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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 goal is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide quality and impartial content by enabling you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example such things as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial deals that might be accessible to you. Thomas Barwick/Getty Images
3 min read published 15 September 2022
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Written by Bankrate Bankrate. This article was written 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 late 2021. They are passionate about helping readers gain confidence to take control of their finances. They provide clear, well-researched information that breaks down otherwise complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally recognized expert in student financial aid Mark Kantrowitz is an expert on student financial aid including the FAFSA and 529 plans, scholarships, tax benefits for education and student loans. The Bankrate promise
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This compensation could impact how, where and when products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other elements, like our own rules for our website and whether the product is available in the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial item or product. If you’re planning to finance a car for your business, an auto loan could be an ideal alternative. The loan is typically collateralized through the car, which means that the lender can the vehicle if the loan is not paid back. Business auto loans are a great way in order to fund the purchase of brand new or used vehicle — as well as those that are modified for needs as a business — and the loan conditions can differ based on the lender. What is a business auto loan? A business is an loan which can be used to fund the purchase of a vehicle for business purposes. Similar to a personal auto loan, the vehicle bought can be used as security. Some lenders may require that the vehicle be used exclusively for business-related purposes and some require the buyer have an acceptable credit score- business, personal or both. The loan can also be personally guaranteed by the borrower, this means your personal possessions could be in danger should they fail to repay the loan is not repaid. How to get an auto loan for business loan To get a business loan it is necessary to first plan. It’s then similar to obtaining a personal auto loan however with some additional specifications. Make a budget: Whether you’re purchasing a brand new or used vehicle, you will need to decide on the most you can afford to spend on the basis of a monthly basis. Determine how much you’re willing spend in total. Recheck your credit score: Examine your personal and business score and report to find and dispute mistakes. It could take up to 30 days for the creditor to respond, so be sure to do it in advance of when you want to buy. If you have a credit score that is high enough and your credit report is reasonably clean, you could be eligible for a lower rate. Choose a vehicle: Compare your options to determine the kind of car you’re planning to finance. Some lenders may only lend on new cars like this, but others might have strict restrictions on the used cars they loan. Be preapproved: Check with at minimum three lenders to find out which one is willing to provide you with an auto for business loan as well as what their terms. Certain lenders might require that you show proof that you own the business. The documentation you provide will need to provide your employer identification number or your Social Security number, your business bank statements, tax returns, the profit and loss statement along with cash flow statements and an account balance sheet. You may also need to provide proving your creditworthiness and income. Where to get an auto loan for business loan When shopping for auto loans for your small company, there are three primary choices: banks, online lenders and alternative lenders. The traditional banks typically offer loans that have low interest rates as well as flexible payment terms- however, they may be restricted on mileage or the vehicle’s age. Business auto loan interest rates can fall to less than 3 percent if getting funds via the bank. Bear in mind , the process can be lengthy and requires lots of documentation. Although they aren’t as strict as bank lenders However, they do require a good FICO rating for business owners and could have restrictions on the types of vehicles that are able to be loaned. It may be easier to get approved, and the rates of interest are typically similar to those of a bank or credit union. Alternative lenders With other lenders you’ll generally notice interest rates begin slightly higher. But there are usually looser limits on mileage and age, and the process is faster. Alternatives to business auto loans Going with a business auto loan isn’t the only option but it is a viable option. Three options can help you get the car your business needs. Small business loan If you are in need of an alternative source of cash flow, working capital may be the best option. However, they usually come with greater fees and rates of interest than a traditional car loan. Personal loan: It’s not an ideal idea to use a to finance a vehicle for business. These types of loans are usually more costly than specific business loan options. Consumer auto loan: If your vehicle is used to be used for personal purposes then a consumer auto loan could be a better choice. These can be easier to obtain, however you’re putting your credit at risk, rather than your business’s. Lease: You might be in a position to lease a vehicle for your company rather than purchase it. It won’t be an asset that your business can claim, however, it is possible to include it into the costs of your . It may be less costly on a month-to-month basis. What are the reasons not to use credit cards. using a credit card, for business or otherwise, isn’t a choice generally. A high cost for transactions makes dealerships unwilling to allow the use of credit cards. Credit cards are also expensive in comparison to a loan. They are more expensive, both due to the nature of the product and since the vehicle isn’t acting as security. It’s all about the bottom line, whether you’re seeking to finance a car solely for your business or one that can also be used for personal reasons, take time to compare the different options you have. With the business automobile loan interest rates that start at 3 percent for those who have good credit scores, it’s worth making sure that you’re getting the best deal. Learn more
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Written by This article was generated using automation technology that was then thoroughly edited and checked 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 committed to helping readers gain confidence to take control of their finances through providing clear, well-researched information that dissects complex topics into manageable bites.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged experts on student aid Mark Kantrowitz is an expert on student financial aid including the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.
Nationally recognized student financial aid expert
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