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.

Loan approvals are valid for 60 days. After you're approved for the loan and PSECU receives the appropriate information, an AutoCheck will be issued for the purchase price up to our financing guidelines.

Eligible Vehicles:

New Motor Vehicles

• Cars, pick-up trucks, vans or SUVs not part of a fleet
• Vehicles not previously titled, without excessive mileage
• Financing available: 100% of the Manufacturer's Suggested Retail Price (MSRP) (100% of Kelley Blue Book® or other authorized guide retail value if model is from the preceding year, untitled and purchased before April 1st of the current calendar year.)
• MSRP or other authorized guide retail value must be at least $3,000

Used Motor Vehicles

• Cars, pick-up trucks, vans or SUVs not part of a fleet
• Vehicles that have been previously titled
• Financing available: 100% of Kelley Blue Book or other authorized guides' retail value
• Kelley Blue Book or other authorized guides' retail value must be at least $3,000

New Commercial Vehicles*

• Street-legal vehicles other than cars, pick-up trucks, vans, or SUVs up to 26,000 lbs. gross vehicle weight (GVW) not part of a fleet
• Vehicles not previously titled, without excessive mileage
• Financing available: 80% MSRP
• MSRP must be at least $3,750

Used Commercial Vehicles*

• Street-legal vehicles other than cars, pick-up trucks, vans, or SUVs up to 26,000 lbs. gross vehicle weight (GVW) not part of a fleet
• Vehicles that have been previously titled
• Financing available: 80% 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.

Rates

*Annual Percentage Rate

More Rates

Rates and information are subject to change at any time. Rates above apply to Sole Proprietorships and General Partnerships. Limited Partnerships, Corporate and LLC vehicle loan rates will vary from 5.24% APR to 9.24% APR depending on information provided by the applicant, an evaluation of credit, term selection and type of vehicle purchased.

Insurance and Liens

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 appropriate county and state. All fees to be paid by borrower.

Restrictions

PSECU will only finance vehicles/equipment located and titled in the United States and its territories. There are some transactions and vehicles/equipment for which PSECU will not lend funds. PSECU reserves the right to refuse to lend upon any collateral. Before attempting to finance a vehicle/equipment through PSECU, please contact Credit Services at 800.237.7328 nationwide or 717.234.8484 in Harrisburg, option 6, extension 3875 to determine whether PSECU will be able to provide financing. Business loans are only available in the following states: AL, CA, CO, FL, GA, HI, IL, IN, IA, MA, MI, MN, NY, NC, OH, OR, PA, TN, TX, UT, VA, WA, WI.

Information Required by PSECU:

Dealer Purchase

• Year, make, model, options and VIN of vehicle being purchased
• Complete copy of Bill of Sale
• Copy of window sticker for new vehicles

Private Party Purchase

• Year, make, model, mileage, options and VIN of vehicle being purchased
• Complete copy of vehicle registration card, including both sections with vehicle information and owner's signature
• Private Party Vehicle Purchase form
  Use this form for a private party vehicle purchase between seller(s) of Vehicle and Purchaser(s) of Vehicle Being Financed Through PSECU

Rollover From Another Financial Institution - Used Vehicles

• Year, make, model, mileage, options and VIN of vehicle being purchased
• Name, address and telephone number of present lending institution
• Account number and payoff of existing loan

Member-Owned Vehicles

• Year, make, model, options and VIN of vehicle currently owned
• Original title

Refinance of Existing PSECU Loan

• Year, make, model, options and VIN of vehicle currently financed with PSECU
• PSECU must have the original title
• Please note: Requires a $1,000 addition to the existing loan balance

Lease Buyouts

• Year, make, model, mileage, options and VIN of vehicle being purchased
• Name, address and telephone number of present lending institution
• Account number and buyout of existing lease

Rollover From Another Financial Institution - New Vehicles (purchased within 90 days)

• Year, make, model, mileage, options and VIN of vehicle being purchased
• Name, address and telephone number of present lending institution
• Account number and payoff of existing loan
• Copy of bill of sale and window sticker

Important: PSECU will not finance vehicles with flood, theft, or salvage titles.