Save cash and buy the vehicle with the cash. Why? You have bad credit scores and that will not be repaired quickly. Save 3/4 of the value of the vehicle and offer them a cash offer or use the cash asset to acquire a loan from a bank. Cheap money is no longer available. You will have to earn your assets.

The poor are driven to predator loan lenders. They charge high interest and have hidden fees. I think you should stay clear of the pitfall. Use cash.
Source(s):
Cash is king

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Heritage South Credit Union

If you are shopping for a car, why don’t you call them and get pre-approved for a loan or apply online at www.heritagesouth.org. Once you have found the car you want to purchase, you will need to go in and join the credit union. That requires two types of identification (one should be a photo ID), and a $5 deposit in your share account plus a non-refundable $1 membership fee. Once your membership is established, They will need to verify your credit history and employment before terms for the loan can be established.

Many lenders, like Heritage South, offer a “skip a payment” program that excuses a payment when you are in a situation such as yours and adds then adds the skipped payment to the end of the loan.

(931) 680-3900

(931) 680-3901 FAX

Main Office (Shelbyville)
763 North Main Street
Shelbyville, TN 37160

Mailing Address:
P.O. Box 1219
Shelbyville, TN 37162
Source(s):
http://www.lovemycreditunion.org/?gclid=CKOjoeD4tZoCFQa-sgodTSwtbw / Locator

https://www.heritagesouth.org/

https://www.consolidatedautosolutions.com

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I think that I might sit down and write up a business plan using some good business software. I would detail the cost of the van, the cost of the conversion and the estimated cost per mile of the business. Then I would decide how much I need to charge to cover those costs plus the other costs of doing business, plus a small salary for myself.
Once I had this, I would take my plan to some banks and present the plan. I think that you are a lot more likely to get a loan this way.
I would also go to the local Small Business Administration office and talk to them. They probably won't be able to get you a loan, but they may be able to direct you to local organizations that are making MICRO loans. You may not get enough money to cover the total cost of the van, the conversion and the startup costs, but you might use the commitment of a micro loan to get other sources to loan you the additional money that you need.

Update;
Check this site out;

http://www.opportunityfinance.net/industry/industry_locator.asp
Source(s):
http://www.opportunityfinance.net/industry/industry_locator.asp

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Save the money, it is worth it in the long run. Getting into loans you cannot afford to pay got us into this horrible economic crisis.

You could always make your band members pitch in as well! It is a tour bus after all. And how expensive can an old van be anyway?

Another good, and smart option, would be to get a sponsor for your van. Try finding out what local businesses could help you out in exchange for publicity. This could work out great for you, if you find the right sponsor!
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If you absolutely have to get a loan, then shop around for a pre-approved loan, just like aleghart said. Try your credit union/bank first.
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Try a credit Union instead of a bank. There usually much easier to deal with.
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You're best bet is to work with the seller privately. With a decent deposit they can extend a seller's note which is essentially a loan to you to be paid back on agreed terms.

Before running all over town - enquire with sellers first to see if they'd be willing to offer private financing (along with a decent cash deposit from you) - I'm sure with you may get lucky via a private seller or a smaller dealer to secure the vehicle.

I'd would however be careful about sharing your plans to covert it to a vegetable oil run engine though as changing up the engine will make any lender reticent to fund you. Mainly since the vehicle is different to when you purchased it and less useful if they need to repossess.

Good luck and great idea to convert the engine. Go green - yeah! French fries always smell better than diesel exhaust anyhow!
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Try a hard money lender, they may charge you points, but you dont need good credit. Also research charity's or organizations that deal with the environment because it sound like you are trying to do something to help the planet and that would be a good cause for them to donate or give you money for a vehicle to you.
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