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?

Answer
“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.
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Johnny Puckett
Answered on Apr 08, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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