You can apply for Business Vehicle Financing for a business vehicle that will be insured, titled, and registered in your business name. Loan terms can be up to seven years for all vehicle loans based on credit approval.
- Current Prime Rate: 3.25%
- Business vehicle loan amounts from $5,000 - $250,000
- Interest rate is prime rate (fixed) for new vehicles with a loan term of 1-5 years
- Interest rate is prime rate (fixed) + .25% for new vehicles with a loan term of 6-7 years
- Interest rate is prime rate (fixed) + .25% for used vehicles with a loan term of 1-5 years
- Interest rate is prime rate (fixed) + .50% for used vehicles with a loan term of 6-7 years
- New and used business vehicles are eligible
- Maximum loan to value for all vehicles is 80%
- Used vehicles will be limited to a maximum age of 5 years including the current model year
- Minimum of one year business longevity required
Discover how a Teachers Credit Union Business Vehicle Loan can help.
To apply, print out the following forms and drop off at your nearest Teachers branch or mail to: Business Lending Department, Teachers, PO Box 9005, Smithtown, NY 11787-9005.
Your business must have longevity of at least one year to complete this application.
- Teachers Business Loan & Line of Credit Application
- Personal Financial Statement (For loans higher then $25,000)
For any help in completing this application or if your business has less then one year longevity, please call a Teachers Business Development Officer at 631-698-7000 x 1687 or at firstname.lastname@example.org.
Loans are subject to credit approval.
Business owners must be members or eligible for membership at Teachers and must provide personal guarantees for loan request.
Rates subject to change.