6 Best Business Auto Loan Providers

The best business auto loans should offer competitive rates, have flexible loan terms, and limited restrictions on financing eligible vehicles. Qualification requirements should also be inclusive and flexible for a wide variety of business needs and allow startups, low-revenue businesses, or borrowers with bad credit the opportunity to be eligible for financing.

Below are our six picks for the best business auto financing options:

• National Funding: Best overall for custom financing options
• Smarter Finance USA: Best for easy qualifications
• Crest Capital: Best for SUVs and flexible vehicle requirements
• PNC Bank: Best credit line for new or used passenger vehicles
• Bank of America: Best discounts for banking customers
• Balboa Capital: Best for fast funding speeds

Best Business Auto Loan Providers at a Glance

National Funding: Best Overall for Custom Financing Options

Why We Like National Funding

National Funding offers equipment financing and small business loans that can be used for business vehicles. Its financing options utilize factor rates, and have flexible repayment options depending on your needs and qualifications. For these reasons, it was chosen as our best overall choice for custom financing options.

National Funding also operates with a large emphasis on delivering a high level of customer service. This is evidenced by the number of repeat customers it receives and its high rating on third-party sites such as Trustpilot and the Better Business Bureau. With National Funding, you’ll get a personalized experience with a dedicated funding specialist who will learn about your business qualifications and needs and provide a loan tailored to your company.

If you’re looking to reduce loan expenses, National Funding offers early repayment discounts. For its small business loans, you can get a discount of up to 7% of the remaining balance for loans paid in full within 100 days. Equipment loans can qualify for up to a 6% discount on the remaining balance when the loan is paid off early.

To learn more or apply, you can visit the National Funding website.

Smarter Finance USA: Best for Easy Qualifications

Why We Like Smarter Finance USA

Smarter Finance USA offers commercial auto financing for nearly any type of vehicle. This includes trucks, vans, regular cars, and specialized vehicles—such as tow trucks or refrigerated trucks. It’s also the only lender on our list with no hard requirements for minimum credit score, time in business, or annual revenue, making it the top pick for easy qualification requirements.

All applications are reviewed on a case-by-case basis to maximize approval odds. As a broker with nearly 40 lenders in its network, Smarter Finance USA can match you with a provider willing to issue funding to businesses with a wide range of qualifications. It also offers the highest funding amount when compared to the other providers within this guide, making it ideal for borrowers with high funding needs.

If you’re worried about getting approved, Smarter Finance can give you an idea of what you might get without any impact on your credit score. It does this by conducting only a soft credit pull for prequalification purposes.

To learn more or to apply, visit the Smarter Finance USA website.

Crest Capital: Best for SUVs and Flexible Vehicle Qualification Requirements

Why We Like Crest Capital

Crest Capital was chosen for this guide due to its vehicle financing offerings with flexible eligibility criteria. Whereas Bank of America has strict vehicle requirements to be considered eligible, Crest Capital allows private-party sales, has no age or mileage restrictions, and can issue financing with no down payment required. Eligible vehicles include trucks, buses, vans, limos, and trailers.

A standout feature of Crest Capital is its ability to offer financing on SUVs in the name of a business, something that many other lenders are only willing to do in the business owner’s name. To be eligible for this program, business owners must meet stricter requirements, including:

• 5 years in business
• A FICO credit score of 700+ and own a home for all individuals with 20% or more ownership
• Vehicles must be no older than three years, have a maximum of 125,000 miles, and have a value that does not exceed $150,000

For its standard commercial auto financing programs, the provider offers a streamlined application-only process for loan amounts less than $250,000. With this, you won’t have to provide tax returns, balance sheets, or financial statements. This allows it to issue approvals in as little as four hours. Loan amounts greater than $250,000 will require more paperwork and one business day or longer to get approved and funded.

Crest Capital emphasizes whether you have a history of paying your bills on time. If you are currently or recently delinquent on bills, you may not be approved even if you meet the minimum recommended credit score. Similarly, if your business credit history is short but payments have always been timely, you’ll have a better chance of getting approved.

To apply or learn more, visit the Crest Capital website.

PNC Bank: Best Line of Credit for New or Used Passenger Vehicles

Why We Like PNC Bank

PNC Bank made our list as the best pick for a line of credit, as it offers financing that can be used to purchase a new or used passenger vehicle. Due to the flexibility of the credit line, it’s also a good option for businesses that want to purchase multiple vehicles in the near term and do not want to get separate financing for each car.

Unlike some credit lines that have a variable interest rate, PNC Bank offers only a fixed-rate option. It also has one of the longest repayment terms in our guide, behind Crest Capital, which can help lower monthly payments and boost a company’s cash flow. However, payments must be made monthly from an existing PNC business checking account.

The bank does not directly disclose all of its rates and requirements. Like many lenders, it takes a holistic review of the overall application to determine whether it can issue an approval and at what rates and terms. Some examples of items it can consider include the net worth of the business owners, collateral, payment history with PNC specifically, years in business, and other financial and credit trends.

To learn more or to apply, visit the PNC Bank website.

Bank of America: Best Discounts for Banking Customers

Why We Like Bank of America

If you have banking products with Bank of America, you could get one of the most competitive rates in this guide with its business auto loan program. This is because the company provides discounts based on the three-month average daily balance of your business checking account, and why it’s included as the best discounts for banking customers. You can read our Bank of America business checking review if you don’t have an account and are interested in learning more.

You can get a:

• 0.25% discount with a qualifying balance between $20,000 and $50,000
• 0.35% discount with a qualifying balance between $50,000 and $100,000
• 0.50% discount with a qualifying balance of more than $100,000

With Bank of America, funds can be used to purchase or refinance cars, vans, and light trucks. Vehicles over 2.5 tons can be financed through the bank’s separate equipment loan program. Like Smarter Finance USA, both Loans and leases are available as options, and if you don’t have a vehicle selected yet, you can take advantage of the company’s 30-day rate lock to secure a low rate while you continue shopping.

Visit the Bank of America website to learn more or to submit an application online. Most applications can be completed in under 10 minutes.

Balboa Capital: Best for Fast Funding Speeds

Why We Like Balboa Capital

If you need funding quickly, few lenders can match the speed of Balboa Capital. While providers like Crest Capital can issue funding in 24 hours, Balboa Capital offers same-day funding, with the application, approval, and funding steps that can be completed potentially within just a few hours for qualified businesses. For these reasons, it’s chosen as the best option for fast funding speeds.

Balboa Capital has an online application for its equipment financing product, which you can complete in as soon as two minutes if you have the necessary information about your business and the type of loan you need. Approvals can be issued within one hour during regular business hours.

As part of its ability to issue loans quickly, it has easy documentation requirements because of its application-only process for hard collateral loans up to $500,000. Head over to the Balboa Capital website to submit an online application.

How We Chose the Best Business Auto Loan Lenders

The following criteria were considered when selecting the best business auto loans:

• Interest rates and estimated APRs
• Credit score, time in business, and revenue requirements
• Down payment requirements
• Loan amount, terms, and repayment options
• Early payment discounts
• Vehicle restrictions, such as mileage and age
• Application, approval, and funding speeds
• Ease of application
• Customer reviews and ratings

How to Choose a Business Auto Loan Provider

Before signing any final loan documents, consider what is most important to you when getting financing. This can include details about the loan and the lender you’ll be making payments to. We recommend shopping rates with multiple lenders and thinking about some of the steps below before making any final decisions on a loan. You can also head over to our guide on commercial auto financing for more detailed information on each step.

• Step 1: Determine the type of vehicle suitable for your business needs.
• Step 2: Create a budget and research any associated operating costs.
• Step 3: Understand your qualifications.
• Step 4: Find lenders and apply for financing.
• Step 5: Review and accept final loan terms.

Alternatives to a Business Auto Loan

In the instance you think business auto financing won’t work for your business needs or you simply don’t qualify, there are other financing options available. Here are some alternatives for you to consider:

• Small business line of credit: This is a revolving credit facility that allows you to draw funds on an as-needed basis. It can be used to fund various business expenses, including vehicles, without the typical auto loan requirements, such as vehicle age or odometer restrictions. Check out our guide on business credit lines, and if it’s a good fit, you can get started with our roundup of the best small business lines of credit.
• Personal loan for business purposes: If your business doesn’t have the credentials to qualify for a loan but you have good personal credit, personal loans can be a good alternative to consider. Check out our guide on the best personal loans for business funding to find a provider that may be applicable to your financing needs.
• Rollover for business startups (ROBS): A ROBS is a way to get access to your retirement accounts tax- and penalty-free. This financing option isn’t a loan, so it doesn’t carry the typical financing requirements, such as credit score, revenue, or time in business. Check out our ROBS guide to learn how it works and our list of the best ROBS providers.

Frequently Asked Questions (FAQs)

What credit score do you need for a business auto loan?

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Are business auto loans more expensive?

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Can I use other types of loans to get a business vehicle?

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Bottom Line

When getting a small business auto loan, it’s important to consider your financing needs, budget, and qualifications. The lenders chosen within this guide offer a wide range of options and provide competitive rates, qualification requirements, and large loan amounts. That said, the best rates and terms typically require good credit and strong business finances, and meeting the minimum eligibility criteria does not guarantee approval. To get the best rate, you should get quotes from multiple lenders before making a final decision and signing an agreement.