Have you applied for a commercial truck business loan from a bank and got rejected? Have you lost all your hopes and don’t know whom to seek help from? Don’t worry because banks are not the only option available. You can finance your commercial truck business using numerous other sources, and credit unions are one of them.
Following are some of the top credit unions; you can knock on their doors to finance your commercial truck business.
Prime Way Credit Union
Through Prime Way, you can expand or replace your commercial truck and other vehicles. This credit facility allows its borrowers to customize vehicle and finance business auto in a highly budget-friendly manner to keep your business succeeding and move forward.
Loan Features and other Benefits
Through commercial vehicle loans, you can purchase used or new trucks, trailers, and other vehicles to run your daily operations. It has a pre-approval procedure, making it easier for you to shop with funds right in place.
Its flexible loan terms allow you to purchase multiple vehicles, including trucks, with a single loan. It has an easy monthly installment payment system with interest rates comparable to banks, which eases large cash outflows from your shoulder.
Moreover, if you have an ongoing commercial vehicle loan from any other lender, you can refinance it is a prime way. This gives you the opportunity of having reduced monthly repayments and improved loan terms.
Power Financial Credit Union
Established in 1951, the power financial credit union is one of the renowned credit unions in the US, with over 5000 branches nationwide. This credit union can be the best option for financing your commercial truck venture.
Benefits and Features
Business Vehicle Loan
It offers a loan amount of up to $50,000 under a business vehicle loan with interest rates lower than its competitors and credit terms of up to 60 months. You can utilize its loan for financing both new and used commercial vehicles, including light trucks (capacity of up to 1 ½ ton).
Commercial Vehicle Loan
Under a commercial vehicle loan, the loan amount can exceed $50,000. It has credit terms of up to 72 months.
America First Credit Union
Through America’s first business vehicle loan and commercial business loan, you can easily finance your commercial truck’s purchase for your business. This loan solely offers business and commercial trucks and vehicles.
Loan Features
It offers flexible and friendly loan terms, competitive interest rates, and a loan term of up to 72 months. This loan covers business vehicles, trucks, and trailers of up to one ton under business vehicle loans and over one ton under commercial vehicle loans.
Down Payment
However, to be eligible for this loan, you must pay a 20% cash down payment.
Charges
If the loan amount under a commercial vehicle loan exceeds $50,000, an extra fee will be charged.
Community First Credit Union
The community’s first credit union also offers a Business Auto Loan. Through this loan, you can purchase a new truck for your commercial truck business.
Vehicle Eligibility Criteria
Vehicles included under the community’s umbrella first’s business auto loan can be light-duty trucks, heavy commercial trucks, and trailers with reasonable prices and streamlined processes.
Loan Features
Through community first’s a loan, you can avail of finance with up to seven years’ term. The best thing about this loan is that you will not incur a prepayment penalty if you pay your loan amount earlier, unlike other bank and credit union loans.
How to Apply
You can avail of this loan for your commercial truck business by calling on their number 904.224.9038, stop by your nearest local branch (19 local branches available), or email them at Business.Services@c1cufl.org.
To secure this finance facility, you will have to initially deposit $5 at their Community First Share account to become a member.
Infinity Federal Credit Union
The commercial vehicle loan offered by the Infinity Federal Credit Union (FCU) is a great option available if you are a resident of Maine. To avail of this facility for your commercial truck business, you have to be a member of Infinity FCU.
Finance Benefits
This finance facility finances up to 80% of your commercial truck and other vehicles weighing over 1 ton. If your commercial truck business comes under Small Business Administration (SBA) definition, you can also get 100% financing with a guaranteed loan. It also has the refinance option from any other lender, decreasing your payments and improving your finance terms.
Navy Federal Credit Union
As its name suggests, the navy federal credit union is for veterans. You should either be in the armed forces, Department of Defense, Navy, or National Guard or have an immediate family in these forces to be eligible to get finance for your commercial truck business through Navy Federal credit union.
If you meet the eligibility criteria, you can easily avail of its commercial vehicle loan and finance your commercial truck business.
Features and Benefits
Some best features of this financing facility are:
- It does not have any prepayment penalties.
- It does not charge extra application fees.
- This facility can finance up to 80% of the new truck’s purchase price and up to 75% for used ones.
- It is best for commercial trucks, trailers, and vans.
Application Process
It has an easy application process. You have to complete and sign its business loan application, attach a purchase order note or invoice, which should include purchase date, truck model, truck mileage, price, and VIN. You should also attach an insurance certificate with Navy Federal listed as the payee of loss. In the case of used trucks, also attach a mileage statement for refinance purposes and a statement of payoff.
Yolo Federal Credit Union
Yolo Federal is one of the largest credit unions in the US. It has a wide range of credit options available. You can easily get finance for your commercial truck business.
Yolo’s Commercial Vehicle and Equipment loan facility allows you to buy the commercial truck and vehicle of your choice that fits your needs through your credit. Moreover, you can also utilize this loan for the expansion of your commercial business.
