converted van?

[Creditdummy123]

Hey guys, not sure if this post is in the correct place....

I am looking to buy a converted van. A Ford Transit 350 that was converted from a 15 passenger van to a house on wheels pretty much. I am looking to buy it from a private owner, that bought it as a passenger van and converted it himself. He is still paying his loan off... obviously he is now going to ask a lot more for it. What type of loan am i looking for? a regular used car loan a recreational vehicle loan? will anyone even approve this type of loan since there is no way of knowing the market value. Any help will be greatly appreciated. Thanks!

[Loquat]

@Creditdummy123 Most lenders won't care what the previous owner has done to the vehicle. You will want to obtain financing as a used vehicle because the lender will treat the vehicle as it was presented on the manufacturers statement of origin.

So if it was born a Ford Transit 350 and the VIN comes back to a Ford Transit 350, the lender is going to lend against it as a Ford Transit 350 even if the current owner installs a swimming pool, a fireplace, and chimney.

[Creditdummy123]

You were correct! Ended up getting a loan for a used van, because it was still registered as such with DMV. There is a way to change it (which I am planning on doing) by submitting some forms to the DMV. There are some requirements like bed, kitchen, water. The advantage of doing that is you can save over half the cost in insurance and if I sell it, the next person can get a longer loan for a recreational vehicle like a boat or rv. Is the difference between a 3-7 year car loan Vs 7-15 year recreational loan at a lower interest rate.