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