10 Best Business Auto Loans 2023

The bottom line: Most business owners looking for an auto loan should start with Lendio. Lendio’s lending marketplace lets you compare loan offers to get the best deal on your auto loan.

Lendio is our top pick for small-business auto loans, but it’s not the only lender you can use to find a business auto loan. We analyzed dozens of lenders―including banks and online lenders―to find the top 10 business auto loans. Business auto loans have all the advantages of other kinds of equipment loans, like lower interest rates and more flexible borrower requirements, so let’s walk through some of your best loan options below.

Ready to buy a vehicle for your business, but not sure how to get started on the loan process? These are the basic steps.

For starters, you’ll want to figure out what kind of vehicle you need―and where you plan to buy it.

Remember that most lenders only finance vehicles in good condition. And you’ll have a hard time getting an auto loan for a vehicle older than five years or with high mileage. That’s because your vehicle will double as collateral for your loan―which means your lender wants to make sure your vehicle actually has some value.

Once you have an idea of how much money you need (and how fast you need it), you can look for a lender.

Consider factors like loan amounts, interest rates, funding times, and loan terms. But don’t forget about borrower requirements. Lenders have credit score, revenue, and time in business criteria. Since you don’t want to waste time on an application that goes nowhere, look for lenders that accept your borrower qualifications.

When you have a vehicle and a lender picked out, you can apply for your business auto loan.

Most lenders accept online applications, making things easier for you. Just note that your lender may expect to see business documents like tax returns and bank statements, so keep those handy while you apply.

With any luck, your business auto loan will get approved, and you’ll get the vehicle you need. 

For more details on how to get a business auto loan, check out our guide to getting and using equipment loans.

Lendio has the best business auto loans for most business owners.

That’s because Lendio is a lending marketplace, meaning it matches you with lenders in its lending network of more than 75 traditional and alternative lenders. So whether you need a large auto loan for your commercial fleet or a small one for a single car, Lendio can help you find a lender.

On the chance you don’t qualify for a car loan, Lendio can match you with other kinds of financing—like lines of credit, term loans, merchant cash advances, and more.

Even better? Lendio’s matchmaking doesn’t make more work for you. You just have to fill out a short application, and Lendio will get to work. Within a few days, you’ll get a list of loan offers―and at that point you’ll choose your favorite lender and finalize your loan application.

Now, Lendio does require some patience. Its matchmaking process can take a day or two, making Lendio a little slower than applying directly with a lender. And you won’t always get matched with exactly the loans or lenders you want―so you’ll need to carefully consider the loan offers you do get.

But with many lenders and loans in its lending marketplace, Lendio offers the best place for small-business owners to get a business vehicle loan.

Need your vehicle right away? Apply with Balboa Capital for fast funding.

Loan applications, approval, and funding can take time―days or even weeks. But Balboa Capital speeds things up. It offers one-hour approval times on equipment loans, so you can know right away whether or not you’ll get funding. And if you get approved, Balboa Capital can often fund you the very same day. Before you know it, you’ll be driving off in your new business vehicle.

We have to tell you, though, that Balboa Capital doesn’t publish its interest rates, which is a pet peeve of ours. Sure, it promises competitive interest rates (and all Balboa Capital’s positive customer reviews back that claim up), but you’ll have to judge those rates for yourself when you get a car loan offer.

Fortunately, with Balboa’s Capital fast approval and funding times, you won’t have to wait too long on that auto loan offer.

Considering an older or higher-mileage vehicle? Then you should apply with Crest Capital.

Most equipment lenders have strict standards for what kinds of vehicles they’ll fund―think age limits and mileage restrictions. But Crest Capital will fund older vehicles and high-mileage trucks with no issue. Likewise, Crest Capital doesn’t mind if you work with a private seller instead of a dealership. In other words, Crest Capital offers a lot more flexibility when it comes to vehicle choice.

Unfortunately, that flexibility doesn’t extend to passenger cars. Crest Capital simply doesn’t finance those. But everything else, from vans to pavers to dump trucks, is totally fine.

Like Balboa Capital, Crest Capital says it has competitive rates―but it doesn’t specify what those interest rates are. Still, given all the vehicle types and conditions Crest Capital will fund, it’s an auto lender worth considering.

Looking for low rates on your car loan? You’ll find them at Bank of America.

Bank of America consistently offers some of the lowest interest rates around, and its business auto loans are no exception. Right now, Bank of America offers business auto loans that start at less than 5% APR (annual percentage rate), making them very affordable. And sure, those rates can fluctuate over time―but we’ve always found that Bank of America offers plenty of value.

Now, you will need to take part in Bank of America’s rewards program to get its lowest interest rates. This program requires you to keep a lot of money in Bank of America bank accounts. You’ll also need to meet its fairly stiff borrower requirements.

If you’ve got the revenue to do those things, though, Bank of America can offer you unbeatable rates on your business auto loan.

Prefer to get pre-approved before shopping for your business vehicle? That’s no problem with U.S. Bank.

U.S. Bank can pre-approve you for auto loans up to $500,000―giving you plenty of budget to find the perfect vehicle for your small business. And U.S. Bank can offer even larger loans if you need to, say, build up your commercial fleet. Either way, you can expect the low interest rates typical of traditional banks.

That said, U.S. Bank is another lender that doesn’t publish its interest rates or borrower requirements. Plus, as a traditional lender, U.S. Bank gets pretty bad customer reviews―so you’ll need to feel comfortable working with a not-so-loved lending company.

Still, U.S. Bank’s pre-approval on auto business loans means you can streamline your car shopping process.

Our five picks above have the best auto loans for most businesses―but not all. So if you haven’t found the right lender just yet, take a look at these other options.

If you’ve thought about using SBA 7(a) loans to fund your auto purchase, we recommend getting one through SmartBiz. It’s another lending marketplace, but it specializes in SBA 7(a) loans. That means it makes the (traditionally) long, painful SBA loan application process slightly less long and painful.

Of course, even SmartBiz’s SBA loan process takes a week or more―meaning you really need to plan ahead if you want to use an SBA 7(a) loan to buy a business vehicle.

CAN Capital is an online lender offering equipment loans that you can use for business vehicles. It offers fairly quick loan approval times (within 24 hours) and funding times (the same day, in some cases). Plus, CAN Capital accepts lower credit scores than the lenders listed above.

You should expect to pay more for an online lender like CAN Capital―though we don’t know exactly how much more, since it doesn’t list interest rates. We’d suggest sticking to other lenders if you can and using CAN Capital as a backup.

Got bad credit? National Funding can still help you get a business auto loan. It has the lowest credit score requirements of any lender on our rankings―accepting FICO scores as low as 575. National Funding also works with young businesses (as young as six months), unlike most other lenders.

But as with other alternative lenders, expect National Funding to cost more. It doesn’t list interest rates, but lenders that accept low credit scores tend to cost quite a lot. Still, if National Funding helps you get a vehicle that builds your small business, the higher cost might be worthwhile.

Ally Bank offers funding for all kinds of commercial-use vehicles, from single trucks and vans to funding for a whole fleet. It can also help finance modifications and fit-ups (like adding tow equipment) to your business vehicles.

Unfortunately, Ally Bank doesn’t publish any other details about its loans―no loan amounts, interest rates, borrower requirements, or anything else. And you’ll have to use a dealer that already has a financing relationship with Ally, which could limit your options.

Capital One is another traditional bank that offers vehicle loans to small-business owners. And it’s another lender that doesn’t provide any details about those loans. As a traditional lender, we can guess that Capital One offers excellent interest rates―and that it expects high credit scores from its borrowers.

But ultimately, you’ll need to get in touch with a Capital One business banker to get more details on its business auto loans.

Most business owners will get the best business auto loan through Lendio. Its lending marketplace can help you shop around for the best deal you can get―even if it’s not an auto-specific business loan.

For faster funding, apply with Balboa Capital to get same-day approval and funds. Crest Capital can help you finance older, higher mileage vehicles than other lenders. You’ll find the lowest interest rates at Bank of America. And if you want pre-approval before vehicle shopping, U.S. Bank has you covered.

Before accepting a business auto loan offer, make sure you can afford it with our business loan calculator.

We looked at dozens of lenders to find which ones offered auto-specific business loans. Then we graded those lenders on many factors, from interest rates to customer reviews. We used those grades to come up with final scores for each lender―and those scores, in turn, helped us rank and review the best auto loans for business.

Yes, you can get a car loan with your EIN number―as long as it’s a car for business use.

Yes, you can finance a car through your business. Just make sure you use the car primarily for your business―not personal use.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.