Accelerate Your Business with Commercial Car Loans

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Expert showing client commercial car loans

Key Takeaway Table

Key Point Description
What is a business car loan?
A business car loan is a loan made to purchase a car, van, or any vehicle used purely for business purposes. Business car loans are usually chattel mortgages, which means the vehicle itself serves as security for the loan. Although less common, there are also unsecured car loans available.
Benefits of getting a car for your business
A business auto loan can help you preserve cash to pay for more essential business expenses, like working capital, improvements, expansion, and emergencies. Car loans can also give you access to better vehicles and improve your overall business image and productivity.
Steps to secure a business car loan
Start by assessing your business needs. What is the car's purpose? Determine the type and model of the car you need and how soon you need it. Compare lenders based on rates, terms, fees, and approval criteria. After choosing a lender, gather all requirements, and submit your application.

Businesses purchase cars and other vehicles for different reasons. Some businesses naturally require cars, while some greatly benefit from the purchase of one. Whatever the purpose, a business car loan is a great way to get the vehicle your business needs.

What is a Business Car Loan?

A business car loan is a loan you apply for when you need a car, van, or any transport vehicle for your business. The vehicle must be used for business purposes, like travelling to meet clients, buy inventory, meet suppliers, deliver goods, and other business purpose needs.

A car loan is most commonly a chattel mortgage, which means the asset is considered the security for the loan. If the borrower fails to repay the loan, the lender can rely on the vehicle to minimise any loss. Since the asset is the security, you can typically get lower interest rates, favourable terms, and fast approval.

A less common option would be an unsecured auto loan. Some lenders, typically non-bank loans, offer car loans without requiring the vehicle to serve as security. Instead, they may ask for guarantees from the business and its owner. However, with unsecured loans, you are more likely to get higher interest rates and shorter terms.

Benefits of Getting a Car Loan for Your Business

Here are some ways a car loan can be advantageous to your business:

Steps to Secure a Business Car Loan

Get a Car Loan for Your Business

A dedicated company car can help you improve your business’s image and boost efficiency. can help you explore your loan options. We can help you get low or no doc loans with low approval criteria. Talk to a loan expert today to learn more.

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