Commercial Auto Loans

Expanding or replacing your commercial vehicles is easy:

• Use for luxury or commercial vehicles (subject to minimum balance)
• Fixed or variable interest rates
• Finance up to 80% of retail or appraised value
• Repayment terms up to 60 months
• Monthly principal + interest payments
• Wide variety of vehicles qualify (including luxury cars)
• Flexible payments, depending on interest rate and term selected
• We specialize in small business commercial loans

Equal Opportunity Lender. The credit union makes loans and extends credit without regard to race, color, religion, national origin, sex, handicap, or familial status.

Table of Contents:

• Expert Articles/Papers
• Infographics
• FAQs

Expert Articles/Papers:

• Business Plan Essentials: Part One
  A business plan is more than your mission statement, it's your plan for success. A good business plan determines the likelihood of receiving outside funding and credit from suppliers. It’s a roadmap for the achievement of your goals and objectives by detailing the management of your operation, finances and marketing and promotions.
• Business Plan Essentials: Part Two
  With any success you’ve found the process of writing your business plan helps you in more ways than you originally thought. The process forces you to think about your business objectively, giving you a more realistic idea of the effort required and whether it’s truly a venture you want to pursue. In addition, it sparks your creativity, leading to the formation of new business strategies.
• Going Small Provides Huge Growth
  In this current economic climate, it’s natural to have negative connotations or aversions to anything affiliated with a financial institution. What many small business owners are not aware of is that service is the core edict of a credit union and reaching out to serve small business owners is a natural extension of that purpose.

Infographics:

• The True Cost of Tax Refund Loans
  
   
• The Real Game of Life
  
   
• Enhancing Small Business Lending
  
   
• Tighten Your Wallet and Your Waist
  
   
• Building for your future, now!
  

Frequently Asked Questions:

Q. Do I have to be a Generations member to apply for a business loan?

A. No. To simply apply for a business loan, including commercial auto loans from Generations, there are no membership requirements. Membership is only required if the loan request is approved and you chose to move forward with Generations.

Q. How can I get an application for commercial auto loans?

A. You may get an application to begin the commercial auto loan process either online or via email, upon request. The completed application can be submitted to any of our branch locations, sent by mail or faxed in.

Q. What financial documents are needed during the loan application process?

A. You should be prepared to show at least 3 years of the following documents: compiled financial statements (including balance sheet and income statement), business tax returns, personal tax returns and personal financial statements for any individual who owns at least 20% of the business. Additionally, any individual with 20% or more ownership is required to provide a personal guarantee.

Q. What questions should I anticipate from GFCU?

A. Questions will vary from business to business. Generally, we ask:

• How is your business structured?
• How long has your business been in operations?
• What is your total project need?
• How much capital has been injected by the business owners?
• What assets are available for collateral?

Q. At what stage is my business eligible to even be considered for a commercial auto loan?

A. Traditionally, Generations Federal Credit Union requires a company to be operation a minimum of 3 years before being considered for commercial auto loans.

Q. Is there a limit on the number of loans I can have at any given time?

A. GFCU will consider each of your loan requests separately. Many factors are reviewed at each application, including: cash flow, length of operations, previous credit repayment, etc.

Q. I have collateral. What is the maximum amount I may borrow?

A. GFCU may provide financing for up to 100% of the collateral’s value (certain conditions apply). Generally, we finance up to 80% of the lesser of the purchase price or appraised value.

Q. Does Generations provide financing for my commercial vehicle (tractor trailers, box trucks, etc.)?

A. Yes. Generally, we finance up to 80% of the lesser of the purchase price or appraised value. Repayment terms are usually less than a consumer vehicle.