topic Re: Any recent Ally Business Auto Loan feedback in Business Credit

Any recent Ally Business Auto Loan feedback

AzCreditGuy — Fri, 20 Jan 2023 17:15:05 GMT

I found a vehicle I am interested in getting in my business name S-Corp. Volvo XC90 through a Chevy dealership and I went to the Ally website and see they are listed. I want to do the credit under my business and no PG, as I am in the garden for 3 years now and I plan on getting a mortgage within 6 to 10 months. Any feedback especially in the new settings we are in, with rate hikes?

Re: Any recent Ally Business Auto Loan feedback

Consigliere — Sat, 21 Jan 2023 02:10:19 GMT

@AzCreditGuy wrote:
I found a vehicle I am interested in getting in my business name S-Corp. Volvo XC90 through a Chevy dealership and I went to the Ally website and see they are listed. I want to do the credit under my business and no PG, as I am in the garden for 3 years now and I plan on getting a mortgage within 6 to 10 months. Any feedback especially in the new settings we are in, with rate hikes?

Recent experience here!!... if you are buying the vehicle in a "Chevy/General Motors" dealership, they also are able to get you the loan through GM FINANCIAL Commercial Lending. In my experience GMF was more aggressive than Ally applying without PG. On top the GM dealership have more "negotiating room" when it comes to pickup the phone and calling the lender (GM FINANCIAL) if needed in order to close your deal ;-) Of course, depending on your business annual gross profit/credit/tradelines experience, vehicle year model and current mileage don't expect anything under 6-7% APR @ 48-84 months term. Good luck!!!

Re: Any recent Ally Business Auto Loan feedback

601flyguy — Sat, 21 Jan 2023 17:50:22 GMT

I used ally to buy a truck in June @ 8.3%. I wanted to make sure it didn't affect my personal credit for the same reasons. What type of feedback are you looking for? It was fast and simple, no documents needed.

Re: Any recent Ally Business Auto Loan feedback

AzCreditGuy — Sat, 21 Jan 2023 22:05:06 GMT

I just wanted feedback on how the experience was. I got denied and rep stated that it had to do with my companies credit, which doesnt make sense as I have been told by Business credit reps that my Company has a high credit rating. They would reconsinder with a qualified PG/co-buyer. Since I have been in the garden for 3+ years and looking to get a mortgage within 6 months to 12months, that's a No. I will just wait to get a vehicle

Re: Any recent Ally Business Auto Loan feedback

mikeef — Tue, 24 Jan 2023 19:58:46 GMT

@AzCreditGuy wrote:
I found a vehicle I am interested in getting in my business name S-Corp. Volvo XC90 through a Chevy dealership and I went to the Ally website and see they are listed. I want to do the credit under my business and no PG, as I am in the garden for 3 years now and I plan on getting a mortgage within 6 to 10 months. Any feedback especially in the new settings we are in, with rate hikes?

I believe if it's a Chevrolet dealership, GM financial will finance non-GM used cars on the lot. I financed a 2021 Chevy Silverado 1500 HC with no PG, 2.5% 72 months, no money down and 4 deferred payments. The deal was for New Chevy Trucks, but my point is they do no-PG financing.

I know they buy & service notes from non-GM vehicles. At the end of the day, GM financial though a subsidy of GM, but it operates as a separate company. The only reason they offer special financing offers for GM vehicles is because GM pays them on the backend per deal, based on what inventory they're trying to move. They don't want to devalue their vehicles when they do this, so they give incentives on financing before they give rebates.

Re: Any recent Ally Business Auto Loan feedback

Caesar89 — Mon, 30 Jan 2023 16:34:27 GMT

The debt won't show up on your personal credit profile unless you miss payments/default on the loan. The only thing that will show up on your personal credit would be the inquiry when they run your credit to PG.