Commercial Vehicle Loans: 4 Frequently Asked Questions
Business owners from every industry are contacting NBC’s financing advisors with questions about the benefits of using commercial vehicle loans to finance their business goals.
Here’s the answers to the top 4 questions clients are asking NBC’s financing advisors about commercial vehicle financing:
Q1: What Qualifies as a Commercial Vehicle?
Any vehicle that is owned or leased by any kind business is recognized by the US Department of Motor Vehicles as a commercial vehicle, and so are covered by NBC’s commercial vehicle loans.
A vehicle is also considered commercial property if:
- It is used for business purposes, but owned by an individual such as an entrepreneur or sole proprietor.
- The vehicle is built and used primarily for transportation of property.
- It is designed to carry over 15 passengers.
- The vehicles that exceeds a certain weight class, even if not owned by a business owner, or used for commercial purposes.
Click here to find out if the weight of the vehicle you need exceeds the qualifying weight limit. If so, you may be able to qualify for financing through NBC’s commercial vehicle loan options.
Q2: What Can I Use Commercial Vehicle Loans For?
The financing advisors at NBC have helped business owners in virtually every industry secure commercial vehicle loans, for a vast variety of uses, including:
Busses, taxis, limousines, tow trucks, and public transportation vehicles of all types that are used for the transportation of persons for hire, compensation, or profit.
More vehicles means taking on more passengers, and multiplying profits for those who secure financing through NBC.
Emergency Service Vehicles
Vans and trucks used for medical and safety emergencies are just a few kinds of emergency service vehicles NBC has helped secure for clients across the US.
Clients who secure additional emergency service vehicles through NBC gained the ability to grow their business, and help more people in need.
Construction, Mining, and Contractors
Heavy construction trucks and equipment are some of the most most popular commercial vehicles sought after by NBC’s clients, including cranes, bulldozers, dump trucks, and excavators.
With help from NBC’s commercial vehicle loans, these clients were able to get the machines they needed to take on more projects, and expand their businesses.
Farming and Agriculture
Farmers and agricultural professionals are able to secure any and all vehicles that help them plant, nurture, and harvest crops, including tractors, seeders, and cultivators—all of which are considered commercial vehicles.
Any kind of vehicle or trailer that helps raise, care for, or transport livestock such as trailers are also considered commercial vehicles.
NBC is currently helping farmers all across the country secure the financing they need to keep their farms running smoothly, and seize opportunities for growth.
Retail, Manufacturer, and Warehouse Shipping
Businesses that profit from shipping retail supplies are securing commercial vehicle loans from NBC, and boosting their sales through obtaining additional semi-trucks and other vehicles built for shipping.
What’s more, manufacturers and wholesale distributors are contacting NBC on a daily basis for help in obtaining vehicles specialized for carrying certain materials including scrap metal and cement, and others with tanks built to transport hazardous chemicals.
Q3: Are There Any Exceptions?
There are many kinds of vehicles and motorized equipment that the US Department of Transportation does not require a CDL license in order to operate, and so are not subject to the hefty registration fees and federal regulations as commercial vehicles.
- Electric Pallet Jacks
- Forklifts (technically a commercial vehicle, but does not require alternate certification in order to operate)
- ATV’s for Farm Use
- Riding Lawn Mowers, and Other Landscape Equipment
While most of these are not technically commercial vehicles, NBC is able to offer cover the costs of these machines with financing options that offer the same benefits of their commercial vehicle loans.
Both vehicles and other kinds of machinery used for business purposes fall under NBC’s equipment financing options, all of which help business owners get the tools they need to grow their business, while saving them time and money in the process.
Q4: What Makes NBC so Special?
Glad you asked!
Here’s the fast facts on why NBC’s commercial vehicle loans are so great:
- Both long and short term options available
- Loan amounts up to $3 Million
- Completely write off any and all commercial equipment in as little as a year
- Use the equipment itself as collateral, instead of personal or business assets
They work with over 75 lenders to find the perfect commercial vehicle loans for their clients in as little as 24 hours to accelerate the growth of the businesses they serve as fast as possible, while saving them valuable time and money in the process.
Contact the financing advisors at NBC at (877) 482-3008, available 24/7, and ask them how they can help you obtain commercial vehicle loans for your business, or get started on NBC’s 1-minute, 1-page application online to get approved in less than 24 hours.