Building my LLC business credit and still cannot get vehicle

[Society1]

Hello I have a LLC in where I have been building business credit for 2 years w/ paydex of 80 & 4 net30 accounts reporting & one credit card reporting. My personal credit is 680+ I'm trying to get a vehicle for my business but the dealer told me my business need to be up & running in which it is not I'm just building the credit to get future funding can someone help it's frustrating watching videos saying how easy it is but I've had no luck

[WayneSki]

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@Society1 wrote:

Hello I have a LLC in where I have been building business credit for 2 years w/ paydex of 80 & 4 net30 accounts reporting & one credit card reporting. My personal credit is 680+ I'm trying to get a vehicle for my business but the dealer told me my business need to be up & running in which it is not I'm just building the credit to get future funding can someone help it's frustrating watching videos saying how easy it is but I've had no luck

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YouTube and other platforms should crack down on all this, "building business credit" misinformation being circulated. Sorry you wasted  2 years of your time and money, but "building business credit" won't take the place of challenged personal credit. It won't get you any cash funding or bank issued business credit cards. It wont magically get you a vehicle for your business with NO PG.  And they are advising people that they don't actually have to have a real business, just create a LLC apply for a EIN number and "build business credit" and you can magically get the world with NO PG.  A 80 PAYDEX score won't help you either, you will need GOOD PERSONAL CREDIT/REVENUE to get real funding.

DON'T BELIEVE THE HYPE...

[Citylights18]

If you want a personal vehicle for the business it sounds like its at the side hustle level.

I've got one in real estate and just decided to set it up as a sole prop and not worry about needing a PG for things. Main advantage of course it opens up the door to business credit.

LLC is for a corporate business with plans for capital expansion or a business if there is risk of a lawsuit. If the business is a trade can insurance substitute for the risk? Let's say you are a decking contractor and the job is a mess and they want their money back? How is stuffing everything under an LLC particularly necessary?

[Kasuito39]

For the most part business credit takes time especially without PG. I would recommend working with your local CU's where you have your businees accounts to see if they can approve you under your LLC. Please keep in mind the rates may be higher though and you may still need to PG. Another secondary options would be exploring BOA, Ally(Dealers) , WellsFargo, CO, Crest and Balboa Credit. 

Good Luck!

[CreditWithColin]

As WayneSki had eluded to in his reply, unfortunately, there is no something for nothing in this world. There are a lot of people preaching "No PG" but its like the old saying goes, if it sounds too good to be true, its too good to be true. Some dealerships such as Ford have been known to give away No PG Vehicles for 3 month + business with (3) Business tradelines reporting. Ask to speak to the finance manager and let them know you want the vehicle in your business name only. They will give you 6% interest and ask if you'd like to PG for a better rate. I've personally done this and have had 4 other coaching clients in multiple states get approved as well with no pg. I opted to PG for a better interest rate as 6% is atrocious.