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How to finance a vehicle with your business
Does your business require transportation? Do you need a new car, truck, van, ambulance, hearse, or anything else you can think of? If your business has the right stats you can make this happen! Keep in mind that requirements for financing a vehicle through your business can vary from dealer to dealer. If the first dealer requires financial documents (sometimes CPA audited documents, which can be costly to produce and not worth the money for a small loan like a vehicle) then try another one. If you plan on giving a personal guarantee (PG) then you will need to have personal scores above 700 in the current economic climate. I have heard from people who have gotten financing from Toyota with no PG and up to $100k in credit. One hundred thousand dollars is about the biggest business loan you can get with no financial documents. Just remember that the age of your business, number of trade-lines reporting, and your current business credit usage all play a factor in approval for vehicle financing. A business use vehicle such as a truck or van might have better approval chances than a brand new sports car. |
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