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Can I convert a personal car loan to a commercial one?
More and more often, I'm using my personal car to run errands for my business. This car was bought with a loan. Can I change this loan to a commerical loan?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“What you can do is transfer a personal auto loan to a business, but you should do your research and make sure the move makes sense for you; you may wish to consult a certified accountant.
Assuming you already have an established LLC or corporation, you’ll want to contact your lender to discuss this move and fill out any necessary paperwork. Once the loan is approved, you’ll need to obtain the appropriate
car insurance
and contact the DMV to transfer the title to the business. “
View full answer
- Gregory R.
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