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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 aim is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing authentic and objective content by enabling users to conduct research and compare data for no cost 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 Make Money The deals that are advertised on this site come from companies who pay us. This compensation can affect the way and where products are displayed on this website, for example, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our loans, mortgages,, and other home lending products. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial offers that may be open to you. Thomas Barwick/Getty Images

3 min read Published 15th September, 2022

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Written by Bankrate Written by This article was generated with the help of automation technology, and then edited and fact-checked by an editor from our editorial staff. Written 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 confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally recognized expert in student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as 529 plans, scholarships educational tax benefits, as well as student loans. The Bankrate promises

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who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. Our loans reporter and editor concentrate on the areas that consumers are concerned about the most — different types of lending options, the best rates, the most reliable lenders, ways to repay debt, and many more. This means you can feel confident when investing your money. Editorial integrity

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If you have questions about money. Bankrate has answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the best financial decisions. The content created by our editorial team is factual, accurate and is not influenced through our sponsors. We’re honest about the ways we’re in a position to provide quality content, competitive rates, and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or when you click on specific links on our site. So, this compensation can impact how, where and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our loan products, such as mortgages and home equity, and other products for home loans. Other factors, like our own proprietary website rules and whether the product is available in your area or at your personal credit score may also influence the way and place products are listed on this site. We strive to provide an array of offers, Bankrate does not include information about each credit or financial products or services. If you’re looking to finance a vehicle to your business, a business auto loan could be an ideal alternative. The loan is typically collateralized through the car, which implies that the lender may take possession of the vehicle in the event that it is damaged if the loan is not repaid. Business auto loans are a great way in order to fund the purchase of new or used vehicle — including those modified for your needs as a business — and the loan conditions can differ based on the lender. What is a business auto loan? A business auto loan is a loan that can be used to finance the purchase of a vehicle for business purposes. Just like a personal auto loan the car that is purchased is utilized as security. Some lenders may require that the vehicle is used solely for business use as well as requiring that the applicant must have at least a certain credit scorewhether personal, business, or both. The loan may also be personally guaranteed by the borrower, meaning that the borrower’s personal assets could be at risk should it is not paid back. loan is not paid back. How to get an auto loan for business loan To get a business loan, you’ll need to first make some preparations. It’s then similar to getting an individual auto loan however with some additional requirements. Set a budget: Whether you’re purchasing a new or used car it is necessary to determine the maximum amount you can afford to spend on an annual basis. Determine how much you’re willing to invest overall. Examine your credit report: Review your personal and business ratings and credit reports in order to spot and dispute mistakes. It can take as long as 30 days for a lender to respond, so do it prior to the time you plan to purchase. If your credit score is enough and your credit report relatively clean, you may qualify for a lower interest rate. Select a car: Consider your options to determine the kind of car you’ll be financing. Some lenders may only finance new vehicles like this, but other lenders may place strict limits on the used cars they loan. Be preapproved: Check with at least three lenders to decide which will provide you with an auto for business loan as well as what their terms are. Some lenders may require that you provide documentation proving you are the owner of the business. Provide documentation: You will be required to supply the employer’s identification or Social Security number, business bank statements, tax returns, a profit and loss statement as well as cash flow statements, and a balance sheet. You might also have to show proof of your creditworthiness and income. Where to get an auto loan for business loan If you are looking for auto loans for your small-scale business, you have three primary options: banks, online lenders, and alternative lenders. The traditional banks typically provide loans with competitive rates and flexible repayment terms — however, they may limit mileage and the age of your vehicle. Business auto loan interest rates can fall below 3 percent if you’re accessing funding via the bank. Be aware that the process could be long and requires many documents. Online lenders While not as stringent as bank lenders However, they do require a good FICO credit score for the business owner, and may have some restrictions on vehicles that can be financed. It is possible to qualify, and the rates are usually comparable to a bank or credit union. Alternative lenders When you choose to use alternatives lenders, you’ll generally see interest rates start a little higher. But there are usually looser limits on mileage and age and the process can be significantly faster. Other alternatives to corporate auto loans The option of a commercial auto loan isn’t the only choice but it is a viable option. Three options can help you get the vehicle your business requires. Small business loan If you require another type of cash flow, working capital small business loan could be the best option. However, these loans typically have more fees and higher interest rates as compared to a traditional car loan. Personal loan isn’t an ideal idea to use a to finance a company vehicle. These kinds of loans are typically more expensive than business-specific loan options. Auto loan for consumers loan If the car is used more for personal use, an auto consumer loan might be a more suitable option. They are easier to get, but you’re putting your credit at risk, not your business’s. Leasing: You may be in a position to lease a vehicle for your company rather than purchasing it. It won’t be an asset that your business can claim, however, you can incorporate it into the costs of your . It could be less costly on a monthly basis. The reason you shouldn’t make use of credit cards. Using a credit card, for business or otherwise isn’t an option for the most part. A high cost for transactions makes dealerships unwilling to allow them. Credit cards can also be expensive when compared to loans. loan. They are more expensive, both because of the nature of the product and because the vehicle does not function as security. The bottom line Whether you’re looking to finance a vehicle solely for business use or be used for personal purposes, take time to compare the various options available to you. With business auto loan interest rates beginning at less than 3 percent for borrowers with solid credit scores It’s important to ensure you get the best deal. Find out 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized experts on student aid Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships educational tax benefits, as well as student loans.

Nationally anerkannt student financial aid expert

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