Business auto loan recommendations?

[Debt-is-a-Scam]

Hello, everyone. So I am considering purchasing a used work van and would like some advice on how to finance it using business credit.

The van I want is a 2017, costs about $15,000, and has 216k miles. My trade in would be an old A to B van with 376k miles on it that I hardly ever use. It's probably worth a good 5k.

I currently have business accounts with Amex, Chase, U.S. Bank, and my local credit union. I am pre approved with an Amex Business Line of Credit of $15,600, but I'm confused on how the interest rate works. U.S. Bank offers such loans at a 7.99% interest rate. Chase interest rate seems confusing as hell, and my credit union requires an application before providing any information. But my credit union does offer personal auto loans at a mere 4.99% interest rate.  Also looked into BofA and the van I want is not within their required specs. Thinking I'd be able to pay off the loan in a good year or 2.

Any ideas and/or advice would be helpful.

Thanks!

[cashorcharge]

I have to admit, buying a used van with that many miles on it has me paused and most auto loans, busness or not would not finance a vehicle with that many miles on it...so your approach of a loan in general to pay for the van, may be your best bet.

Doing it personally WOULD warrant a much lower APR but then again....getting an auto loan approval on somethis with that many miles will be difficult.  

I would focus on just an ordinary business loan with the best rate....if US Bank is it....go for it.  Heck, you may even be able to get a US Bank credit card and with a Balance Transfer check, get the van with 0% APR for 12 months...US Bank does a lot of Balance Transfer Offers.

Sticking to just the auto loan route will be difficult in my opinion

[Dcowboy08]

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@cashorcharge wrote:

I have to admit, buying a used van with that many miles on it has me paused and most auto loans, busness or not would not finance a vehicle with that many miles on it...so your approach of a loan in general to pay for the van, may be your best bet.

Doing it personally WOULD warrant a much lower APR but then again....getting an auto loan approval on somethis with that many miles will be difficult.  

I would focus on just an ordinary business loan with the best rate....if US Bank is it....go for it.  Heck, you may even be able to get a US Bank credit card and with a Balance Transfer check, get the van with 0% APR for 12 months...US Bank does a lot of Balance Transfer Offers.

Sticking to just the auto loan route will be difficult in my opinion

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I agree. I have bought several brand new trucks this year and that was hard enough. I can't imagine using business credit for what you are trying to accomplish. While it won't build your business credit, go personal and just track mileage, etc, for business tax reporting. 

[Debt-is-a-Scam]

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@cashorcharge wrote:

I have to admit, buying a used van with that many miles on it has me paused and most auto loans, busness or not would not finance a vehicle with that many miles on it...so your approach of a loan in general to pay for the van, may be your best bet.

Doing it personally WOULD warrant a much lower APR but then again....getting an auto loan approval on somethis with that many miles will be difficult.  

I would focus on just an ordinary business loan with the best rate....if US Bank is it....go for it.  Heck, you may even be able to get a US Bank credit card and with a Balance Transfer check, get the van with 0% APR for 12 months...US Bank does a lot of Balance Transfer Offers.

Sticking to just the auto loan route will be difficult in my opinion

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On 2nd thought, I actually agree that this particular vehicle probably does have too many miles so now I'm shopping around for something newer.

Getting a 0% interest BT card for this does seem intriguing too. Haha

[cashorcharge]

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@Debt-is-a-Scam wrote:

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@cashorcharge wrote:

I have to admit, buying a used van with that many miles on it has me paused and most auto loans, busness or not would not finance a vehicle with that many miles on it...so your approach of a loan in general to pay for the van, may be your best bet.

Doing it personally WOULD warrant a much lower APR but then again....getting an auto loan approval on somethis with that many miles will be difficult.  

I would focus on just an ordinary business loan with the best rate....if US Bank is it....go for it.  Heck, you may even be able to get a US Bank credit card and with a Balance Transfer check, get the van with 0% APR for 12 months...US Bank does a lot of Balance Transfer Offers.

Sticking to just the auto loan route will be difficult in my opinion

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On 2nd thought, I actually agree that this particular vehicle probably does have too many miles so now I'm shopping around for something newer.

Getting a 0% interest BT card for this does seem intriguing too. Haha

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Good choice...