Compare long term business loans and find loans with terms 5 years or more.
Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.
1
Prepare a business plan
Decide why you are comparing deals for business loans and why you want to borrow the money. Work out how much you need to borrow and also how long you would need to repay. Once you have decided that a long term loan is right for your business you need to look for the cheapest long term business loan deal on the market.
2
Compare your options
Have a look through the options to find the best long term business loan option for your business needs. Check any conditions attached to the loan then pick a deal that offers you the lowest interest rate and a term long enough to afford the payments.
3
Apply for the loan
While there are commercial finance options offered by banks etc. some lenders and brokers only ever operate digitally, so to make sure you find the best long term business loan deals comparing quotes on the internet is a must. Once you've decided on the provider you want, simply apply.
For many small and medium sized businesses, short term borrowing not only puts a lot of pressure on cash flows, but also limits the amount they can affordably borrow.
Long term business loans, often known as long term commercial loans, are thus designed to provide your business with the capital they need to grow as as part of a long term strategy to grow the business.
This can include growing your workforce, upgrading essential equipment or simply providing the working capital needed for day to day running costs of the business.
Some businesses may possibly benefit more from a long-term loan than others, such as:
A start-up may have the most to gain from a long-term business loan. Start-ups are usually in need of cash due to high start-up costs so a long-term loan can give them the funds they need to launch their venture, while still keeping the monthly payments manageable.
A business that's looking to expand could also make use of a long-term business loan as it can provide the funds needed to carry out the expansion.
When looking or a long term business loan, there's some basic questions you need to answer:
How much your business needs to borrow
How long you need to pay back the loan
What type of business loan works best for your company
Find out more about the different types of long term business finance here
The lenders in this comparison offer long term business loans of just a few thousand pounds up to large loans of £500,000 or more.
Work out exactly how much your business actually needs to borrow and keep the amount as low as possible to make your loan cheaper.
Picking a longer term can reduce the monthly repayments, making the loan more affordable. So some businesses may consider a 5 year or 10 year business loan.
All the lenders listed in this comparison offer long term business loans that can last for five years or longer.
However, try not to choose a term of your loan longer than your business needs. The longer the term the more you have to pay in interest.
Decided you want a shorter term business loan? Compare rates here.
You are now ready to start comparing interest rates for the loan amount and term you have chosen for your business.
Use our comparison to check long term business loan interest rates that last 5 years or longer to find the cheapest deal.
If you want to take your business to the next level but don’t have the funds to do so, you could consider getting a business loan.
Find out how to get a business loanWith the right type of borrowing you could pursue business opportunities that would otherwise pass you by, here's how.
Read more on borrowing for your businessIf you need funds to help your business grow or expand, a business loan could offer the solution you need. Here is how they work and how to get the right loan for your business.
More on how business loans workComparing business loans could save you money. Our multiple award-winning comparison service makes sure you get the lowest rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.
We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.
Last updated: 04 March, 2022
