Top Lenders for Small Business Auto Loans in 2025
June 20, 2025 | Last Updated on: June 23, 2025
By Nick Perry
Businesses have many needs, and when they’re tight on cash flow, getting a small business loan can be a major asset. Some lenders may be better than others when you have specific needs. Just like you might not use a personal credit card that doesn’t earn points for certain purchases, when you need to purchase or vehicles or equipment for your business, some loan options are better than others. Some lenders offer better business auto loan financing terms than others so you can address specific business needs while locking in competitive rates and terms.
In this article:
- Understand what a small business auto loan is and how it works.
- The best business lending solutions when you need to acquire vehicles.
What is a Small Business Auto Loan?
Small business auto loans, also known as commercial auto loans or car loans, are pretty straightforward. It’s financing you can use to buy a vehicle for use by your business. Small business auto loans may cover cars, vans, and some trucks, but you’ll often need equipment financing or a more specific commercial truck loan to purchase heavy-duty trucking equipment.
In most cases, a lender purchases the vehicle outright and charges your business a monthly payment based on business auto loan rates. You’ll have to fill out a small business auto loan application, and your interest rate will usually depend on your personal credit score (or business credit score, if applicable), annual revenue, time in business, and other key factors.
Traditional lenders like banks and credit unions, and online lenders both offer vehicle loans and equipment loans. Traditional lenders often offer the best interest rates and highest loan amounts, but online lenders can usually provide faster funding and support borrowers with bad credit.
The Best Small Business Auto Loan Lenders
There’s no shortage of options when it comes to auto loan lenders. The right one for you depends on the annual percentage rate (APR) available to you based on your credit history and specific eligibility requirements. Dealerships may also have preferred lending partners. Generally, however, if you’re exploring financial services options to get an auto loan, these loan providers are among the best.
PNC
PNC’s Small Business Vehicle Finance Loan program offers both loans and business lines of credit for new and used passenger vehicles. If you need a small business auto loan for business-use passenger vehicles, PNC offers flexible low-rate financing.
Loan amounts: From $10,000 to $250,000
Term length: Up to 72 months
Eligibility specifics: 24+ months under the same ownership, automatic payment from a PNC business checking account, collateral required.
Truist
Truist offers small business auto loans with extended terms of up to 75 months, and commercial vehicle loans with repayment terms of up to 84 months. They offer interest rate discounts for Trust business checking account holders and allow you to use small business auto loans to both purchase and refinance vehicles. With a longer term, you may have lower monthly payments, although you may end up paying more interest in the long run, especially since Truist finances up to 110% of the total cost to account for delivery fees, taxes, or tag and license costs.
Like any loan, Truist small business auto loans are subject to credit approval.
Loan amounts: Up to $250,000
Term length: Up to 84 months
Eligibility specifics: No hard minimum credit score, but 600+ is preferred. No time in business or down payment required.
Ally Bank
Ally Bank is well-known for its personal auto loans, but it also offers a commercial line of credit and small business auto loans for business owners who want to buy or lease business vehicles. They also offer tailored loans for heavy-duty trucks and modifications, like adding towing equipment. Ally lets you buy or lease vehicles in your business name to avoid the debt from falling on your personal credit report and offers both open-ended leases with flexible terms and close-ended with fixed rates. They also do not always require a personal guarantee for the loan.
Loan amounts: No hard limit, but used vehicles must be less than 10 model years old and have no more than 120,000 miles.
Term length: Up to 84 months for purchase, up to 60 months for lease
Eligibility specifics: Very flexible qualification requirements, depending on the specific program.
BlueBridge Financial
Like Ally, BlueBridge Financial is an excellent financing option for purchasing older vehicles. They have no age restrictions on equipment and specialize in equipment loans, providing small business auto loan processes that are fast, flexible, and tailored to your business. They have a specific application-only process for loan amounts under $350,000 that can be approved in the same day, giving you faster access to business vehicles that make an impact on your bottom line. Your approvals, rates, and terms are all subject to your creditworthiness and your payment schedule and down payment requirements may vary significantly.
Loan amounts: From $10,000 to $500,000
Term length: Up to 60 months
Eligibility specifics: 610+ credit score, recommended two years in business
Navy Federal Credit Union
Navy Federal Credit Union states that their members are the mission, and that’s clear with their excellent small business auto loan programs for veteran business owners. NFCU offers competitive commercial vehicle loan rates and long terms of up to 96 months, provided you’re getting a minimum loan amount of $30,000. There are no fees or prepayment penalties and you can use small business auto loans to purchase new or used vehicles, or refinance existing debt.
Loan amounts: Starting at $30,000
Term length: Up to 96 months
Eligibility specifics: Must be Navy Federal Credit Union business members, which is open to service members in all branches of the armed forces, including veterans and retirees; immediate family of military members; and Department of Defense civilians. Used vehicles require the CARFAX Vehicle History Report to determine loan eligibility.
Balboa Capital
An alternative lender that specializes in equipment financing, Balboa Capital’s small business auto loans are geared towards commercial trucks, semi-trucks, dump trucks, cargo vans, and other heavier vehicles. Their online application process is capable of turning around approval decisions in as little as an hour during regular business hours and may offer same-day financing in certain situations. If you need fast access to cash to purchase vehicles for your business, this could be a good solution.
Loan amounts: Up to $500,000
Term length: From 24 to 60 months
Eligibility specifics: At least one year in business, $100,000 in annual revenue, and a 620+ credit score.
JR Capital
A small financier that specializes in heavy truck loans and leases, JR Capital is a good option when you have very specific trucking needs. They finance a variety of heavy vehicle types, plus semi-trailers, grain trailers, flatbed trailers, and tank trailers that service the agricultural and manufacturing industries. They do not require down payments and provide funding for both dealership and private purchases.
Loan amounts: From $15,000 to $10 million
Term length: From 24 to 84 months
Eligibility specifics: Used truck models must be from 1990 or newer.
Final Thoughts
Small business auto loans can help your business address a wide range of needs, from getting your staff from point A to point B, to supporting delivery and logistical challenges, to freight and heavy equipment needs. Whatever your specific business needs, it’s crucial to spend the time researching lenders to find the best loan program to suit your business. These lenders offer compelling loan small business auto loan options, but the best rates and terms depend on your application and credit approval.
FAQs About Small Business Auto Loans
Can you buy a vehicle with a small business loan?
There are several types of business loans you can use to buy vehicles. You could get a specific small business auto loan to finance a specific vehicle or vehicles, or leverage other options like term loans or SBA loans to purchase vehicles in addition to addressing other business needs.
How do I qualify for a small business loan?
Qualification requirements vary by lender. Usually, online lenders have less strict terms than traditional lenders, but ultimately, your eligibility will depend on your creditworthiness and ability to repay the loan.
What types of vehicles can I finance with a small business auto loan?
The types of vehicles you can finance depend on the lender. While any vehicle you purchase or lease must be used for business purposes, vehicles may range from passenger vehicles to vans or trucks, but many lenders require more specific financing solutions for heavy-duty trucks or specialized vehicles like construction equipment or tow trucks.
What’s the difference between a loan and a lease?
There are a few differences, but the key one is that with a loan, by the time you pay off the loan, you own the vehicle. With a lease, you are essentially renting the vehicle for a set period of time. You may have the option to buy the vehicle at the end of the lease.
How do I apply for a small business auto loan?
Each lender has its own specific process, but you can often apply online for a loan. You’ll usually need business legal documents, financial statements, tax returns, a business plan, vehicle information, and driver’s licenses for any authorized owners.
