Business Auto Loans
Commercial auto financing with instant online approval.
Hassle-free funded tailored for automotive needs.
Minimal documentation and no collateral needed.
- Finance up to $5M within 24 to 48 hours
- APRs as low as 6%
- APRs as low as 6%
- Bad credit is okay
- Flexible loan terms
- No collateral needed to get approved
Won’t impact your credit
Rated
on Trustpilot
Fast online approval
Dedicated funding advisors
Get Commercial Auto Financing for Your Business
All types of enterprises necessitate dependable vehicles to ensure operational efficiency and effectiveness. Certain organizations require construction vehicles for development projects, while others depend on trucks for the transportation of goods and timely deliveries. Whether your intention is to refinance a substantial truck for product logistics, lease a corporate vehicle for commuting purposes, or procure auto parts, we are poised to facilitate a prompt business loan as needed.
Our mission is to deliver customer-focused access to capital. The Configure Capital network, comprising over 75 business auto lenders, competes to offer you the most favorable interest rates available. You may select from a range of meticulously curated funding options tailored to your specific needs and preferences.
Obtain the necessary loan amount efficiently, with loans available up to $5 million, and capital disbursed in as little as one day. We offer financing alternatives to business proprietors, irrespective of credit status—therefore, do not allow a low credit score to deter you from applying.
6 Best Small Business Auto Loans
The most suitable type of auto financing will be contingent upon your specific needs and preferences. Each financing option possesses distinct advantages and disadvantages. Consulting with a lending advisor may assist you in determining which loan type aligns best with your requirements and those of your company.
Term Loan
Merchant Cash Advance
Equipment and Commercial Vehicle Financing
Invoice Factoring
Business Line of Credit
SBA Microloan
Meet your Configure Capital advisors
We make sure you’re getting the best fast business loan, and set your company up for success. See how it works →
Minimum Requirements
In order to get a business auto loan from Configure Capital, here are the basic things you need to have. Your Configure Capital advisor gets you approved and funded on the same day you apply online.
Credit score over 500
You can get approved with any credit score. But the better your credit rating when you apply, the better loan terms we can secure for you from lenders.
$10,000 in gross monthly revenue
Your business must be generating over $10K per month in gross sales. Startups without any revenue are not a good fit for unsecured auto lending.
Have a business bank account
Your Configure Capital lending advisor will need your most recent bank statements to verify income. Keep the last 3-4 months of statements handy to speed up the approval process.
Over 6 months in business
Your company should be operational for at least six months. This shows lenders that your business is established and you’ll be able to make regular payments on your loan.
Small Businesses ❤️ Configure Capital
Configure Capital consolidated my term loans
I had a great experience with Configure Capital! They really understood what I needed. I was dealing with some short-term loans that were putting a strain on my cash flow, but then Configure Capital came to the rescue with a 2-year consolidation loan. It took a huge weight off my shoulders and relieved a lot of my financial worries. They truly delivered on their promises, and I can’t recommend them enough for anyone looking for a small business loan!
Jonathan Q.
Highly recommend Configure Capital
Miguel M.
Best lender for equipment
Rajeev T.
Applying for an Automotive Business Loan:
Bank Statements
Applying for a loan requires little to no documentation. The auto loan process is fast — our loan advisers only ask for your last three months of bank statements.
Average Monthly Revenue
Business auto loan lenders like to see around $10,000 in monthly revenue. The more money your business generates, the larger the loan size you qualify for.
Outstanding Debt
A business’s debt-to-income (DTI) ratio is considered when putting together loan packages. The preferred DTI ratio will vary from lender to lender. Carrying low levels of debt can help you get the best commercial loan offers.
Amount of Time in Business
Being around for a long time is good in the loan industry. Auto companies that have operated for several years are considered lower risk than new businesses. We provide capital to businesses that have operated for at least six months. We don’t fund startups.
Common Uses for Business Auto Loan
We understand the importance of meeting wide-ranging business needs. We’ve provided working capital to businesses for all sorts of reasons. Here are some popular uses for commercial funding.
Commercial Rent
Payroll
Finding the right talent is hard enough. The company suffers when you have to lay off team members due to budget constraints. Funds can help keep staff members on payroll during financial hardship or hire more employees during periods of growth. For qualified small business owners, a Configure Capital loan adviser is available to assist with the Paycheck Protection Program (PPP).
Taxes
When profit margins are slim, tax season can seem daunting. Fortunately, business owners can take out a loan to offset a large tax burden and free up additional cash reserves. Financing allows borrowers to space out repayment rather than pay a lump sum at once. We get that Uncle Sam can’t always wait, and we’re here to help.
Buying and Leasing Equipment
Vehicles are an essential resource for businesses. Some small business owners can’t afford to purchase automobiles and equipment outright. Others choose business vehicle financing to increase liquidity and maintain a cash buffer.
Pandemic-Related Costs
For many small businesses, navigating the new norm has meant dealing with additional costs and a reduction in revenue. Keeping customers and staff safe might mean purchasing personal protective equipment (PPE) and sanitation supplies, which can drive up overhead costs.
Reduced business hours, shutdowns, and a decrease in consumer demand have created drastic fluctuations in revenue for many. In these situations, financing can help bridge cash flow gaps.
Emergency Expenses
Sometimes, the worst-case scenario happens, and life throws a curveball. Part of being a business owner is persevering through the unexpected. An infusion of working capital helps businesses weather difficult times.
Growing Your Company
During an expansion, businesses may need financing to scale. If your company is undergoing an exciting period of growth, a loan can provide the means to buy more inventory, make business acquisitions, open a new location, and more.
Types of Business Auto Loans
Here are some tailored financing solutions we offer to automotive businesses like yours. Our loan advisor will steer you through all choices based on your specific needs.
You deserve low rates and an honest auto lender who has your back.
What Are Commercial Auto Loans?
A commercial auto loan, also known as a business auto loan, is a form of funding used to purchase, refinance, or lease cars for business purposes. Business owners borrow capital from an auto lender to increase available resources and complete work-related tasks with greater efficiency.
You can use financing to buy specific equipment, including new cars and light- to medium-duty trucks for transportation or building. Companies within the auto industry, like body shops or car dealerships, can use auto loans for various business expenses.
Business Auto Loans and Personal Auto Loans: What's the Difference?
If you have obtained a personal auto loan, you will observe considerable similarities with the functioning of business auto loans. The primary distinguishing characteristic is that, in the case of a commercial auto loan, the vehicle is financed using business funds and is categorized as a company expense. In contrast, personal loans are typically utilized for passenger vehicles intended for personal travel and leisure activities.
The intended use of the vehicle plays a crucial role in this distinction. From a cost-saving perspective, commercial financing often presents a more advantageous option. The vehicle is regarded as a business expense and a company asset, and there are potential tax benefits associated with this financing approach, such as the possibility of deducting up to 100% of the vehicle purchase price.
How Do I Get an Auto Loan for My Business?
Obtaining vehicle financing for small businesses is a straightforward process. Applicants are required to complete a concise online loan application and submit recent bank statements as proof of income. Lenders will review your financial documentation, including your FICO score, to assess your creditworthiness and will present you with several loan options from which to choose. Once a decision has been made, you will receive the necessary working capital directly into your business bank or checking account. Subsequently, monthly payments will be made until the loan is fully repaid. The procedure is designed to be efficient and expedient, ensuring that you secure your auto loan promptly without unnecessary delays due to excessive paperwork. We acknowledge the demands of managing a business and strive to minimize any potential disruptions.
FAQs about Business Auto Loans
Need money for your auto business fast? You’re not alone. Here are answers to questions others like you often ask about our quick business funding.
How easy is it to get commercial auto financing?
The level of difficulty depends on your lender, company, and whether you meet eligibility requirements. Vehicle financing isn’t necessarily easy or hard to get. That said, applying for a business auto loan with online lenders is generally easier because the qualification criteria aren’t as strict as traditional banks.
Can you get a business auto loan without a guarantor?
Yes. We offer business vehicle financing and auto company loans with no personal guarantor or collateral needed.
How do I get a vehicle loan without a down payment?
Speak with a loan adviser to discuss which option makes sense for you. At Configure Capital, we offer several auto loans with no down payment needed.
What is the current commercial auto loan rate?
Small business auto loan rates start at low as 7% at Configure Capital. The interest rate you’re eligible for will vary on a case-by-case basis. Your business financials, credit approval, and industry will impact auto loan APR. A good credit history can result in more competitive rates and repayment terms.
Can I get funding with bad credit?
Yes. We regularly provide working capital to small business owners with wide-ranging credit scores. You can get automotive business financing with bad credit.
Should you buy or lease a commercial vehicle?
Buying tends to be advantageous for borrowers wanting to increase their equity and own the business asset outright. Leasing can be beneficial if the type of vehicle is prone to wear and tear, a specialty vehicle, or unlikely to hold up over time.
Types of auto companies we fund
- Auto repair shops
- Trucking companies
- Tire and auto parts
- Car wash & detailing
- Towing
- Food truck services
- Car-hauling businesses
- Landscaping
- Auto manufacturers
- Small business car dealerships
- Rental agencies
- Commercial taxi services
- Personal driving companies
Ready for business auto loan?
Interest rates start at 6%. Get fast approval with our online application process. Flexible repayment options and does not affect your credit score!
