One man S-Corp buying a car questions and concerns

[Rick Strobel]

I'm self-employed and have been doing business as an S-Corp for many years. Currently drive a 12 year old car that I own personally. Thinking about buying a newer car.

I'd like to have my company buy it. That way all the payments, gas, insurance, maintenance would be a company expense. My current business is computer support - I drive around to small businesses and homes and help people with their technology. I'm also planning to start investing in real estate and flipping soon. I think what I do would qualify me for a company vehicle.

Is this a good idea?

A few thoughts and concerns.
1) Insurance. My agent says I can own the car in my S-Corp but still have it on my wife and mine's policy.
2) Title. I suppose the car would be titled to my corporation
3) Payments. I'll probably borrow money to pay for it. As a stand-alone entity my one man S-Corp probably wouldn't qualify for a loan or one with good terms. Do I get financing as the S-Corp and guarantee it personally? Do I finance it personally and just pay it from my business account?

Any other things I should know?

[Ned Carey]

I believe any person use would be taxable to you. If it would be your only car it might raise a red flag. Perhaps Steven Hamilton II can comment