#loans for cars
Business Vehicle Loans
To help you purchase a vehicle for your business, PSECU offers low rates, terms as long as seven years, and a simple application process.
- Street-legal vehicles other than cars, pick-up trucks, vans, or SUVs up to 56,000 lbs. gross vehicle weight (GVW) not part of a fleet*.
- Vehicles that have been previously titled.
- Financing available: Up to 100% National Automobile Dealers Association (N.A.D.A.) or other authorized guides’ retail value.
- N.A.D.A or other authorized guides’ retail value must be at least $3,750.
*PSECU will finance up to 100% of new/used commercial vehicles, not part of a fleet, with loans of $50,000 and less, and 80% with loans or total business loan relationships of more than $50,000 that are not part of a fleet of vehicles.
PSECU must be named loss payee under your insurance policy providing fire, theft, collision and comprehensive coverage. You must provide PSECU with a copy of your policy. You may carry any deductible up to a maximum of $500. PSECU must be listed as the first and only lienholder. The following address should be given to the dealer for listing PSECU on the title: Pennsylvania State Employees Credit Union, 1 Credit Union Place, Harrisburg, PA 17110. Perfection of liens on financed equipment will be evidenced by filing the appropriate UCC-1 financing statements with the state of Pennsylvania. All fees to be paid by borrower.
PSECU will only finance vehicles located and titled in the state of Pennsylvania. There are some transactions and vehicles for which PSECU will not lend funds. PSECU reserves the right to refuse to lend upon any collateral. Before attempting to finance a business / commercial vehicle through PSECU, please contact Business Services at 800.237.7328 – option 6 – extension 3875, nationwide (USA) to determine whether PSECU will be able to provide financing. For 61 – 72 month loans, minimum amount financed must be at least $12,000. For 73 – 84 month loans, minimum amount financed must be at least $20,000.