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How do I get a car loan in my business name?
I just started my own drywall business and I need a truck to drive to each job site. How do I get a car loan for my business?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can get a
car loan
in your business’s name, but you have to clear a few hurdles to get the job done.Follow these steps:
- Get a business account and build your business credit. Note that this can take up to two years.
- Research the vehicle you want.
- Go to dealers that offer commercial fleets and commercial vehicles.
- Shop around for car loan rates.
- Register the car in your business name.
In some instances, the lender may require you to sign a guaranty, which means you’re personally responsible for paying the car loan if your business can’t.
To lower your tax liability, you should also keep a journal of your mileage. You can write off 57.5 cents for every mile, so it can turn out to be a substantial chunk of change to lower your tax liability. You may also be able to deduct the interest you pay on the car loan.
Keep in mind that you’ll also need commercial car insurance to legally drive the vehicle. Have a question about your coverage?
Jerry
’s friendly agents are here to answer your questions and provide advice on the best coverage options.View full answer
- Gregory R.
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