Get consumer loan interest rates to estimate how much a loan for your business will cost you. Your credit and the risk involved with the loan determine how much the loan will cost you. Most commercial loans are based on the prime rate which is a rate established for preferred borrowers. For less qualified customers, the prime rate increases by a set percentage.

Look at three major types of lenders - credit unions, banks and finance companies. A credit union loan rate is usually lowest because it is a not for profit, however, most do not lend to businesses. Banks borrow their money from the government, but need to turn a profit for their investors. Consumer finance company rates tend to be higher because they get their funding from private investors at a higher rate than if they received funding from federal government, however, they may be able take a bigger risk on you. Look for a commercial loan online by:

1. Searching for consumer finance quotes online

2. Applying online for credit with multiple lenders

3. Finding a commercial loan with a bank

Action Steps
The best contacts and resources to help you get it done

Get consumer finance rates for your commercial needs

You can look up current consumer interest rates from different commercial lenders. Check the following sites online to compare rates.

I recommend: Best Interest Rate Mortgage shows a variety of types of loans and the associated interest rates. RealityRates.com compiles data from different lenders and compares them based on the type of commercial property, interest rate (using the prime rate), loan to value ratios and term of the loan. My FiCO, a division of Fair Isaac, investigates loan rates based on credit score.

Use consumer finance rates and quotes to get the best rate when you apply for a loan

Your business can find a great deal by allowing banks, credit unions and finance companies to compete for your business. Most will send you preapprovals in just minutes, which includes interest rate information. You can apply on line right now.

I recommend: Lending Tree sends your information to lends to compete for your business and can send back offers in just minutes. MortgageLoan.com also sends your application to multiple lenders to get you the best rate.

Look for the best consumer interest rate with a bank loan

You can apply directly with large lenders. They offer peace of mind of thousands of local branches as well as the online tools for your convenience.

I recommend: Bank of America offers an online application for a commercial loan. Apply online with Wells Fargo, offering a variety of products from lines of credit to commercial real estate loans.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  In addition to the consumer finance rates and quotes, watch for fees and costs such as origination fees which make the cost of your loan even higher.