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Business auto loans: What they are & how to get one Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to assist you make smarter financial decisions by offering you interactive financial calculators and tools that provide quality and impartial content by allowing you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site come from companies that compensate us. This compensation could affect how and where products are displayed on this site, including for instance, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not include the entire universe of businesses or financial deals that might be available to you. Thomas Barwick/Getty Images
3 min read Published September 15, 2022
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Written by Bankrate Written by Bankrate. This article was written by using automated technology. It was then thoroughly verified and edited by an editor on our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-studied information that breaks down complex topics into manageable bites. Written by Mark Kantrowitz Reviewed by Nationally acknowledged expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships tax benefits for education as well as student loans. The Bankrate guarantee
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They ensure that what we write will ensure that our content is reliable, honest and reliable. The loans reporters and editors are focused on the things that consumers care about the most — the different types of lending options, the best rates, the best lenders, the best ways to pay off debt and more — so you can feel confident when making a decision about your investment. Integrity of the editing
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There are money-related questions. Bankrate has the answers. Our experts have been helping you master your money for over four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, which means that you can be sure that our content is truthful and precise. Our award-winning editors and reporters produce honest and reliable content that will help you make the right financial decisions. The content created by our editorial team is factual, accurate and uninfluenced by our advertisers. We’re honest about how we are able to bring quality content, competitive rates and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or when you click on specific links on our site. Therefore, this compensation may influence the manner, place and in what order items appear in listing categories in the event that they are not permitted by law. This is the case for our credit, mortgage, and other home loan products. Other factors, like our own rules for our website and whether or not a product is available in the area you reside in or is within your own personal credit score can also impact how and where products appear on this site. We strive to provide a wide range offers, Bankrate does not include details about every credit or financial item or product. If you’re looking to finance a vehicle for your company, then a business auto loan could be an ideal option. The loan is typically collateralized with the automobile, meaning that the lender may take possession of the vehicle in the event that they are unable to repay the loan is not paid back. Business auto loans are a great way to finance the purchase of a new or used vehicle as well as those that are modified for purpose for business. the loan conditions will differ based upon the lender. What is an auto business loan? A business is a loan that is used to fund an acquisition of a car for business use. Like a personal car loan the car purchased can be used as security. Some lenders may require that the vehicle is only used for business purposes, and many require that the borrower possess at least a certain credit scorewhether personal, business, or both. The loan can also be personally insured by the borrower meaning your personal possessions might be in danger in the event that they fail to repay the loan is not repaid. How do you get an auto loan for business loan To get a business loan first, you’ll need first do some planning. It’s then similar to obtaining a personal auto loan — though with some additional conditions. Create a budget: If you’re purchasing a new or used car you’ll need to determine the maximum amount you’re willing to pay on an annual basis. You should also determine the amount you’re willing to invest overall. Examine your credit report: Review your personal and business credit scores and reports to find and dispute mistakes. It could take up to thirty days to get a creditor to respond, so do it well in advance of the date you wish to purchase. If your credit score is enough and your credit report reasonably clean, you could qualify for a lower interest rate. Select a car: Consider your options to decide on what kind of vehicle you’ll be financing. Certain lenders will only lend on new cars for instance, while other lenders may place strict limits regarding the cars they loan. Be preapproved: Check with at least three to decide which will give you a business auto loan and what the terms are. Certain lenders might require that you provide documentation proving you own the company. The documentation you provide will need to provide your employer identification number or your Social Security number, business bank statements, business tax returns, the profit and loss statement along with cash flow statements and the balance sheet. You may also need to provide proving your creditworthiness and income. Where to get an auto loan for business loan When looking for auto loans for your small company, you have three main choices: banks, internet lenders, and alternative lenders. The traditional banks usually offer loans that have competitive interest rates as well as flexible payment termsHowever, they might have restrictions on mileage and the age of your vehicle. Business auto loan rates could fall below 3 percent if you’re getting funds through a bank. Bear in mind , the process can be lengthy and you’ll need to provide many documents. Online lenders While not as strict as bank lenders however, they generally require a good FICO credit rating from the business owner as well as having some restrictions on the types of vehicles that are able to be loaned. It is possible to get approved, and the interest rate ranges are often comparable to banks or credit union. Alternative lenders When you use alternatives lenders, you’ll typically find interest rates that start slightly higher. However, they usually have less limitations on mileage and age, and the process is faster. Other alternatives to corporate auto loans A commercial auto loan isn’t your only option, though. Here are three alternatives that can help you get the car your business needs. Small business loan If you require another type of cash flow, working capital small-business loan may be a better option. But often these come with greater fees and rates of interest that a conventional commercial auto loan. Personal loan: It’s not an ideal idea to use a to finance a company vehicle. These types of loans tend to be more costly than business-specific loan alternatives. Auto loan for consumers loan: If your vehicle is used more to be used for personal purposes, a consumer auto loan could be a better alternative. These can be easier to obtain, however you’re putting your credit at risk, instead of your company’s. Leasing: You may be in a position to lease a vehicle for your business rather than purchase it. It won’t be a capital asset that your company can claim, but there are ways to integrate costs into . It might also be less expensive in a month-to-month manner. The reason you shouldn’t make use of credit cards using a credit card, business or otherwise, isn’t a choice for the most part. High transaction fees make most dealerships unwilling to allow the use of credit cards. Credit cards are also expensive compared to a loan. Rates are higher, both because of the nature the product, and also because the vehicle does not function as security. The bottom line Whether you’re planning to finance a vehicle solely for business use or one that will also be used for personal reasons make sure you compare the various options available to you. With the business vehicle loan interest rates beginning at less than 3 percent for borrowers with solid credit scores it’s essential to make sure that you’re getting the best deal. Find out more
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Written by This article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally known experts on student aid Mark Kantrowitz is an expert on student financial aid and the FAFSA, scholarships, 529 plans as well as tax benefits for education and student loans.
Nationally acknowledged expert in student financial aid
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