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You could probably go ahead and do it now, If your personal credit is good enough you probably won't have to provide financial information for the business. And the loan will not appear on your CB, US Bank, and Ally do Business auto loan's and do not report to the individuals credit.
it is my understanding that you can get a business loan through Ally with multiple types of business structures. I think a sole prop/LLC is accepted by Ally, the only difference between the multiple business structures from Ally's standpoint is which resolution form you will have to sign. I believe Ally structures all their Business loan's in a way that the individual's credit is pulled and used to determine rates and gauruntee's the loan without it being reported to his/her CB.
GM Financial as well as Ally and Ford Motor Credit and Nissan motor Credit all have commercial divisions. As far as commercial lending (not saying you have to buy a dump truck).
@Anonymous wrote:
Hello. I am currently sole prop and changing into c corp this year. I want to purchase an escalade under the c corp business so that the debt does not report to my personal credit when I apply for a mortgage next year.
I am aware I will have to personally guarantee the vechicle. My question is if I can purchase this vehicle right away as soon as I am incorporated. I plan to do maybe a 20-30k down payment and my credit score has a strong history with 815 score.
Hoping I don't have to wait till after I file taxes and show the financials and all that?
The red and the blue portions contradict each other. If you don't want the debt on your personal credit history then don't PG it. If you PG it then it is also your own personal debt and will be on your credit file.
You can't have it both ways, especially with a 1-owner business.
That is what I am trying to confirm and have been told otherwise. I spoke with 2 Ally representatives that both said it would not report to my personal credit. Above posters seem to think so as well. I guess there is only one way to find out. Vehicle comes in 8 weeks I will update once I know for sure. Thanks
@Anonymous wrote:That is what I am trying to confirm and have been told otherwise. I spoke with 2 Ally representatives that both said it would not report to my personal credit. Above posters seem to think so as well. I guess there is only one way to find out. Vehicle comes in 8 weeks I will update once I know for sure. Thanks
What they told you may very well be the policy - as long as the payments are current. Miss a payment and see how many nanoseconds it takes that missed payment to be on your personal credit file.