Did he mention this loan before buying the car? I cant get my head round this company loan. If it was funding for a company car, wouldn't the funds be readily available without him having to apply for them, and wouldn't the company want to have the car checked out? And if its some kind of loan to an employee, how guaranteed is it that he'll get it? Surely if it was guaranteed he'd have sorted the cash first then found the car, otherwise the loan could fall through.
If it was me, i'd be suspicious, tread with caution.