Repayment options for commercial loans vary based on the loan type and terms. You may have the choice of fixed or variable interest rates, with repayment schedules that include monthly, bi-weekly, or customized payment plans. Flexible options like interest-only payments or lump-sum payments may also be available, depending on your agreement.
Choosing the right loan for your business depends on factors like your financial needs, repayment ability, and long-term goals. Term loans are great for large, one-time purchases, while lines of credit offer flexibility for ongoing expenses. If you’re unsure, our financial advisors can help you explore your options and find the best fit.
Yes, a commercial loan can be used to refinance existing business debt, helping you consolidate payments or secure better interest rates. Refinancing can improve cash flow and simplify your financial obligations. Our team can review your situation and help you find the best refinancing option.
If you miss a loan payment, you may be charged a late fee, and it could negatively affect your credit score. Interest will continue to accrue on the outstanding balance and become higher, and repeated missed payments may lead to further financial consequences. If you’re having trouble making payments, it’s best to turn to BCU and review your options as soon as possible.
Businesses, self-employed individuals, and corporations can apply for a commercial car loan. Eligibility depends on factors like credit history, business financials, and the type of vehicle being financed. If you’re unsure, our team can help determine the best option for your business needs.
With a commercial car loan, you can finance a variety of vehicles, including company cars, work trucks, vans, and specialty vehicles used for business operations. The eligibility may depend on the type of business and the intended use of the vehicle. Our team can help you find the best financing option for your needs.
Our car loan approval usually takes a few business days, but it can be faster if all required documents are provided. The process may take longer if additional information or verification is needed.
Yes, you can pay off up to 20% of your original car loan amount in a 12-month period early without any penalties. However, it’s always a good idea to check your loan agreement for any specific conditions or fees related to early repayment.
