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Old 03-06-2012, 09:22 AM   #1
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New on the forum, Have a question

I have been looking to purchase a bus to convert for a while. I have found a bus that is already converted that I am interested in. Any ideas on how to place a value on it to approach my credit union for a loan? They are easy to work with, but I have always had the NADA value of the vehicle for them to base the value of the vehicle on. Hard to do that with a bus conversion.

Thanks in advance for your help.
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Old 03-07-2012, 06:29 AM   #2
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Re: New on the forum, Have a question

Depending on the interest rate, you may consider getting a "line of credit" or a personal loan instead of a vehicle loan. Trying to reliably value a vehicle like a bus is difficult. On the other hand, since it is converted, you may wish to take a bunch of photos of the interior and exterior, focusing on items like the kitchen, bathroom, and sleeping areas to prove it is an RV. Then ask for the selling price.

Either way, good luck!
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Old 03-07-2012, 07:44 AM   #3
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Re: New on the forum, Have a question

Quote:
Originally Posted by jvhooser
I have been looking to purchase a bus to convert for a while. I have found a bus that is already converted that I am interested in. Any ideas on how to place a value on it to approach my credit union for a loan? They are easy to work with, but I have always had the NADA value of the vehicle for them to base the value of the vehicle on. Hard to do that with a bus conversion.

Thanks in advance for your help.
They are worth what you'll pay...

I am alittle confused by your question

How much is the bus?



scrap rate at about $11 a hundred means the bus is worth about $1800

does it run?adds more$
Good Tranny?adds more$

new stove,fridge and water heater say$1000

removing all the seats is worth a few hundred

vynal flooring?say $300


see how this works?Go through the bus and add up everything that has been done to it and then depreciate it alittle

You can quickly see how a "value" is dependant one way to many things

Minus the cash you have;that would be the amount you need to come up with?

So if it's 5000 and you have 3000 then you need to borrow 2000

get a personal loan if you really want to go that route...I would recommend only buying a toy with cash

no need to go in debt for a toy

good luck
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Old 03-07-2012, 09:12 AM   #4
Mini-Skoolie
 
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Re: New on the forum, Have a question

Thanks for the advice.

A little about the bus, It is a 1997 Thomas pusher with a Cummins 5.9 replaced 8000 miles ago along with a new Allison transmission. The conversion is complete with roof raised a foot, plumbing electric, holding tanks, heat, AC, etc. The seller is asking $15,000 which I realize is too much, but negotiations have not begun.

I have $4500 and ws waiting on the local bus disctict to sell a couple of buses at the end of the school year.

My question is how do I value the bus to borrow the difference. A personal loan is a great idea, and I will look into that with the Credit Union.

Open for more suggestions.
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Old 03-07-2012, 11:11 AM   #5
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Re: New on the forum, Have a question

You can always pay for a certified collector car apraiser. They are all over the united states, and what ever they come up with in writing, is something the credit union would probably accept.
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Old 03-07-2012, 08:12 PM   #6
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Re: New on the forum, Have a question

Thanks again for the suggetions. It will be this weekend before I can go to see the bus. I hate it when work gets in the way of something important.
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