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Leasing a Car Under Business

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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
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Epic 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
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Valued Contributor

Re: Leasing a Car Under Business

Finance a Chevy thru Ally Chance you wont have to PG







Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000.
Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.
I WANT to join: Hanscom FCU (For the 2 day early direct deposit).
Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 3 of 10
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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
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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
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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.

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $2,000, BBVA $2,500
Infiniti Financial lease
Subaru/Chase $12k 1.99%

Message 6 of 10
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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
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Super Contributor

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
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Regular Contributor

Re: Leasing a Car Under Business


@Yes-Its-Me 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
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Epic Contributor

Re: Leasing a Car Under Business

No
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