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 Auto: 110% of MSRP + add-on costs
- Used Auto: 75% of purchase price OR 110% of low blue book value (Kelly Wholesale).
Please contact the nearest branch in your area for more information. |
