How to Finance a Commercial Vehicle
Financing a Commercial Vehicle: Frequently Asked Questions
Looking for additional information about commercial vehicle financing? If so, Universal Chevrolet Company is here to help you receive the details you need to make an informed purchase decision by answering common questions and concerns. From determining if leasing or financing works best for your business to finding out what vehicles qualify for commercial loans, we'll be here to help throughout every step.
What is a commercial auto loan?
Commercial auto loans allow businesses to acquire work vehicles on credit, allowing them to expand their fleet with new or pre-owned cars, trucks, and SUVs. Commercial vehicle financing is similar to financing a personal vehicle, requiring applicants to pass a credit check and ensure they can pay back the loaned amount. Every lender is different, which means your business may find value in receiving approval from multiple banks or credit unions near Raleigh.
What are the advantages of a commercial auto loan?
One of the primary advantages of a commercial auto loan is the ability to keep capital on hand for operating expenses like paying employees, purchasing equipment, and acquiring additional resources. In addition, commercial auto loans can help your business grow by offering flexible interest rates and terms, keeping monthly expenditures to a minimum. Plus, many commercial auto loans provide tax benefits to a company, allowing them to offset taxable income with the amount of interest paid.
What vehicles qualify for a commercial vehicle loan?
Nearly every passenger car, pickup truck, and medium-duty commercial vehicle qualifies for commercial vehicle loans. At Universal Chevrolet Company, we're proud to help businesses explore our vast lineup of new Chevrolet vehicles, including the Chevy Colorado, Chevy Silverado 1500, Chevy Silverado HD, Chevy Silverado HD Chassis Cab, Chevy Low Cab Forward, and Chevy Express Van. If you have any questions about available vehicles or the upfitting process near Garner, NC, don't hesitate to contact our team.
Can I get commercial vehicle financing with bad credit?
Yes, it's possible to get approved for a commercial vehicle loan or lease with bad credit, depending on the creditor. Keep in mind that your interest rates may be higher than somebody with good credit and that you may need to offer additional guarantees, such as collateral, which can affect your ability to expand your business in the future. We encourage interested shoppers near Wake Forest to meet with a CPA (Certified Public Accountant) or contact our finance center to speak with somebody familiar with low-credit financing.
Is a commercial auto loan or lease better?
Some banks or credit unions near Clayton, NC, will allow you to choose between leasing and financing your commercial vehicle, which can help you better prepare for the future. Commercial vehicle loans are recommended for companies seeking long-term value, as work trucks and delivery vans can be paid in full, retained as an asset, and used as collateral for future purchases. In comparison, commercial vehicle leases are only recommended for short-term usage or high-depreciation vehicles such as sedans and SUVs since you have limited customization ability, must return the vehicle at the end of the lease, and make monthly payments based on depreciation.
Receive Additional Insight Today
Have additional questions or concerns for our commercial vehicle specialists and finance center experts? Universal Chevrolet Company is here to make your vehicle acquisition as smooth as possible by providing manufacturer-backed resources, helpful tools, and personalized recommendations based on your needs. Take a moment to browse our current selection of vehicles online, contact us to schedule a test drive, or stop by our dealership to meet with a qualified representative today!
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