subject: Business Auto Loan [print this page] Business auto loans are the loans which offered for the purchase of a car for the businesses. Depending on the scale of the business the borrower can borrow from as little as $10,000 to as much as $100,000. Just like any other commercial loan borrowers can get fixed or adjustable rate business car loans and they can be secured or unsecured types of loan.The rate of interest would depend whether you are going for a new or a used car, the amount you can pay as down payment, the terms of the loan and the advance rate. Thus before you apply, get clear with these figures.
Next, whichever company you try to get your loan approved to find out regarding their application process and the fees they charge for the loan or the closing cost of the loan. This will help you make a smart decision as to how much to borrow. A business auto loan can be taken with 100% cover of the price, documentary fees, license, extended warranty insurance and dealer preparation. If you can prove that you really are interested then you can get an advance of a 110% on new cars and 75% on used cars. For the lenders security they ask the applicants to provide them their credit history and proof that they at least own 20% in the business. It is a necessity that the company is making profit in order to qualify for the business car loan. The business car loans run for two to six years. With such conditions, the owner can purchase a much needed car his company needs.
Irrespective to what kind of loan you are looking for fixed rate financing or adjustable you can that on your repayment terms. With an adjustable interest rate the business owner can enjoy lower interest rates but lacking the guarantee of a fixed payment terms. Interest rates could change over the repayment term, either up or down. The best way to look out for the lenders is online for a good car loan for business. You can do away with calling up lenders and visiting banks, own you next car with the help of a website. You can apply online and get free quotes at your doorstep. There is no need to spend time checking out loan options, getting your work done online is a great option for a busy businessman.
by: Katrina M Williams
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