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Commercial car finance, also known as a business car loan, is a type of finance that lets you purchase or lease a vehicle. There are different types of loans designed for business, but many of our customers look for a chattel mortgage.

If you plan to mainly use the vehicle for business purposes, you can qualify for a chattel mortgage. You are allowed to use the transport for other reasons, as long as 50% or more is allotted for business transactions, such as deliveries, driving to a client or meeting, and buying product ingredients.

No, a chattel mortgage is different from a hire purchase, although they do work on the same principle. A chattel mortgage gives you the right to take ownership of the car once you have fully paid the loan.

That is because you receive actual funds to pay the purchase. On the other hand, a car hire purchase agreement means that the bank or lender is still the owner after the loan term is complete. As the name suggests, you are merely renting the vehicle, although you have the option to purchase it at the end of the agreement.

Here at Loans Unlimited, we strive to give you the best service when you especially need it. We understand your need to get the funds to purchase or rent a car for your business. It is why we always aim to give you the fastest approval possible. If you have borrowed through us before, the process can be a lot quicker, particularly if you had a good record.

Meanwhile, for new applicants, we usually approve the loan on the same day up to a few more days. Regardless, we guarantee it is speedier than any banks out there.

The interest rate will depend on several factors. It means that our customers can have varying interest rates. If you have good credit standing and you meet other requirements, you can enjoy a lower interest rate. Our rates start at 4%, but we usually provide 6% on average.

The highest interest per annum is 15%. You can improve your rate offer from us by giving us the information we need. If you have a good credit score with an excellent repayment history, we can assure you that you will have an attractive rate from us.

A balloon payment refers to the residual value payment. It is a lump sum payment attached to your commercial car finance. Typically, you have to pay for it towards the end of the loan period. It is often higher than the rest of your monthly payments, but that is because it offsets those repayments to a certain degree.

You are allowed to pay out the balloon once it is due. Other options are to refinance it or even trade your car. Having a balloon payment lets you lower your initial payments.

At Loans Unlimited, we take care of all our customers. While it is easier to get approved for commercial car finance when you have good credit, having poor credit does not exempt you from this offer.

Youcan get a business car loan from us even if you have declared bankruptcy or have loan defaults in the past. However, be sure that you are aware of the higher interest rates. One benefit here is that taking out a loan can help repair your credit if you repay it responsibly.