Did you know auto loans can have a 30-Day Rate Lock Guarantee1? Empowerment Funds is making it easier for businesses to get the vehicles they need. With APR rates starting at 6.04%1, we help turn your business dreams into reality.
Our loan application is simple and fast. We approve loans from $10,000 to $250,000, with terms up to 75 months1. Plus, Preferred Rewards for Business members get an interest rate discount of up to 0.50%1. There’s no loan documentation fee, but title and state fees might apply1.
Ready to elevate your business? Call us at 833-902-6430 or visit us online to get funded today. Empowerment Funds – where dreams meet opportunity.
Key Takeaways
- Auto loans with a 30-Day Rate Lock Guarantee
- APR rates as low as 6.04% on business auto loans
- Loan amounts from $10,000 to $250,000 with flexible terms
- Interest rate discounts for Preferred Rewards for Business members
- Quick approval process with no loan documentation fee
Understanding Business Auto Loans
Exploring business auto loans can boost your company’s growth. These loans help businesses get the vehicles they need to run well. Empowerment Funds has many loan options for different business needs.
What is a Business Auto Loan?
A business auto loan lets companies buy or lease vehicles for work. These loans are made for businesses, helping them get fleet vehicle loans, small business car loans, and equipment financing2.
Types of Business Auto Loans
There are many types of business auto loans, each with its own benefits. Term loans give a big sum for buying vehicles. Lines of credit let businesses get funds as needed for managing fleets. Leases let businesses use vehicles without owning them3.
Key Features to Consider
- Loan amounts from $10,000 to $500,0002
- Interest rates start at 6.79%2
- Repayment terms up to 72 months2
- Potential discounts and incentives for eligible businesses2
- Flexibility in collateral requirements and personal guarantees3
By looking at these features, businesses can find the best loan for their needs4.
“We know how important the right vehicles are for your business. That’s why we offer custom auto loan solutions. They help you get the equipment you need without hurting your cash flow.”
Preparing for Your Loan Application
Getting ready for a business auto loan is essential. Start by collecting your company’s financial statements, tax returns, and vehicle5 info. This shows lenders your financial health and how you plan to use the loan6.
Assess Your Business’s Financial Health
Look closely at your business’s financial health. Check your credit score, revenue, and how long you’ve been in business. Most lenders want at least 24 months in business and $100,000 in annual revenue6.
But, some lenders, like National Funding, might accept businesses with just 6 months of operation and a credit score of 6006. Make sure the vehicle you pick meets the lender’s age and mileage rules too.
| Key Financial Factors | Minimum Requirements | Flexible Options |
|---|---|---|
| Time in Business | 24 months | 6 months |
| Annual Revenue | $100,000 | Not specified |
| Credit Score | Not specified | 600 |
By getting your financial documents in order and knowing your business’s current state, you boost your chances of getting a good business auto loan56.
“Preparation is the key to success when applying for a business auto loan. Gather your financial records, assess your company’s health, and you’ll be well on your way to driving your business forward.”
The Application Process Explained
Getting a simple business auto loan application or business vehicle financing is easy. At Empowerment Funds, we’ve made the process simple for businesses like yours7.
Step-by-Step Guide to Applying
The first step is to fill out an online form or visit a branch. You’ll need to give details about your business, how much you need, and the vehicle you want7. Some lenders, like Balboa Capital, can approve you in just one hour during business hours7.
- Submit your business and vehicle details
- Provide financial documents like tax returns and bank statements
- Allow a credit check and review the loan terms
- Sign the paperwork and get your funding
Common Application Mistakes to Avoid
To avoid problems, don’t underestimate your financial needs or apply to many lenders at once7. Also, make sure to give all the information needed7. Be ready to talk about your business and how the vehicle will help it grow7.
“Empowerment Funds made the business auto loan application process simple and straightforward. Their team was helpful and responsive, guiding me through every step. I’m now driving my business forward with the perfect commercial vehicle.”
Ready to start? Visit our website or call us at 833-902-6430. Begin your simple business auto loan application and get the financing your company needs78.
Evaluating Loan Terms and Options
Getting the right business auto loan means looking at interest rates and loan length. Interest rates change based on your credit and the lender’s rules. For example, Wells Fargo offers loans from one to seven years9. Balboa Capital has rates starting at 9% to 10% and terms up to five years9.
Other lenders like Currency Finance and Crest Capital offer rates as low as 6% and 5% respectively. They have loan terms up to six and seven years9.
When you think about loan duration, remember longer terms mean lower monthly payments but higher interest over time. National Funding offers loans from two to five years9. CIT has loans from six months to six years with rates starting at 5.49%9. Use online calculators to figure out your monthly payments based on the loan details.
Interest Rates and Fees
Interest rates are key when picking a commercial auto loan, fleet vehicle loans, or small business car loans. Your credit score, the lender’s rules, and the loan amount affect your rate. Some lenders, like PNC, offer fixed rates for predictable payments. Always check any extra fees, as they can add to the loan’s cost.
Loan Duration and Monthly Payments
The loan term greatly affects your monthly payments. Shorter terms have lower rates but higher monthly payments. Longer terms have lower monthly costs but more interest over time. Think about your business’s finances and needs when picking a term.
| Lender | Loan Amount | Interest Rate | Loan Term |
|---|---|---|---|
| Wells Fargo | – | – | 1-7 years9 |
| Balboa Capital | $3,000 – $250,000 | 9% – 10%9 | Up to 5 years9 |
| Currency Finance | $5,000 – $500,000 | Starting at 6%9 | Up to 6 years9 |
| Crest Capital | $5,000 – $1,000,000 | Starting at 5%9 | 2-7 years9 |
| National Funding | – | – | 2-5 years9 |
| CIT | Up to $500,000 | Starting at 5.49%9 | 6 months – 6 years9 |
“Empowerment Funds – Where dreams meet opportunity. Call us at 833-902-6430 to get funded today!”
Approval Process and Timeline
Getting business financing is key to growing your company. You might need equipment financing, truck loans, or commercial vehicle leasing. Knowing the approval process and timeline helps plan your financing strategy well10.
How Long Does Approval Take?
The time to get approved for a business loan varies. It depends on the lender and the financing type. Traditional banks might take days to weeks, while Balboa Capital can fund the same day after approval11.
Several factors affect the approval time. These include your credit score, business length, annual revenue, and the vehicle or equipment you’re buying. For example, Wells Fargo often requires at least two years in business for many products, but they might make exceptions10.
What Influences Approval Decisions?
Lenders look at many things when reviewing your loan application. They check your credit score, business time, and revenue. These help them see if you can repay the loan10. They also look at the loan-to-value ratio and your business’s financial health to gauge the loan risk10.
The type of vehicle or equipment you’re financing also matters. For instance, Navy Federal Credit Union might look at the CARFAX Vehicle History Report for used vehicles10.
Knowing what affects approval can help you prepare better. This way, you can increase your chances of a successful loan application and get the funding you need for growth11.
| Lender | Approval Time | Key Considerations |
|---|---|---|
| Traditional Banks | Several days to weeks | Credit score, time in business, annual revenue |
| Alternative Lenders (e.g., Balboa Capital) | Same-day funding after approval | Credit score, time in business, annual revenue, vehicle/equipment type |
| Wells Fargo | 2+ years in business typically required | Credit score, time in business, annual revenue, vehicle/equipment type |
| Navy Federal Credit Union | Considers CARFAX Vehicle History Report for used vehicles | Credit score, time in business, annual revenue, vehicle history |
The approval process and timeline can differ. It’s important to work closely with your lender. This way, you can understand their specific needs and ensure a smooth application11.
“The speed of loan processing is influenced by how quickly the necessary documentation is provided.”
Tips for a Successful Application
Getting a business auto loan can really help your company grow. It lets you get the vehicles you need to move forward. To increase your chances, focus on two main things: improving your credit score and knowing what lenders want.
Enhancing Your Credit Profile
Lenders look closely at your business’s credit score. To get approved, pay bills on time and lower your debts12. Showing you’re financially responsible can get you better terms and rates.
Understanding Lender Expectations
Learn what your lender needs. For example12, PNC likes businesses that have been around for at least 24 months. Also, opening a business checking account with your lender can help. Some, like Truist Bank, give discounts on loans to account holders12.
A good loan application shows you’re creditworthy and meet the lender’s needs. By improving your credit and knowing what lenders want, you’ll get the financing your business needs121314.
Make your business dreams come true with Empowerment Funds. We offer custom financial solutions, including business loans and merchant processing. Ready to grow? Visit us now or book an appointment. Empowerment Funds – Where dreams meet opportunity. Call 833-902-6430 to get funded today!
Frequently Asked Questions
At Empowerment Funds, we aim to offer clear and custom financial options for your business. As you explore commercial auto loans, we’ve gathered common questions to ease your worries.
What Can You Do If Denied?
If your first application is turned down, don’t lose hope. Look into other lenders with softer rules or work on your application to try again15. A good credit score and strong business finances are key for getting a business auto loan. With careful planning, you can often get past a denial and get the funding you need.
Can I Get Pre-Approval?
Many lenders, including Empowerment Funds, offer pre-approval for business vehicle loans. This lets you buy vehicles confidently, knowing your financing is set12. Some, like Bank of America, even lock in rates for 30 days, so you don’t miss out on good deals.
How to Refinance a Business Auto Loan?
Refinancing your business auto loan is easy. Begin by comparing offers from different lenders, looking at interest rates and terms that fit your business goals12. Some, like Wells Fargo, have special refinancing for commercial vehicles. But, remember to check the total loan cost, including fees or penalties, when looking to refinance12. Navy Federal Credit Union offers refinancing for business vehicle loans, but not for commercial ones.
FAQ
What can you do if your business auto loan application is denied?
If your loan is denied, try applying with lenders who are more flexible. Work on improving your credit score and then apply again. Many lenders offer pre-approval, so you can shop for cars confidently.
Can I get pre-approval for a business auto loan?
Yes, many lenders offer pre-approval for business auto loans. This lets you find cars knowing you’re set for financing. Bank of America, for example, guarantees your rate for 30 days.
How can I refinance a business auto loan?
To refinance, compare different lenders’ offers. Look at interest rates and terms. Wells Fargo offers refinancing for commercial vehicles. Navy Federal Credit Union does for business vehicles but not commercial ones.
Always think about the loan’s total cost, including fees and penalties, when refinancing.
