Financing a car for a driving school

Mars

Mars

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I have a freind that has a driving school. He has just started the thing and he was in a fender bender and basically wrote his car off. He is still doing lessons in Students cars where he can while we try and figure out a way to either fix his car or replace it.

I have heard of people getting financing thru the bank to buy a vehicle with the intention of using it for a driving school.

Does anyone know more about that?
 
I'm not sure how it works these days with the new credit act, but 15 years ago I leased a vehicle with the intention of using it for business purposes (I'm sure you still can). The downside is that banks would want to see at least a years financial records to be able to determine the fin risk involved. Failing that, maybe approaching a bank for a business loan might be an option to consider. However, I assume that they would want to see him put up a percentage of the required capital, and also have a well worked out business plan to offer them.
 
Yea, well he has only been going for a few months so thats out of the question...
 
Yup that would be a problem. Then possibly going the business loan with a well worked out business plan that includes a sales forecast, estimated potential market share, estimated income and marketing strategy might do the trick...I guess a couple of grand in hand won't hurt either.
 
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