Business financing rates?

[fv9]

Curious what sort of rates you all are seeing who are financing through your business. I own a small business with myself and one otter employee. Have leased for three years previously so the business has credit, although I have no idea how they rate a business credit score. More than enough income for the payment to not be an issue to a bank. Any advice on the best way to handle this and applicable rates is greatly appreciated! Hoping for delivery in early March so want to get ahead of things. Thanks!

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[Trilifter7]

I just purchased a new Transit Connect work van for my company and couldn’t believe the business loan rate I was able to get. I know it’s a different vehicle but I went thru Ford Credit and got a 60 month business loan for 2.9%. I had checked with my bank right before and was told to expect in the 5-6% range.

 

[fv9]

I just purchased a new Transit Connect work van for my company and couldn’t believe the business loan rate I was able to get. I know it’s a different vehicle but I went thru Ford Credit and got a 60 month business loan for 2.9%. I had checked with my bank right before and was told to expect in the 5-6% range.

Thanks. I’ll have to connect with the finance guy and see what I might be able to expect.

 

[BroncoAZ]

I buy about 25 trucks per year and have been paying in the 3.84-4.35% range for 48 or 60 months with GM Financial and Ally for the past year. My most recent 4 trucks last week were all 3.84% through GM Financial.

 

[stras27]

I got 2.5% for 84mo. I could have gotten 2.1% for 72mo but opted to keep payments lower month to month.

 

[BroncoAZ]

I got 2.5% for 84mo. I could have gotten 2.1% for 72mo but opted to keep payments lower month to month.

As an individual or buying it through your business? Those are in the range of consumer rates.

 

[fv9]

As an individual or buying it through your business? Those are in the range of consumer rates.

I was thinking the same

 

[mds5917]

Wow - got my Bronco on personal auto loan w PenFed at 1.79% for 36mo beginning of Nov. hard to believe rates have bumped like this…

 

[BroncoAZ]

Wow - got my Bronco on personal auto loan w PenFed at 1.79% for 36mo beginning of Nov. hard to believe rates have bumped like this…

Commercial rates are always significantly higher than consumer rates. My personal Bronco was 1.99% for 60 through the dealer, USAA was 1.89% for 60.

 

[mds5917]

Commercial rates are always significantly higher than consumer rates. My personal Bronco was 1.99% for 60 through the dealer, USAA was 1.89% for 60.

Def understand they are higher but was surprised by how much. Particularly in your case given how much business you drive through them. Ouch. (Yeah, yeah, deductible business expense blah blah, but still feels like you’re getting hosed)

 

[BroncoAZ]

Def understand they are higher but was surprised by how much. Particularly in your case given how much business you drive through them. Ouch. (Yeah, yeah, deductible business expense blah blah, but still feels like you’re getting hosed)

I feel like we’re getting hosed, too. We are A level and get the best rates available. I’m convinced there is a business tax on everything we do, seems like every company/vendor tries to charge us retail plus pricing on everything. One of the dealerships we frequent was trying to charge us $130 for an air filter,$130 for a cabin filter, and $130 for an alignment on every truck that came in for an oil change. I put a stop to that shit, but I have to watch everyone like a hawk.

 

[Silver-Bolt]

You could also buy it yourself and lease it back to your company. Pay yourself the finance charge/interest rather than a bank.

 

[stras27]

As an individual or buying it through your business? Those are in the range of consumer rates.

Yeah individual. Sorry misread the original question.

 

[fv9]

You could also buy it yourself and lease it back to your company. Pay yourself the finance charge/interest rather than a bank.

It’s always been my understanding that it must be arms length. Would have to talk to my CPA about that.

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