Business Auto Loans

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 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 and Current Year Autos: Up to 100% of MSRP.
• Used Autos: Cannot exceed 80% of purchase price less sales tax and DMV fees OR a maximum loan amount 100% of wholesale/ trade-in value, whichever is less.

Please contact the nearest branch in your area for more information.