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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 commercial loan?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, it is likely possible to transfer a personal auto loan to your business, pending the approval of the lender.
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. The personal-to-commercial transfer is usually much easier than a person-to-person transfer, which typically involves refinancing.
It’s very important to do your research and make sure the move makes sense for you. You may wish to consult a certified accountant, for instance.
Once your loan is approved, you’ll need to:
View full answer
- Gregory R.
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