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Just wanted to share my business credit journey so far.
I was able to get a 2021 BMW X5 M50i financed under my business.
I currently have an LLC established Jan 2019.
I actually followed the guide on here left by one of the members, to help me establish business credit.
Currently have a few Net30 accounts and about 9 Major Biz CC setup as well for reporting and usage for the business.
-80 Paydex on D&B
BMW FS was great to work with and was a fairly easy approval. Here are the stats:
-I've previously had (2) loans with BMW FS on the personal side. All 100% paid off and reported positive in the last 3 years.
-Had to fill out a manual paper application (they make you do this, personal app it's all digital)
-They do HP Transunion and require a PG for first time Biz loans. Apparently after you've had at least 1 Biz loan with them, they do have an option after that to do a non-PG loan
-They pull D&B for Biz credit check
-Can confirm loan account does NOT report to personal credit
Here were my stats at approval:
-767 TU Fico9 Auto
-LOL/24 Accts
-23 Inq
-80 Paydex Score
-Approved for Business Financing
2021 BMW X5 M50i
$80,000 @ 3.90% APR (Tier 1)
The dealer I worked with was very knowledgeable about business financing and went through smoothly.
Hope this helps anyone
Congrats
Congrats on the approval !! I assume you had to provide them with tax docs / 1120, etc.. ?
How long did it take them for underwriting and approval?
@pizzadude Suprisingly no...I was assuming the same, so I asked the dealer and he said they generally don't...but may.
The approval process took all of two hours lol.
Dealer texted me back and said all was good, and took delivery the next day.
Nice! Sounds like the process was completely painless
Congrats on your approval and new BMW X5
Congrats!
What was the guide that helped establish business credit?
This is great! I love that they don't report to personal!
Congratulations on your approval and new X5
Extremely well done @atst2000 an great share 👏
Time to work on this myself, you just got me pumped about it!