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Auto loans are the answer to providing your company with a fleet of business vehicles used for performing company jobs. Commercial loans are generally different from personal vehicle loans because there are a few options that you can take advantage of with financing. The most popular method of financing is using the vehicle as collateral on the loan. This is structured the same way as a personal loan. If payments are not made on time consistently, the finance company or bank will repossess the vehicle. The company vehicle can also be financed through a business line of credit. A bank or finance company offers your business a limited amount of funds that are used as needed to purchase equipment or pay bills. This money can be used for purchasing a vehicle and is paid back like a general loan.
Any vehicle purchased for company use is considered an asset for the company. A certain percentage of the cost of the vehicle can be filed on your company taxes as a deduction. If the company owns several vehicles it can mean a huge savings for the company at the end of the year. The cost of upkeep on the vehicle can also be itemized, as well as mileage rates and maintenance costs. Keep the receipts in order to maximize your deduction.
Auto loans allow you to provide company vehicles to your employees and can create uniformity. Larger companies often use the same make and model cars with the company logo, which helps make it easier to identify company employees when they are out in the field. Uniformity can create a feeling of professionalism, which contributes a positive public image.
Providing employees with company vehicles is an added incentive for doing their job. It helps those who cannot afford their own car. Providing employees with their own company car can help them get to work on time and cut down on absenteeism. It also ensures that they have the proper vehicle to perform their job.
Freeing up Capital
Obtaining an auto loan instead of paying cash will allow your company to free up needed operating capital. You should maximize your working capital to ensure success of the company. Working capital pays for day-to-day operations, loans and payroll. If the company uses all of its working capital on major expenses there is nothing left to pay daily bills. Commercial loans allow you to keep the cash that you have while still allowing you to purchase needed materials.
The greatest pitfall in auto loans is the risk of repossession. It is not uncommon for a business to fall on hard economic times. If the business is reliant on the vehicle and payments are not made in time, the vehicle will be repossessed and the whole company can fall.
One way to avoid repossession is to lease the vehicle, which is similar to renting. The car or truck is not actually owned by the company but there is an option to purchase the vehicle at the end of the lease period.
A new company may have a hard time finding someone to fiancé their vehicles unless the owner of the company has excellent credit. Positive income must be proven before financing is granted and a new company may have no income to show.
The cost of an auto loan varies greatly depending on the type of vehicle that you plan on financing. Other factors include the credit rating of the individual that is securing the loan, which is typically the owner of the company. The lower your credit rating the higher the rate of interest is on the loan. Smaller vehicles will be cheaper to fiancé than large trucks. Careful considerations should be made as to which individuals within the company should receive a company vehicle. Usually upper level management will be offered a company car or individuals that need a vehicle to perform their jobs, such as delivery personnel or installation technicians.
Auto loans allow you to purchase transportation that is to be used for performing company tasks or for going back and forth to work. Auto loans help to cover additional costs that aren’t accommodated with initial capital. New companies need help getting their company off the ground and vehicle financing can help you do that. The owner of the company generally secures commercial vehicle loans. The credit history and score must be very good in order to gain the best rate. Individuals with poor credit ratings may have a difficult tie securing a loan even if the company is successful and can prove profit. Shop around with several finance companies and banks before you commit to one company. Go with the company that offers your company the largest amount of benefits at the smallest cost.
Buying a car usually means you need a car loan. Most of us cannot afford to pay cash in full for a car. Applying for a loan can be a time consuming and stressful event. Car dealers will go out of their way to get you approved. If the auto loans don’t go through, they don’t sell the car and earn their commission. If you have less than stellar credit, those car loans can carry a heft interest rate.
Banks and other lending institutions may also be able to help you with auto credit. If you have decent credit, you may be able to get better terms than through the dealer’s offerings. Still, they can afford to be a little choosier in the clients they take on because their whole business isn’t just cars. You may have to jump through some additional hoops to get a loan there.
If you are in the market for a car loan or just want to know more about how auto loans work, Business.com has ample resources at your disposal. You can scroll through their listings, shown on the left to find lenders and article about auto credit that may be useful to you.
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