"currently, there is a loan that has not been paid in full as of yet. The business has been paying all of the expenses."

All of the vehicle operational expenses? The loan doesn't need to be paid off, first. The owner of the vehicle has the asset and that liability, which are part of what is contributed to the corporate entity.

It might be time to find a local mentor, because it seems there might be a list and valuations that need to be reviewed, which is more than can be done over the internet.