Commercial car loan vs personal car loan

If you’re looking at buying a car for your business, it may be worth considering a commercial car loan instead of a personal loan.

With a commercial car loan, you can purchase a single car, van, or even a truck.

A commercial car loan might even offer lower interest rates and come with more flexible loan structures.

There can also be a range of tax benefits including:

1. The ability to claim interest on the loan as a tax deduction
2. Asset tax write-off
3. Claim GST on the full purchase price of the vehicle on your taxes
4. Claim vehicle depreciation
5. Claim the kilometres, fuel, registration and insurance on your taxes