At VCI Mobility, we understand that buying an accessible vehicle is a large financial commitment. We also understand that you may have many questions and concerns as you work to balance your need for a wheelchair van with the ability to afford the purchase.
Fortunately, this is where the Pennsylvania Assistive Technology Foundation (PATF) can help. The PATF is an organization that provides people with disabilities, as well as older Pennsylvanians, with low-interest financing for assistive technology.
The PATF works to help people understand the various accessible adaptations that can be made to a vehicle. By understanding their options, people are better able to ensure themselves the best mobility solution for their unique situation. In addition, the PATF advises their loan applicants about other possible funding resources, so that the overall loan amount is as low as possible. The PATF also offers detailed financial education, so that loan applicants can avoid defaulting on their loans and consequently, losing their vehicle.
The partnership between the PATF and VCI Mobility is a perfect combination of mobility and financial knowledge coming together to help consumers feel certain that they are making the best decision.
With over 30 years of experience, VCI can help you to determine the best mobility solutions for your specific needs. The PATF can then work with you to find the resources to pay for your vehicle.
Relationships Matter
“Relationships matter,” Susan Tachau, executive director of the PATF, explains while discussing the process of approving loans.
In fact, the PATF has had such great success in helping consumers make wise financial decisions that their overall default rate is under 2%, far lower than a traditional lending institution’s. In response, the PATF has many repeat borrowers – people who return to the PATF for a loan when purchasing another vehicle.
The PATF understands that there is a personal story behind every loan request for assistive technology and that story can sometimes bring complications.
– Gretchen Schubert, senior program manager for the PATF.
Here’s How the PATF Loan Program Works
- Approved borrowers receive an interest rate of 4%.
- Applicants who meet traditional credit standards can borrow up to $60,000.
- Borrowers who have had credit issues (poor credit/no credit) but have the ability to repay a loan (as determined by the PATF Board of Directors) may borrow up to $25,000. These loans are guaranteed by the PATF.
- The repayment terms on all PATF loans are based on the useful life of the device. For example, a new vehicle can have a 7-year repayment term. A previously owned vehicle that has fewer than 50,000 miles on it and is no more than 5 years old, can have a 6-year repayment term.
The PATF Does Mini-Loans, Too!
The PATF also has a mini-loan program that loans money in increments from $100 to $1,000 at a 0% interest rate. As with the low-interest loan program, people with disabilities and older Pennsylvanians of all income levels can apply for these loans. The mini-loan program is often used to help pay for hand controls, adaptive vehicle seating, wheelchair or scooter lifts, co-pays for Medicare, or even a repair on modified vehicle equipment.
The advantage of the PATF mini-loan program is that instead of putting the purchase on your credit card, where the nationwide APR rate is currently 14.5%, you can repay the loan at 0% interest for as little as $20 a month.*
Although 80% of the loans granted by the PATF go towards financing vehicles, they also give loans for other types of adaptive technology including (but not limited to) home modifications, scooters and wheelchairs, seat lift chairs, and hearing aids.
If you are interested in finding out more information about the PATF and their loan programs, please visit their website or call 1-888-744-1938.
* For complete details/possible exclusions, please contact a PATF representative.