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Car loan pre approval | Navy Federal Credit Union

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You can get a business auto loan if your company uses one or more vehicles – or refinance an existing car to save money – if you need a van, truck, or car. The vehicle is the collateral for business and commercial auto loans, which means they may cost less or be easier to qualify for than other forms of borrowing. Depending on your lender, you may not have to provide a personal guarantee to guarantee the loan.
There are options for business auto loans, so compare options to find out if one is right for you. Read on to learn which lenders offer these loans and which are right for you.

Financing for an auto loan

There are nearly 11,000 dealerships in the Wells Fargo Auto network, so be sure to inquire at the dealership about Wells Fargo Auto financing.
Considering these factors before financing:

Your credit score can help you plan a realistic approach toward financing a car. You may still be eligible for a loan if your credit score is low, but your interest rate may be higher.
Car loan pre approval
Car loan pre approval

When you do not qualify for a loan, or if your credit score is too low, consider signing with a co-applicant. A co-applicant is a person who enters into the loan with you and has some ownership rights in the vehicle.

Before buy car

When buying a vehicle, there are so many factors to consider that it can be overwhelming. Consider these tips to make your purchase a bit easier:
When buying a vehicle, consider things like interior space, car size, maintenance, and gas mileage.

You should always conduct your own research and test drive all the cars you’re interested in. Obtaining general specifications and fair market values from reference guides (or two) is always a good idea.
When determining your vehicle budget, make sure you consider additional expenses such as fuel and registration charges, maintenance, insurance, and repairs.

Buying a new vehicle

If you are buying a new vehicle, here are some things to consider:

Used car:

What you need to look for when purchasing a used car:

business auto loan from a bank usually offers you the best rate. If you have a business account with a bank, see what rates it will offer you.

Best for low-cost loans.

Wells Fargo is temporarily suspending its Equipment Express Loan program so it can focus on Paycheck Protection Program loans.
It typically offers fixed rates starting at 4.50% for passenger vehicles — as well as trucks and trailers — in the range of $10,000 to $100,000. Wells Fargo offers a separate commercial loan program for semi-trucks if you need them.

If you can’t get a bank loan or need cash quickly, alternative lenders may make sense since they charge higher rates.

National Funding

As with personal auto loans, business auto loans let you borrow money to buy a car and repay that amount plus interest over a specific period of time.

 But there are some notable differences
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