# Car Financing for Business.



## MasterDriver (Feb 13, 2018)

Hello. I’m starting on my quest to find a used car for business use. The car would be registered under the name of my corporation. It would also be used, in part, to provide rides with apps. I will need financing to make this a reality. Are any of you aware of reputable sources known for providing auto loans for small businesses?

I’m probably going to take the route of buying the used car with a car loan, but I could also consider leasing one. (However, with leasing, I’m concerned about substantially exceeding the caps on mileage.)


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## ExNYer (Apr 15, 2018)

Check with the bank where you currently do business. Some lenders will require a large (20+%) downpayment if using for commercial car service (uber/lyft/limo). You may need to be the guarantor unless your corporation has a commercial credit line with an auto finance firm. Loans for used vehicles will carry a higher interest rate than a new vehicle. Some manufacturer new vehicle incentive programs may not apply to commercial purchases.


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