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What are the necessary steps in obtaining an auto loan in a business name. I would like the title and the loan to be in the corporations name. Any suggestions?
Thanks!!
You need to post a little more info.
Are you seeking a PG or no PG loan?
Is your business aged (established 2 or more years)?
Who does your business bank with?
Do you have business credit references? If so, how many and what type?
What is your personal credit like, if they ask for a PG?
What type of vehicle? Is it a commercial truck/van, a car, what?
How much loan are you looking for ($$)?
If you post this info, you will get more accurate and more relevant replies to your circumstances.
I am looking for a loan without a PG if possible
My business has been established longer than 2 years
My business banks with NCB
I do not have any credit references for this business.
If they do ask for a PG my score is over 720
I am looking for a loan under $12K for a 2006 auto. Just a plain car, not a van or anything like that.
concorduser reported having obtained business CC and business auto loan from Affinity CU.
I think he may have said the auto loan reports personally, but I don't remember.
If your business doesn't have established credit and good revenues, you will have to go PG. Nobody is going to loan a business loan that has no business credit.
Down payment will depend on the lender. Rates will vary, but you have good credit so this should be decent.
Having the auto in business name will require Commercial Auto policy, which tend to be higher rates for small business with just 1-3 autos, often MUCH higher, so check into that before pulling the trigger.
Find out from your lenders if they will personally report the auto loan.
You might try
Affinity CU
CapOne
NFCU has a business side (but you must qualify personally to get your business in)
there are others.
You will need
EIN
Corp docs
Corp banking
Corp resolution
PG on the loan
Commercial Auto Policy (may restrict who can drive and age of drivers)
Possibly down payment
Good luck
P.S. START BUILDING BUS CREDIT. Get some office supply accounts, a gas card and other things to start out. Get some net 30 trade accounts from your suppliers, even if you have to give them a credit card on file to "insure the invoices" so they will do it. Get the tradelines reported D&B, check and watch Experian Bus Credit.
Eventually if you do, you can get bus credit without a PG.