Business Auto Loan

Use:
· The Business Auto Loan offers you financing for business automobile purchases with the security of knowing a fixed payment amount and repayment term. This loan is secured by the auto financed and loan proceeds are generally paid directly to the seller.
· Qualifying criteria may be more flexible than other business loans and lines of credit.

Loan Amounts:
· Up to $100,000; Minimum $10,000. Some limitations apply based on size and type of business, age of vehicle and down payment.

Terms:
· 24 to 72 months (2-6 years)
· Term depends on loan amount, age of vehicle and amount of down payment.

Interest Rate:
· Fixed and adjustable rates are available. Rates are determined by loan amount, age of vehicle, term and advance rate.

Loan Fees:
· One-time loan fee of $60.
· Other closing costs will be charged as applicable to perfect the Bank's collateral position.
· Late charges will also apply.

Other Criteria:
· Business must be profitable.
· Personal guarantees of all principals with 20% or more ownership in the business.
· Acceptable credit histories.
· Business and personal financial information required for credit requests greater than $50,000.
· Other limitations apply.

Maximum Advance:
· New Auto: 110% of MSRP + add-on costs.
· Used Auto: 75% of purchase price OR 110% of low blue book value (Kelly Wholesale).