topic auto loan as new business owner in Business Credit

auto loan as new business owner

Anonymous — Mon, 02 Nov 2020 01:58:59 GMT

Hello,

I've just started a new general contractor business and it's time for me to buy a work van. The company is about a month or so out from starting to take on jobs. My question is: What's the best way for me to obtain a vehicle loan? I understand my business is too new to qualify for one, so it looks like I'll be buying the van personally. I have great credit scores – all in the 800's, but I have not yet taken a pay check to be able to show my income to the lender. When applying for the loan, should I show my projected annual income when they ask? How does this work?

Re: auto loan as new business owner

ldkcivilservant — Mon, 02 Nov 2020 18:20:26 GMT

Very rare to have to show POI for a vehicle purchase, even more so with a strong credit score.

Re: auto loan as new business owner

M_Smart007 — Mon, 02 Nov 2020 23:36:08 GMT

I cannot count how many Vehicles that I purchased without POI.

Granted I did put quite a bit for a down payment at times.

One day you might be able to pay cash.

Good luck on your purchase.

Re: auto loan as new business owner

Creditaddict — Wed, 11 Nov 2020 17:48:30 GMT

You could still put it in the company name and just co-sign for it.

Use projections... with good scores no one will ask as long as you don't say or write something silly!

Re: auto loan as new business owner

dunn2500 — Thu, 19 Nov 2020 07:04:18 GMT

i have contactor business (16 yrs) and much lower score than you (739) and did not have to show POI ( new 2020 silverado 2500 in april).....even at 665 i didnt have to show it.....@ 800 i would be shocked

and i put nothing down....its all a write off

credit unions are awesome.....banks were so much more work with higher rates