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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?

avatar
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.
Keep in mind: 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.
Pro tip: 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.
MORE:
How to buy a car under a business name
Car FinancingCar LoansCommercial Truck InsuranceCommercial Trucks
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