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Leasing a Car Under Business

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reneasworld
Regular Contributor

Leasing a Car Under Business

So, I currently have a lease under my name on my personal credit. How likely is it to get an additional car leased under my business name for a newly incorporated business. I have been doing business for about 8 months but just recently incorporated. I have an EIN. I would like to do something by the end of March. Should I try to build business credit between now and then and what companies would you suggest?

Thanks in advance!

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 1 of 10
9 REPLIES 9
Creditaddict
Legendary Contributor

Re: Leasing a Car Under Business


@reneasworld wrote:

So, I currently have a lease under my name on my personal credit. How likely is it to get an additional car leased under my business name for a newly incorporated business. I have been doing business for about 8 months but just recently incorporated. I have an EIN. I would like to do something by the end of March. Should I try to build business credit between now and then and what companies would you suggest?

Thanks in advance!


You will have to PG it so they won't care about business credit.

What car are you looking at?

Message 2 of 10
MyDataMyChoice
Valued Contributor

Re: Leasing a Car Under Business

Finance a Chevy thru Ally Chance you wont have to PG


Message 3 of 10
reneasworld
Regular Contributor

Re: Leasing a Car Under Business

Not sure.


@Creditaddict wrote:

@reneasworld wrote:

So, I currently have a lease under my name on my personal credit. How likely is it to get an additional car leased under my business name for a newly incorporated business. I have been doing business for about 8 months but just recently incorporated. I have an EIN. I would like to do something by the end of March. Should I try to build business credit between now and then and what companies would you suggest?

Thanks in advance!


You will have to PG it so they won't care about business credit.

What car are you looking at?


 

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 4 of 10
reneasworld
Regular Contributor

Re: Leasing a Car Under Business


@JTC403 wrote:
Finance a Chevy thru Ally Chance you wont have to PG

Really/! Even for a new corporation! I love Chevy. In fact, I have a Equinox now!

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 5 of 10
sccredit
Valued Contributor

Re: Leasing a Car Under Business


@reneasworld wrote:

@JTC403 wrote:
Finance a Chevy thru Ally Chance you wont have to PG

Really/! Even for a new corporation! I love Chevy. In fact, I have a Equinox now!


Ally or GM Financial financing a new business with no PG is a rarity so don't hold your breath.

Message 6 of 10
reneasworld
Regular Contributor

Re: Leasing a Car Under Business


@Creditaddict wrote:

@reneasworld wrote:

So, I currently have a lease under my name on my personal credit. How likely is it to get an additional car leased under my business name for a newly incorporated business. I have been doing business for about 8 months but just recently incorporated. I have an EIN. I would like to do something by the end of March. Should I try to build business credit between now and then and what companies would you suggest?

Thanks in advance!


You will have to PG it so they won't care about business credit.

What car are you looking at?


I was thinking a passenger van. I currently have a tutoring business. I currently go to the homes but I have been turning tdown clients and had to hire tutors. I would like to bring them to my location through an afterschool program or even a friend of mind gave me an idea to carry the stuff in a van (I do a different style of tutoring that requires different games and equipments for the students). I was wondering if I could purchase it under my business but my business is fairly new. I currently have two cars under my personal. One my newphew drives which is a Chevy Equinox and the other is my car which is MB C250. I did not want to add extra expenditures on my personal because I want to buy or build within a year.

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 7 of 10
Anonymous
Not applicable

Re: Leasing a Car Under Business

To add to what others have said, with others such as luxury cars they will ask for financials and you have to PG it but it won't report on your personal credit.

Message 8 of 10
reneasworld
Regular Contributor

Re: Leasing a Car Under Business


@Anonymous wrote:

To add to what others have said, with others such as luxury cars they will ask for financials and you have to PG it but it won't report on your personal credit.


Is it possible to switch a car from personal to business since I currently have two?

Starting Scores (5/2014): EQ 569, TU 601, EX 589
Current Scores (07/08/2015): EQ 640, TU 640, EX 654
Goal (12/2015): 700 across the board
Message 9 of 10
Creditaddict
Legendary Contributor

Re: Leasing a Car Under Business

No
Message 10 of 10
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