Common Commercial Vehicles:
* Trucks:
* Semi-trucks: Large trucks used for long-haul transportation.
* Box trucks: Closed trucks for transporting goods, often used for local deliveries.
* Delivery trucks: Smaller trucks used for various delivery needs.
* Dump trucks: Trucks designed for hauling loose materials like sand, gravel, and dirt.
* Flatbed trucks: Trucks with a flatbed platform for hauling large items.
* Vans:
* Cargo vans: Used for transporting goods, often with internal shelving or racking.
* Passenger vans: Used for transporting people, often with seating for 12 or more.
* SUVs & Pickups:
* Work trucks: Pickups equipped for hauling tools, equipment, or materials.
* SUVs: Some SUVs with towing capacity and cargo space may qualify.
* Specialty Vehicles:
* Construction Equipment: Excavators, loaders, bulldozers, etc.
* Agricultural Equipment: Tractors, combines, harvesters, etc.
* Service Vehicles: Tow trucks, ambulances, firetrucks, etc.
* Transit Buses: Used for public or private transportation.
* Other:
* Motorcycles: Sometimes motorcycles used for delivery or business purposes can qualify.
What Doesn't Typically Qualify:
* Personal vehicles: Cars, SUVs, and trucks used primarily for personal transportation.
* Recreational vehicles (RVs): While there are specific loans for RVs, they are not typically classified as commercial vehicles.
Important Considerations:
* Vehicle Use: The primary purpose of the vehicle must be for business.
* Loan Terms: Commercial vehicle loans typically have higher interest rates and shorter terms than personal vehicle loans.
* Down Payment: A down payment is usually required for commercial vehicle loans.
* Credit History: Your credit history and business financial records will be assessed to determine your eligibility for a loan.
It's always best to consult with a financial advisor or lender to determine if your specific vehicle qualifies for a commercial vehicle loan.
