Benefits of Business Loans
Large Amounts at low interest rates
Long tenure periods from 1 to 7 years
Flexible repayment options
Discounted or waiver of early repayment fees
When it comes to purchasing a vehicle – whether it is a truck or van for transportation or shipping, perhaps company cars for running daily errands or providing employees with concierge or employment benefits, a business could use a little extra boost to complete the transaction. And that’s where a business loan comes in!
A business loan taken from a financial institute can cater specifically to companies and businesses that require cash for business purposes. This could be anything from purchasing more inventory, start-up costs, expansion plans, or simply to tide the business over until a busier period in the year when sales pick up.
Because the loan is applied for in the capacity of a company, there are certain benefits that the company can reap. Lenders generally find businesses more reliable for debt and thus are more willing to loan larger amounts and at lower interest rates to them. In addition, the range of loan periods can span for a longer period of time too depending on whether the company fulfills some criteria on turnover and productivity. At the same time, the business can also opt for other options that make their business loan more flexible such as payment holidays and lump sum payments, of which fees can also be waived in certain circumstances.
And since the company takes a loan out for financing company cars, the business aspect of it all can also give you the advantage of tax deductible allowances too! You will be able to acquire the cars you need while saving money in the process!