Buying a vehicle can be a good option when you expect the vehicle to have a long useful life without needing replacement or upgrade. You will gain equity in the vehicle and you may also benefit from financial advantages such as depreciation and tax deductions; be sure to consult your tax adviser for more information.
|information about light and commercial vehicle loan||Small Business Auto Loan||Commercial vehicle loan|
|Use it for||Buying automobiles, vans and light trucks||Buying commercial-purpose vehicles typically over 2.5 tons|
|Amount||Minimum $10,000||Minimum $25,000|
|Rate||Competitive fixed rate||Competitive fixed rate based in part on
your overall business relationship with
Bank of America
|Term||Between 4 -6 years||Flexible terms up to 7 years|
|Fee||No application fee||Origination fee of 0.5% of amount
financed, plus closing costs
|Loan-to-value||Up to 120% LTV||Up to 80% of the purchase price|
|CTA button row||Get started Send us an email to begin your financing||Get started Send us an email to begin your financing|
The ratio between the unpaid principal amount of a loan, or credit limit in the case of a line of credit, and the appraised value of the collateral. Expressed as a percentage. For example, if you have an $80,000 first mortgage on a home with an appraised value of $100,000, the LTV is 80% ($80,000 / $100,000 = 80%).
Bank of America financing guaranteed by the SBA may be right for your business. SBA 504 (suitable for commercial real estate loans of $350,000 and above), SBA 7A and SBA Express programs generally provide you with lower down payments and longer financing terms.