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Commercial car loan vs personal car loan
October 22, 2023 jun Strategy Session

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


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