Business Auto Loans from Clarify Capital

Business auto loans finance vehicles used for business purposes rather than personal ones, and can be applied to a purchase, a lease or a refinance. Clarify Capital presents the product for owners whose day-to-day operations depend on cars or trucks, such as caterers needing a van, contractors needing a pickup or delivery services expanding a fleet. Financing is arranged under an LLC or business EIN. The company notes that business and personal auto loans differ in requirements, loan amounts, payback options and tax deductions.

• Delivery vans
• Cargo trucks
• Pickup trucks
• Passenger vehicles for sales teams
• Food trucks
• Trailers
• Specialty vehicles

Clarify Capital advertises commercial vehicle financing of up to $5M, funded within 24 to 48 hours. Quoted pricing starts at APRs as low as 6%, with term lengths of 6 to 24 months. The company states that bad credit is acceptable and that no collateral is needed to get approved.

• Up to $5M funded in 24 to 48 hours
• APRs as low as 6%
• 6 to 24-month term length
• Bad credit OK
• No collateral needed for approval
• No hard credit pull to apply

The application is an online form that Clarify Capital says takes under two minutes and requires basic business details. Applicants are then matched with lenders from a network of more than 75, who compete on rates for the vehicle need. Offers can be compared on APR, terms and monthly payments with no obligation to accept, and approved funds can arrive as soon as the next business day. Clarify states that applying will not affect a credit score.

• Apply online in under 2 minutes
• Get matched with 75+ lenders
• Review and compare offers
• Funding as soon as the next business day

Clarify Capital's page sets business auto loans alongside other products businesses use to fund vehicle purchases, distinguishing primary purchase financing from options that only partly support a purchase. Equipment financing is described as using the vehicle itself as collateral, with terms typically 12 to 72 months and APRs that can start as low as 6% but usually range from about 8% to 30%. Term loans are listed at roughly 6% to 30%+ APR over 6 months to 7 years, often unsecured but sometimes requiring collateral or a personal guarantee. SBA microloans are noted as slower to fund, at about 8% to 13% APR with terms usually of six years or less.

• Equipment financing
• Term loans
• SBA microloans
• Commercial auto loan
• Leasing
• Business line of credit
• Invoice factoring
• Merchant cash advance