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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 choices by offering you interactive tools and financial calculators that provide quality and impartial content by enabling users to conduct research and analyze information for free — so that you can 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 Money The products that appear on this site are from companies who pay us. This compensation can affect the way and where products are displayed on this site, including such things as the order 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 home lending products. This compensation, however, does affect the content we publish or the reviews you see on this site. We do not include the vast array of companies or financial offers that may be open to you. Thomas Barwick/Getty Images

3 min read published 15 September 2022

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Written by Bankrate Written by This article was generated by using automated technology. It was then thoroughly edited and fact-checked by an editor from our editorial staff. 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 confidence to manage their finances. They provide precise, well-studied facts that break down complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally acknowledged expert on student financial aid Mark Kantrowitz is an expert on student financial aid as well as the FAFSA, scholarships, 529 plans, tax benefits for education along with student loans. The Bankrate promises

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who ensure everything we publish will ensure that our content is reliable, honest and reliable. We have loans reporters and editors are focused on the areas that consumers are concerned about the most — various types of loans available and the most competitive rates, the top lenders, ways to repay debt, and more — so you can feel confident when making a decision about your investment. Integrity of the editing

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You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide our readers with the professional guidance and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial choices. Our content produced by our editorial staff is objective, factual and uninfluenced from our advertising. We’re transparent regarding how we’re in a position to provide quality information, competitive rates and useful tools for our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products andservices or through you clicking certain hyperlinks on our website. So, this compensation can impact how, where and in what order items appear within listing categories, except where prohibited by law. We also offer credit, mortgage and other home lending products. Other factors, like our own rules for our website and whether the product is available within your area or at your personal credit score could also affect the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial products or services. If you’re planning to finance a vehicle to your business, a business auto loan may be a good option. The loan is typically collateralized with the automobile, meaning that the lender can the vehicle if they are unable to repay the loan is not paid back. Business auto loans can be used to finance the purchase of a brand new or used car — even those that have been modified for purpose for business. the loan terms will vary depending on the lender. What is a business auto loan? A business loan is an loan that can be used to fund the purchase of a vehicle for business purposes. Like a personal car loan the car purchased can be utilized as security. Some lenders may require that the vehicle be used exclusively for business use as well as requiring that the buyer possess an acceptable credit scorewhether personal, business, or both. The loan can also be personally guaranteed by the borrower, this means that the borrower’s personal assets may be at risk if it is not paid back. loan is not repaid. How do you get a business auto loan For a business loan it is necessary to first plan. It’s then similar to obtaining personal auto loan — though there are a few additional requirements. Create a budget: If you’re buying a new or used vehicle you’ll need to decide on the most you’re able to afford on a monthly basis. You should also determine the amount you’re willing to spend overall. Review your credit: Check your personal and business credit scores and reports to spot and rectify any errors. It can take as long as 30 days for a creditor to reply, so make sure you do it well in advance of when you want to buy. If you have a credit score that is high enough and your credit report fairly clean, you could be eligible for a lower rate. Choose a vehicle: Compare your options to choose the kind of car you plan to finance. Some lenders may only lend on new cars for instance, while others may have tight restrictions on the used cars they loan. Be preapproved: Check with at minimum three lenders to decide which will give you a business auto loan along with what its terms are. Some lenders may require that you provide documentation proving you are the owner of the business. The documentation you provide will be required to supply an employer ID number, or social Security number, your business bank statements, tax returns along with statements of profit and loss as well as cash flow statements, and an account balance sheet. It is also possible to prove your income and creditworthiness as well as your personal assets. How do you get an auto business loan When shopping for auto loans to help your small company, you have three primary choices: banks, internet lenders and alternative lenders. The traditional banks usually offer loans that have competitive rates and flexible repayment termsbut they could be restricted on mileage or the age of your vehicle. Auto loans for business loan rates could fall below 3 percent if you’re accessing funding via banks. Keep in mind that the process could be long and you’ll need to provide lots of documentation. Online lenders While not as strict as bank lenders However, they do require at least a good FICO credit rating from business owners, and may have some restrictions on the types of vehicles that are able to be loaned. It may be easier to get approved, and the interest rate ranges are often similar to those of a bank or credit union. Alternative lenders When you choose to use other lenders you’ll generally notice interest rates begin at a bit higher. However, they usually have less restrictions on age and mileage and the process can be much quicker. Options for business car loans A business auto loan isn’t your only option however. Here are three alternatives that will help you obtain the vehicle your business requires. Small business loan: If you need additional cash flow, working capital small business loan could be a better choice. But often these come with higher fees and interest rates than a traditional business auto loan. Personal loan is 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. Consumer auto loan If the car will be driven more for personal use and not for business, then an auto consumer loan could be a better alternative. These can be easier to obtain, however you’re placing your personal credit on the line, instead of your company’s. Lease: You might be able to lease a car for your company rather than purchasing it. The car will not be an asset that your business can claim, however, there are ways to incorporate costs into . It may be less costly in a month-to-month manner. Why you shouldn’t use credit cards making use of a credit card for business or otherwise, isn’t a choice for the most part. A high cost for transactions makes dealers reluctant to accept credit cards. Credit cards can also be expensive when compared to the cost of a loan. The rates are higher due to the nature of the product as well as because the vehicle does not function as security. The bottom line Whether you’re seeking to purchase a car for business use or one that will also be used for personal purposes be sure to look over the different options you have. With business automobile loan interest rates starting under 3 percent for those who have good credit scores It’s important to ensure that you’re getting the best deal. Find out more

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The article was written by created using automated technology and thoroughly edited and fact-checked by an editor from our editorial staff. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-studied information that breaks down complex subjects into bite-sized pieces.

Auto loans editor

Reviewed by Mark K. Kantrowitz Reviewed by Nationally known student financial aid expert Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as scholarships, 529 plans educational tax benefits, along with student loans.

Nationally anerkannt student financial aid expert

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