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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 better financial choices by offering you interactive tools and financial calculators that provide quality and impartial content by enabling users to conduct research and compare data for no cost – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity, and other home loan products. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not cover the universe of companies or financial deals that might be available 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 using automation technology and thoroughly edited and fact-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 the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-researched and well-informed information that breaks down complicated subjects into bite-sized pieces. Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on student financial aid as well as the FAFSA, 529 plans, scholarships education tax benefits and student loans. The Bankrate promise

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who ensure everything we publish is objective, accurate and reliable. Our loans reporter and editor focus on the points consumers care about most — the various types of loans available, the best rates, the most reliable lenders, how to pay off debt and much more. So you’ll feel safe making a decision about your investment. Integrity of the editing

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If you have questions about money. Bankrate has answers. Our experts have helped you understand your finances for more than four decades. We strive to continuously give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our information is trustworthy and precise. Our award-winning editors and reporters produce honest and reliable content to help you make the right financial decisions. Our content produced by our editorial staff is objective, factual and uninfluenced through our sponsors. We’re honest about the ways we’re in a position to provide quality information, competitive rates and useful tools for our customers by explaining how we earn money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories, except where prohibited 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 within your region or within your self-selected credit score range could also affect how and where products appear on this website. We strive to provide an array of offers, Bankrate does not include specific information on every credit or financial products or services. If you’re in the market to finance a vehicle to your business, an auto loan might be a great alternative. The loan is usually secured by the vehicle, which means that the lender could take over 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 new or used car — including those modified for your business purposes — and the loan terms will vary depending upon the lender. What is a business auto loan? A business auto loan is an loan that is used to finance the purchase of a car for business purposes. Like a personal car loan the car purchased can be secured. Some lenders may require that the vehicle is only used for business-related purposes, and many require that the borrower have a minimum credit score — business, personal or both. The loan may also be personally secured by the borrower this means that the borrower’s personal assets might be in danger if it is not paid back. loan is not repaid. 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 like getting a personal auto loan — though with some additional requirements. Set a budget: Whether you’re buying a new or used car it is necessary to determine the maximum amount 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 business and personal credit scores and reports to identify and rectify any errors. It can take up to 30 days for a 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 good enough and your credit report fairly clean, you could be eligible for a lower interest rate. Choose a vehicle: Compare your options to decide on the type of vehicle you’re planning to finance. Some lenders only lend on new cars, for example, while other lenders may place strict limits on the used cars they loan. Be preapproved: Check with at least three lenders to determine which is willing to provide you with an auto for business loan as well as what their terms are. Some lenders might require you show proof that you own the company. The documentation you provide will need to provide the employer’s identification, or social Security number, bank statements, business tax returns, the profit and loss statement as well as cash flow statements, and an account balance sheet. You might also have to prove your creditworthiness and income. Where can you obtain an auto loan for business loan When shopping for auto loans for your small-scale company, there are three choices: banks, internet lenders, and alternative lenders. Traditional banks Traditional banks typically provide loans that have low rates and flexible repayment termsHowever, they might be restricted on mileage or the vehicle’s age. Business auto loan rates could fall lower than 3 percent when getting funds through a bank. Keep in mind that the process could be long and you’ll have to submit many documents. Although they aren’t as strict as bank lenders, online lenders generally still require a minimum FICO credit score for the business owner, and may have some limitations on the vehicles that can be loaned. You may find it easier to get approved, and the rates of interest are typically comparable to banks or credit union. Alternative lenders When you choose to use alternative lenders, you’ll typically notice interest rates begin slightly higher. But there are usually looser limitations on mileage and age, and the process is much quicker. Alternatives to business auto loans A company auto loan isn’t your only option, though. There are three options that can help you get the car your business needs. Small business loan If you are in need of another type of working capital, a small-business loan may be the best option. However, they usually come with higher fees and interest rates than a traditional business auto loan. Personal loan is not recommended to borrow money to finance a vehicle for business. These kinds of loans tend to be more costly than business-specific loan alternatives. Consumer auto loan: If your vehicle is used for personal use then a consumer auto loan could be a better choice. They can be more easy to obtain, however you’re putting your credit at risk, not your business’s. Leasing: You may be allowed to lease a car for your company instead of purchase it. The car will not be an asset your business can claim, but it is possible to integrate costs into . It could also be less expensive on a monthly basis. What are the reasons not to use credit cards. using a credit card, business or otherwise isn’t the best option in the majority of cases. The high transaction costs make many retailers reluctant to let credit cards. Credit cards are also very expensive in comparison to loans. loan. They are more expensive, both due to the nature of the product as well as because the vehicle doesn’t act as security. It’s all about the bottom line, whether you’re seeking to purchase a car for business use or one that can also be used for personal purposes make sure you compare the various options available to you. With business auto loan interest rates starting under 3 percent for those with strong credit it’s essential to make sure you’re getting the best price. Find out more


The article was written by generated using automation technology that was then thoroughly edited and checked by an editor on our editorial team. Editor: 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 take control of their finances by providing precise, well-studied information that breaks down complex subjects into bite-sized pieces.

Auto loans editor

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

Nationally anerkannt student financial aid expert

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