Business Auto Loans | Commercial Use

Yes, you can still apply for a business auto loan even with poor personal credit. Your credit history may be viewed differently depending on your understanding of credit and how you present your application.

We recommend scheduling a consultation with your Local Business Advisor. They can help you create a plan to improve your chances of approval.

If you're ready to apply for a business auto loan with Space Coast Credit Union, contact our dedicated Business Services Team to get started:

• Brevard County: Call 321-752-2222
• Broward County: Call 954-704-5000
• Miami-Dade County: Call 305-882-5000
• All other areas: Call 800-447-7228 (toll-free)

A business auto loan offers several advantages over a personal auto loan, especially for business owners. Business loans help you separate personal and business finances, which is crucial for tax filing and financial management. For personalized advice, we recommend consulting your CPA or accountant to understand how a business auto loan can benefit your company.

Applicants must have been in business for at least two years.

Leasing and financing both have unique benefits, and the right choice depends on your business needs:

• Leasing often requires no down payment and allows you to upgrade to newer models at the end of the lease. However, leases may include mileage limits and other restrictions. At the end of the lease, you may have the option to purchase the vehicle at its residual value.
• Financing gives you full ownership of the vehicle once the loan is paid off. This can qualify your business for depreciation tax deductions, and the vehicle becomes a business asset.

Consider factors like how long you plan to keep the vehicle, expected annual mileage, and your business’s financial goals when deciding between leasing and financing.

At Space Coast Credit Union, we’re here to help your business hit the road with flexible terms and competitive rates for a wide range of vehicles. We finance consumer-style vehicles like cars, vans, and trucks, as well as commercial vehicles such as box trucks, bucket trucks, and fleet vehicles. We also cover vehicles designed or modified for business purposes, including those equipped with ladders, lifts, or specialized equipment. Whether you’re financing a new vehicle or refinancing an existing one, we tailor our options to meet your needs.

All vehicle purchases, refinances, private sales, or cash-on-clear-title sales must be registered in the state of Florida.