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If you can’t pay cash for your company car, it’s worth looking into business car loans. These loans and the application process have many similarities with personal car loans. As with conventional car loans, your car secures the loan – the lender can take it away if you default on the loan.

Lenders want assurance that you are using the vehicle for business purposes, but the upside is that you may qualify for some tax breaks. Here’s what you need to know about business auto loans, how to get one, and whether you should consider alternative financing sources.

Small Business Loans & Lending

Lenders set approval guidelines for these loans. They may require your business credit score, personal credit score, or both to meet certain criteria. They can also set a minimum business hours and annual income.

Some will allow you to take out the loan in the name of your company, but you will have to provide a personal guarantee, meaning that your assets may be at risk if you do not pay. Depending on the lender, you may need to use the car only for your business.

This limitation has a positive side. You can deduct more of your interest on a vehicle that you use only for business than one that is used partly for personal purposes. Additionally, you may qualify for the standard mileage deduction to get a tax break. Consult a trusted tax professional to learn more and determine your eligibility.

Instead of buying, you can also rent a car for your business. Leasing may be better if you don’t plan to keep the vehicle for a long time and qualify for lower monthly payments. Renting allows you access to certain tax benefits.

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But if you know you need to make significant changes to the car or plan to drive it a ton, leasing might not be a good fit. This is also true if you want to own the car for a long time and you can explore the option of a longer loan term to make your monthly car loan payments cheaper. Consider whether mileage and usage restrictions apply for your situation.

Traditional banks, such as Bank of America, offer loans with competitive interest rates and repayment terms between 48 and 72 months. These loans usually come with mileage and vehicle age restrictions.

Credit unions have commercial auto loans, and interest rates are often more competitive than traditional banks. The process can be long with either option and you usually need to provide a lot of documents.

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One such lender is National Financing – it offers loans for the purchase and lease of commercial vehicles to business owners with a credit score of more than 600 who have been in business for at least six months.

However, going for a business loan is not your only option. Here are three alternatives that can help you secure the car your business needs.

When you’re ready to finance a vehicle for your business, take the time to compare your options and get quotes from at least three lenders. Interest rates have risen dramatically in recent years, but by doing your homework, you give yourself the best chance of finding a business car loan with affordable terms. for your company’s financial situation.

Allison Martin contributes personal finance coverage including mortgages, auto loans and small business loans. Martin’s work began more than 10 years ago as a digital content strategist and has since been published in many leading outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com. Martin, a Certified Financial Education (CFE), also shares his passion for financial literacy and entrepreneurship with others through interactive workshops and programs.

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Edited by Helen Wilbers Edited by Helen WilbersArrow Right Editor, Auto Loans Helen Wilbers is an editor specializing in auto loans. Helen is passionate about demystifying complex topics like auto finance and helping borrowers stay informed in a changing and demanding lending environment. Connect with Helen Wilbers on LinkedIn Linkedin Contact Helen Wilbers by email Email Helen Wilbers Editor, Auto Loans I have a cs 635 and got $2k cl I am very happy b/c I can only get secured cards. Having a growing business with my money is taxing. Try to get it if you are tight with all your biz information. Phone, address, etc. I think that helped me get approved.

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