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Business/Personal loan
Liz_Houghton
Posts: 1 Newbie
in Loans
I am trying to get a loan to buy a new car for my driving school business.
Does anybody know if I can get a personal loan for this purpose, as a business loan is so much more expensive.
My bank has quoted me 19% APR for a business loan, same bank quoted me 3.9% APR for a personal loan!!
Does anybody know if I can get a personal loan for this purpose, as a business loan is so much more expensive.
My bank has quoted me 19% APR for a business loan, same bank quoted me 3.9% APR for a personal loan!!
0
Comments
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No. At least, not without making a fraudulent application.0
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There are other advantages of using a business loan - reclaim the VAT, Interest charged can be used against income to reduce tax etc.0
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Are you operating with a Ltd or are you a sole trader?Deleted_User wrote: »No. At least, not without making a fraudulent application.
It is only a fraudulent application if they make a false statement on what the money is for. If the bank doesnt ask or allows a non-descript answer then it isnt fraudulent - looking at Tesco's they allow you to state the loan is for Other purposes
If there is a Ltd involved then it gets a little more complex as you would then have to loan it the money and then it buys the car but your accountant would discuss the options there.0
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