Equipment & Vehicle Loans
Looking to upgrade aspects of your business? We can help! You can apply for an equipment or vehicle loan to take your business to the next level.
Here's how it works:
- You'll work with a Member One Business Sales Officer who will figure out the best rate/terms for your business needs.
- The auto and/or equipment is held as collateral and our lien is secured by a UCC filing with the State Corporation Commission for the life of the loan, then it is released.
The maturity on these loans are usually around five years.
Need a Lower Interest Rate?
Looking to lower your interest rate on an existing business equipment or business vehicle secured loan with another financial institution? With Member One's Swap-A-Loan business program, if you bring your loan to us, we'll beat your current interest rate by 2%*. One note, we won't go any lower than our floor rate of 4.99%. This program is subject to underwriting requirements for qualification of approval.
*APR means Annual Percentage Rate. Discounts/savings based on your current rate at another institution. Any available discounts “up to 2%” may be applied to your current APR. Discounts may vary based on loan type and creditworthiness. Discounts are not applicable for home equity, mortgage, credit card loans, or existing Member One loans. Floor rate is 4.99%. Please call 800-666-8811 for a full list of restrictions that may apply. Not all applicants will qualify for the lowest rate. Programs, rates, terms, and conditions are subject to change without notice.
For more information about our business accounts, please contact our Business Services Department.