Business Term and Vehicle Loans
-
Equipment
-
Business Vehicles
-
Heavy-Duty Trucks
Features:
- Available for purchases and refinances
- No prepayment penalty
- Loan to value: up to 75%, depending on the type of equipment
- $150 origination; lien search and recording fees may apply and vary by state
Best For:
- Commercial equipment
- Computer equipment
- Inventory
- Leasehold improvements
- Expansion
- Permanent working capital
Application Checklist:
- Completed and signed business loan application PDF
- Purchase invoice/buyers order to include: serial number(s) if applicable to ensure proper lien filing and sales price
- Certificate of Insurance: Navy Federal listed as Loss Payee
Best For:
- Cars
- Light-duty trucks
- SUVs
Application Checklist:
- Completed and signed business loan application PDF
- Purchase invoice/buyers order to include: year, make, model, mileage, VIN and sales price (internet print-offs not accepted)
- Certificate of Insurance: Navy Federal listed as Loss Payee
- Mileage statement (for refinances)
- Payoff statement (for refinances)
Features:
- No prepayment penalties
- No fees
- Loan to value3: new, up to 80%; used, 75%
Best For:
- Commercial, heavy duty or “Special Use” trucks and vans
- Rolling stock (semi-tractor trailers, grain trailers, and other equipment associated with hauling goods)
Application Checklist:
- Completed and signed business loan application PDF
- Purchase invoice/buyers order to include: Year, Make, Model, Mileage, VIN & Sales Price (Internet print-offs not accepted)
- Certificate of Insurance: Navy Federal listed as Loss Payee
- Mileage statement (for refinances)
- Payoff statement (for refinances)
Already a Navy Federal member, but not yet a Business Solutions member?
Join Today to become a Navy Federal Business Solutions member.
Already a Business Solutions member and ready to apply for a term loan?
- Fill out and sign our application form PDF and beneficial owner form (if required) and submit online.
- For requests greater than $50,000, call 1-877-418-1462, 9 am to 5 pm, ET, Mon-Fri, and request to be connected with a business lending representative.
Due to the high volume of PPP loan requests, allow 7-10 days for an update after you submit your traditional lending request.
Disclosures
Amount approved based on NADA value or purchase invoice amount, whichever is lower. Eligible collateral for a business vehicle includes vehicles manufactured for personal or household purposes and are not deemed to be a "fleet" or fare-paying passenger use (i.e., car, light-duty pickup truck [one-quarter ton maximum limit], or SUV). Please contact a business lending officer for details.
↵If you are approved for a used business vehicle loan, Navy Federal will use a CARFAX Vehicle History Report to review the collateral. The result of this review may determine whether Navy Federal will disburse your loan proceeds for the selected vehicle. This process may expire at any time. Navy Federal Credit Union is in no way responsible for the accuracy of the CARFAX Vehicle History Report. CARFAX is a registered trademark of CARFAX, Inc.
↵Amount approved based on NADA value or purchase Invoice amount, whichever is lower. Eligible collateral for a commercial vehicle includes a commercial, heavy-duty, or "special use" truck or vehicle. Please contact a business lending officer for details.
↵