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Old 01-11-2018, 11:09 PM   #1
Mini-Skoolie
 
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Typical Process for Titles and Insurance?

I am thinking about getting a loan to buy my bus versus paying out of pocket.

I have never bought a used car before so I am not sure about getting a loan using the title as collateral for the bus since it appears I need to transfer the title to RV from school bus.

Why do I need to do that? Do I have to do it as soon as I buy it?

Will a bank finance me for a school bus OR let me change the title once I have made the purchase? Not a personal loan, one where they need my title to approve the loan. My credit isn't stellar...

And how does any of that affect insurance or I guess even my DL?


Thanks!
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Old 01-11-2018, 11:14 PM   #2
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I don't think you can register or title it as an RV unless it is one. In Illinois, 4 out of these 6 have to be met.

In Illinois (and every state is different), there is a list of requirements that you must have to be considered an RV:
Cooking appliance with onboard fuel source
Gas or electric fridge
Toilet with exterior evac
Heat/AC with power other than engine
Potable (drinkable) water supply
110v power supply


Read more about it here:
Getting Legal: Registering a School Bus as an RV | Our Wandering Family

My insurance, State Farm, will not insure a school bus, but referred me to a company that will ( haven't checked rates yet. As soon as the bus meets the RV requirements State Farm will then insure it depending on the features and value.

I don't know if your bank will issue you an automotive loan for a bus, but you should be able to get a personal loan with it as collateral.

In some states you are required to have a CDL in order to operate a "school bus" on the roads. Once it is converted to an RV your regular drivers license is sufficient.
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Old 01-11-2018, 11:19 PM   #3
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I got a signature line of credit from our local Credit Union.

Don't then have to worry about a "bus-loan", nor the lien and insistence on full-coverage insurance which would be expensive.
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Old 01-11-2018, 11:25 PM   #4
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I got a signature line of credit from our local Credit Union.

Don't then have to worry about a "bus-loan", nor the lien and insistence on full-coverage insurance which would be expensive.
Good point on the insurance on a financed vehicle. Also I doubt the bank would loan you build money with a $3500 bus as collateral. Personal loan or line of credit would be best.
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Old 01-12-2018, 09:09 AM   #5
Mini-Skoolie
 
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Ok so is this the process basically:

1. Buy a commercial school bus
2. Get commerical school bus insurance to drive bus short term
3. Renovate bus
4. Get RV Insurance
5. Transfer to RV title
6. Roll on


I live in and will be buying in Florida, anyone have any specific threats I need to deal with here?
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Old 01-12-2018, 09:16 AM   #6
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Quote:
Originally Posted by PNWorBUST72 View Post
Ok so is this the process basically:

1. Buy a commercial school bus
2. Get commerical school bus insurance to drive bus short term
3. Renovate bus
4. Get RV Insurance
5. Transfer to RV title
6. Roll on


I live in and will be buying in Florida, anyone have any specific threats I need to deal with here?
Get commercial insurance for personal use.
You can change the title to "MH" by simply giving them a signed paper saying its an RV when you title and register it. No need to make two trips to the tag office.
I'm in FL, let me know if you have any questions. I've titled and tagged 4 buses now.
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Old 01-12-2018, 09:20 AM   #7
Mini-Skoolie
 
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Any suggestions for commercial insurance here and maybe a rough idea of cost?

FLA doesnt need me to prove any of those listed "items" to show its an RV?
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Old 01-12-2018, 09:24 AM   #8
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Any suggestions for commercial insurance here and maybe a rough idea of cost?

FLA doesnt need me to prove any of those listed "items" to show its an RV?
Nope. You just give them a sheet of paper that you've signed saying its got 110v power, a toilet, and a bed.
There's no inspection. don't even drive the bus there it will just be a pain to park!
I'm 38 with no tickets or citations, no claims, no accidents in years. I pay roughly $700 a year for a commercial policy with a lot of coverage.
Find a LOCAL brick and mortar Progressive agent and they should be able to set you right up.

DO NOT MENTION "CONVERSION" TO THE INSURANCE FOLKS.
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Old 01-12-2018, 10:08 AM   #9
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Do I need a CDL to drive it if it's not converted?
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Old 01-12-2018, 10:35 AM   #10
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Do I need a CDL to drive it if it's not converted?
No.
Just take out the seats and title it as "MH". But get insurance first.
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