The business auto loan offers you financing for business automobile purchases with the security of knowing a fixed payment amount and repayment term. This business auto loan is secured by the auto financed and loan proceeds are generally paid directly to the seller.

A Tech CU business loan for a new vehicle features:
Up to 100% of purchase price, plus tax, license, dealer preparation, documentary fees, and Extended Warranty Insurance.
Mechanical Breakdown Insurance available for new dealer-purchased vehicles.
Automatic payment available from a Tech CU Checking or Savings account.

Above and below are brief descriptions of a business auto loan you can expect to find at the bank and credit union on the two websites on the right of the page.

Cal Bank Trust
Use:
The business auto loan offers you financing for business automobile purchases with the security of knowing a fixed payment amount and repayment term. This loan is secured by the auto financed and loan proceeds are generally paid directly to the seller.
Qualifying criteria may be more flexible than other business loans and lines of credit.

Loan Amounts:
Up to $100,000; Minimum $10,000. Some limitations apply based on size and type of business, age of vehicle and down payment.

Terms:
24 to 72 months (2-6 years)
Term depends on loan amount, age of vehicle and amount of down payment.

Interest Rate:
Fixed and adjustable rates are available. Rates are determined by loan amount, age of vehicle, term and advance rate.

Loan Fees:
One-time loan fee of $60.
Other closing costs will be charged as applicable to perfect the bank's collateral position.
Late charges will also apply.

Other Criteria:
For a business auto loan your business must be profitable.
Personal guarantees of all principals with 20% or more ownership in the business.
Acceptable credit histories.
Business and personal financial information required for credit requests greater than $50,000.
Other limitations apply.

Maximum Advance:
New Auto: 110% of MSRP + add-on costs.
Used Auto: 75% of purchase price OR 110% of low blue book value.