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Business auto loan - LoanUniverse Community

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Business auto loan


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#1 Guest_Blake_*

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Posted 19 October 2004 - 11:19 AM

What companies offer competitive loans for businesses looking to purchase used automotives for business purposes? Will I not be able to find rates like those found at capital one (4.79% for used dealer to person)?

#2 loanuniverse

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Posted 19 October 2004 - 03:48 PM

Blake:

My only experience with "transportation equipment" financing for business has been when there is an existing relationship with the borrower {ie: We finance the building or we provide working capital financing}. For some of our relationships, I have done these loans at “floating prime”, which means that good financing is available to some.

If you are a small business owner, you might want to consider financing the car personally and deducting the expense from the business taxes. {of course consult the IRS or a tax advisor about the feasibility of that strategy}.

You might also want to take a look at leasing. It is my understanding that there is more deductibility that way. {Once again consult the IRS or a tax advisor about the feasibility of that strategy}.

Good luck





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