?
A lot of our customers do qualify for the higher rate mobility allowance and therefore qualify for a brand new car under the Motability lease scheme. Instead of effectively “renting” a car and returning it, they prefer the idea of using their mobility allowance to actually purchase a vehicle outright and therefore having an asset once all the monthly payments have been completed.
This way their mobility allowance can be used to pay off the monthly payments on a Hire Purchase finance agreement and the car can be retained at the end of the agreement and not handed back.
Once the car is all bought and paid for the mobility allowance can be used for other expenses such as fuel and insurance.
Who can we help with WAV Finance?
Wheelchair Accessible Vehicle can be arranged for New or Used vehicles for any of the following types of customer:
- Private Individuals or their families
- Joint or multiple purchasers with individual allowances
- Business WAV users
- Voluntary organisations and Charities
- Local Authorities
- Care Homes
- Care home residents
- Community transport operators
- Foster Carers
- Fostering Organisations
How Do I Arrange WAV Finance?
You can either complete our easy online application form, select “WAV” as the vehicle type and then one of our advisors will then contact you to get a full picture of how your income is made up, or simply phone 0800 066 2888 to speak to us first and we can take your details over the phone.
Once approved we will take care of the paperwork and speak to the seller of the vehicle to obtain an invoice and ensure that the vehicle is currently free of finance, is not stolen or registered as accident damaged.
Finance documents are then emailed to you for signing and the money is then released to the seller so that you can collect your new means of transport.
All of this can be organised within a day or two with the minimum of fuss.