A car loan for business work in a similar way to a Consumer Car Loan where the financier lends money against the security of the car that is being purchased but the loan is claimed via the business.
Generally the contract is for a term of 12 months to 5 year and it can have a residual payment at the end which can be refinanced at the end of the initially contact. The customer takes ownership of the vehicle at the time of purchase and the financier takes a charge over the vehicle to secure the loan.
Once the loan is paid out the customer has clear title of the vehicle.
Who does a Car Loan suit?
A Car Loan is suitable for individuals or businesses who wish to purchase a late model car either privately or from a licensed dealer.