Business Vehicle and Secured Term Loans
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Heavy-Duty Trucks
Business Vehicle Loans
As a small business owner, you need reliable transportation to connect you and your products to clients, customers and consumers. Whether purchasing or refinancing, we can help you secure the vehicles you need to grow and thrive.
Highlights:
- No fees
- No prepayment penalties
- Review of CARFAX Vehicle History Report™Footnote 1 by Navy Federal, so you can buy with confidence
Best For:
- Cars
- Light-duty trucks
- SUVs
- Models 6 years old or newer
What You'll Need to Apply:
- PDFOur Small Business Loan Application
- Purchase invoice/buyers order to include: year, make, model, mileage, VIN and sales price (internet print-offs not accepted)
- Mileage statement (for refinancing)
- Payoff statement (for refinancing)
- Personal guarantee
- Personal credit check
| Loan Type | Up to 36 mos. APR as low as |
37-60 mos. APR as low as |
61-72 mos. APR as low as |
|---|---|---|---|
| New Business Vehicle | 4.09% | 5.79% | 5.79% |
| Used Business Vehicle | 5.19% | 6.29% | 8.89% |
New Business Vehicle: New and late model used vehicles (2024 and newer model years) with 30,000 or fewer miles.
Used Business Vehicle: 2023 and older model years or any model year with over 30,000 miles.
Note: Business Vehicles are defined as all passenger vehicles that are used for business purposes and/or titled in the business' name. This includes, but isn’t limited to, cars, SUVs, and light-duty trucks. Excluded are fleet vehicles, panel vans, fare-paying passenger vehicles, RVs, buses, over-the-road trucks and trailers, dump trucks, and other heavy construction vehicles.
Commercial Vehicle Loans
We get it. Not all vehicles are created equally, and many small businesses rely on commercial vehicles to get the job done. Our Commercial Vehicle Loans can help you transform your operations.
Highlights:
- No prepayment penalties
- No fees
- Minimum loan amount $10,000
Best For:
- Commercial, heavy duty or “special use” trucks and vans
- Rolling stock (semi-tractor trailers no older than 5 years)
- Purchases only, refinances don’t qualify
What You'll Need to Apply:
- Purchase invoice/buyers order to include: year, make, model, mileage, VIN and sales price (internet print-offs not accepted)
- Personal guarantee
- Personal credit check
Note: Commercial Vehicles are defined as vehicles that are used primarily for transporting goods or paying passengers. This includes over-the-road trucks and trailers, panel vans, fare-paying passenger vehicles, RVs, buses, dump trucks, and other heavy construction vehicles and specialty trucks (food trucks, welding trucks, etc.).
Secured Term Loans
Looking to strengthen or expand your operations? A Secured Term loan can provide the funds you need to take that next step.
Highlights:
- Minimum loan amount of $10,000
- Available for purchases and refinancing
- No prepayment penalty
- Loan to value: up to 75%, depending on the type of equipment
- $150 origination; lien search and recording fees may apply and vary by state
Best For:
- Commercial equipment
- Computer equipment
- Leasehold improvements
- Expansion
- Businesses with annual sales of at least $100,000
Why Choose Navy Federal?
A business loan through Navy Federal comes with added benefits that matter most to you:
- Competitive rates and flexible terms
- No prepayment penalties
- Outstanding customer service
- Small business focus
Ready to Apply?
To be eligible for Business Solutions offerings, business owners must first be members of Navy Federal Credit Union. Already a Navy Federal member, but not yet a business member?
Already a business member and ready to apply for a loan?
Secured Term or Commercial Vehicle Loan
- Complete the application form and beneficial owner form (if required). Print them out and sign with a pen (digital signatures aren’t accepted). Then, scan the signed document(s) and submit online.
- For requests greater than $50,000, call 1-877-418-1462, 9 am to 5 pm ET, Mon.–Fri., and request to be connected with a business lending representative.
Business Vehicle Loan
- For Single-Owner Businesses: Begin the application process by signing in to our secure portal using your Navy Federal personal credentials.
- For Multi-Owner Businesses: Complete the application form and beneficial owner form (if required). Print them out and sign with a pen (digital signatures aren’t accepted). Then, scan the signed document(s) and submit online.
You'll receive an update approximately 7–10 business days after you've submitted your request.
Note: If you’re a Navy Federal employee applying for business credit, you must contact Business Solutions by calling 1-877-418-1462 to apply.
Frequently Asked Questions
What determines my interest rate?
The interest rate on your business loan is risk-based and determined by your circumstances and credit history. Our evaluation may include a review of information on the business, individual owner(s) and/or guarantor(s) or a combination of several, plus the following:
- Loan-to-value ratio
- Debt-to-income ratio
- Current obligations
- Other factors related to the overall financial picture that could affect your ability to repay the loan
In general, applicants with great credit qualify for more favorable rates than those whose credit isn’t as strong. For more information on factors that may affect approval or rates, see our article on what lenders look for in a loan application.
How long will it take to make a decision on my business vehicle loan request?
Once all the required information has been submitted, it can take up to 5 business days to review and approve or decline most lending requests.
Will my personal credit be checked when I apply for a business vehicle loan?
Yes, personal credit scores are taken into consideration during the decision process.
Disclosures
If you are approved for a used business vehicle loan, Navy Federal will use a CARFAX Vehicle History Report™ to review the vehicle. The result of this review may determine whether Navy Federal will disburse your loan proceeds for the selected vehicle. This process may expire at any time. Navy Federal is in no way responsible for the accuracy of the CARFAX Vehicle History Report™. CARFAX is a registered trademark of CARFAX, Inc. CARFAX Vehicle History products and services are based only on information supplied to CARFAX. CARFAX does not have the complete history of every vehicle.
Credit and collateral subject to approval. Advertised “as low as” annual percentage rates (APR) assume excellent borrower credit history. Your actual APR may differ and will be based upon several factors, including credit history, loan type, model year, mileage, term, and loan amount. Rates subject to change.