Legal Question in Business Law in Missouri

Am I able to register an LLC, acquire and SBA loan to buy a Truck from an online auction, then take out a personal used auto loan and buy the vehicle from my LLC? Maybe I am thinking about this incorrectly, but I am tired of over inflated used car prices, and I could really use a diesel truck to haul things. I do not have the capital to buy one outright from the auction, and I am hearing you cannot get financing for auctioned cars either. I do not wish to get a high interest personal loan, so I am wondering if this could possibly be a legal loophole to achieve my interests.

Asked on 11/05/23, 9:12 am

2 Answers from Attorneys

Frank Natoli Natoli-Legal, LLC

In short, you can pretty much do anything you want so long as the terms of your loan agreement permit it.

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Answered on 11/06/23, 7:02 am
Richard Bryan Richard Bryan Attorney PC

You're never going to get an SBA loan to fund an arrangement like this. There are other ways you might accomplish what you're trying to do, but the way you've described is not going to work like you like it will.

Good luck.

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Answered on 11/06/23, 1:11 pm

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