Business Car Loans: What You Should Know When Purchasing a Vehicle for Your Business

Can You Get a Car on Finance Through Your Business? If you are looking to finance a vehicle through your business, the good news is that, yes, you absolutely can. Keep in mind that you will need a Registered Identification Number (RIN) to finance through a business. Also note that the business, not you personally, will be the owner of the vehicle and your business credit will be considered vs personal credit history.

If you are a business owner, there is a good chance that you utilise a vehicle as part of your business operations. Whether you are a sole-proprietor or commercial business, vehicles can be a major expense for your business and business car loans can help to make the purchase of one or many vehicles more manageable. However, business car loans are different from personal auto loans, and you’ll want to be informed and prepared before you purchase a vehicle through your business.

At Ontario Chrysler, we are dedicated to helping our business clients get commercial fleet vehicles that perfectly suit their operational needs. We also understand the process of buying one or many vehicles through a business can feel like a major undertaking. In this post, we outline what you should know before considering a car loan through your business and help you understand your business car loan options.

Can You Buy a Car Through Your Business

If you are a business owner that uses a vehicle for your business you might have wondered, can you finance a car through your business? The answer to this question is a resounding yes. In fact, you may even be approved for more through a business loan than if you were to purchase the vehicle personally. There are many factors to consider when applying for an auto loan through your business though it absolutely can be a favourable option for business owners who use vehicles for business purposes.

Benefits of Buying a Car Through Your Business

There are several advantages of buying a car through your business, though one of the most talked about ones is that when leasing vs buying outright, a portion of your lease payments could be tax-deductible. In addition to any tax benefits, it can be a smart choice to separate your business and personal assets and buying a car through your business allows you to do just that. It is always a good idea to speak to an accountant when making decisions regarding business expenses, so be sure to consult with a professional who understands the unique needs of your business.

How to Buy a Car Through Your Business

Buying a car through your business, such as a Ram 1500 truck or ProMaster Van, can be a straightforward process. Note that you will need a Registrant Identification Number (RIN) when buying a vehicle through your business in Ontario, and you will need to apply for financing through the business. Contacting your trusted dealership is a good place to start when exploring commercial fleet options.

Where to Get a Business Car Loan

When looking to purchase a vehicle or a fleet through your business, it is important to remember business car loan requirements can differ from personal loans. Car dealer business loans are available, though it is always a good idea to come to a dealership that has experience with this type of loan. At Ontario Chrysler, we are proud to have helped our customers with commercial fleet financing. Contact a member of our team to learn more about our financing options, and let us help you get a business vehicle that perfectly suits your needs.