What Is a Commercial Truck Loan?
Much like a personal automotive loan, a commercial loan allows you to buy a new vehicle. In working with a lender, such as a bank, you'll be provided with the funds needed to purchase a new truck. Then, you'll be responsible for paying back this loan amount, plus an agreed-upon interest rate, with payments made monthly.
How Is a Commercial Loan Different?
Well, commercial loans are different in the sense that you're purchasing on behalf of a business. Further, the vehicle will be used for business purposes, like making local deliveries, transporting landscaping equipment, etc.
The only other real difference is that, typically, commercial loans require more documentation on behalf of the business owner.
Finding a Commercial Lender
Once you find a model and are ready to move forward with looking for a loan, you'll begin shopping for a lender. This could be a bank or a credit union that will work with you to craft a loan plan with conditions that are fair for both parties.
These conditions include:
- Term length
- Down payment
- Monthly payment
- Interest rate
The conditions you're able to negotiate will depend on a number of factors, like your credit and the age of your business. So, if you're finding it difficult to come to terms with one lender, you may want to consider shopping around a bit.
Working With Our Finance Team
Our finance team is here to help you through this process, too. If you're ready to take a model home, we'd encourage you to fill out our business finance application online and then come visit us in person. Here, we'll work on your behalf, scanning our network of local lenders for an ideal offer.
Of course, if you just have questions as you begin to browse for a new model, we'll be happy to help as well. So, feel free to contact a member of our team or visit us in person-no matter where you are in the buying process!
Learn More About Commercial Truck Loans Today
Are you looking for a commercial truck loan near New Holland, Lancaster, or Reading, PA? If so, then contact our team here at New Holland Isuzu, where we'll be happy to help you navigate the financing process as you look to get behind the wheel of a new work truck.