Business Vehicle Loans

It must be a vehicle used primarily for business purposes. Whether you need a simple sedan for getting around or a commercial delivery vehicle to get your products into the hands of your customers, a Business Vehicle Loan can help keep your company moving ahead.

• This type of loan tends to have a lower interest rate than other business loans because the vehicle itself acts as collateral for the loan.
• Loan terms are somewhat flexible, depending on the vehicle’s type, price, and age — as well as your business’s credit history.
• Your personal credit history will not necessarily affect your ability to obtain a Business Vehicle Loan. In some cases, you may have a higher interest rate, but the loan is primarily based on your company’s performance.
• Depending on your line of work, having a good vehicle among your assets may help you grow your business. For instance, if it allows you to provide better, more consistent customer service.

Payments will be made directly by your business checking account through recurring monthly payments.

Contact our Commercial Lending Department at TEG Federal Credit Union today to learn how we can help your business get the right vehicle for your needs.