It is not easy to find financing for your car when you are a person with a disability. Most banks are reluctant to give car loans to people with disabilities.
They fear repayment difficulties, especially when it comes to long-term loans. But it is possible to finance your car by being disabled or otherwise in another situation. The challenge is to be able to knock on the right doors.
Auto loan for disabled person
The spectrum of disabilities of the disabled is often very wide. Covering a variety of situations (amputation, tetraplegia …), the adaptations necessary for the driving of a car are also of various orders. The cost of buying and fitting such a vehicle can vary from 5,000 to 100,000 $.
The search for financial help from the banks to face such an expense often results in a stalemate. The banker apprehends a certain uncertainty vis-à-vis the disabled. Without daring to say that the disability is “scary” to the bankers, it can be said that there is a poor judgment of the capacity of the disabled person to meet repayment deadlines.
To obtain the financing of one’s car while being handicapped, the best is therefore to go through parallel circuits of credits. This has the advantage of avoiding additional insurance costs. Many offers are available and adapted to the disabled.
The first step to take when planning to buy a car from a disability is a request for public assistance. It is a transport aid for medium-wheelchair development that runs as part of the Disability Compensation Benefit (PCH). You must contact the Departmental House of Disabled Persons (MDPH). Following a study of dossiers and in the light of two comparative estimates submitted, an aid of up to $ 5,000 may be granted.
If you have additional funds, you can subsequently call on the departmental disability compensation fund. Each department sets its own award criteria and the amount allocated varies from one department to another. The formalities are done at the level of the MDPH of your locality which will be in charge to submit your file to a commission of study.
The help available according to your professional situation
Who says disabled does not necessarily say unemployed. If you are employed in the public or in the private sector, several organizations can assist you in your personal car financing project.
The fund management association for the integration of people with disabilities supports disabled workers in the private sector, self-employed workers or those with a promise of employment. It can subsidize your project for a maximum amount of 10.000 $, either for the financing of the vehicle or for its development.
There is also a similar fund in the public service: the fund for the integration of persons with disabilities in the public service. The FIPHFP thus designated finances the development of a personal or professional vehicle up to a limit of 10,000 $. The employer makes the request for his agent in need according to the specifics of an occupational physician.
Loans for the disabled
The disability loan is introduced by some banks or social organizations such as CAF to respond to the various demands of people with disabilities. Whatever the condition of the person concerned, offers exist. The CAF loan for people with disabilities is zero-rated. The Family Allowance Fund also relies on those left behind by the system.
In addition, you can also apply for a MAIF loan to buy and build a car. The MAIF offers a disability development credit following financing solutions adapted to each situation of the disabled.
The hardest thing in terms of disability loans is to find credit insurance, the amount of which will not be as high as the loan itself. Only a few insurers offer interesting and fairly simple formulas, with personalized follow-up and quick response.