New Business Credit

[Anonymous]

Ah well, OK.  Leasing truck and trailer will be similar to financing heavy equipment.  You will have a much higher chance of getting approved for a straight up purchase (installment loan) than you will for a lease.  If you just buy thing on a loan, then it is a question of how much money you will need to put down.  But you are going to need to PG it.

If you go to a bank, then they will want a full-on blanket lien on you, everything you own, your dog, your kids, etc.  I will tell you they are not in a big hurry to terminate those blanket liens, either - even after you refinance out of them or pay them off completely.  Look out for that, as it will foul you up later on, going forward.

Usually your dealer will have an inhouse credit guy that can get you started.

[Anonymous]

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@Anonymous wrote:

Ah well, OK.  Leasing truck and trailer will be similar to financing heavy equipment.  You will have a much higher chance of getting approved for a straight up purchase (installment loan) than you will for a lease.  If you just buy thing on a loan, then it is a question of how much money you will need to put down.  But you are going to need to PG it.

If you go to a bank, then they will want a full-on blanket lien on you, everything you own, your dog, your kids, etc.  I will tell you they are not in a big hurry to terminate those blanket liens, either - even after you refinance out of them or pay them off completely.  Look out for that, as it will foul you up later on, going forward.

Usually your dealer will have an inhouse credit guy that can get you started.

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Thanks so much. I appreciate all of your insight. Just wondering, would you happen to know how much is usually required down? I am hoping to be around a 700 when I apply. 0 negatives. 2 car loans (1 is more than 50% paid off, the other was brand new in June.), 2 credit cards (less than 29% utilization), 1 line of credit (0% utilization). I am hoping to get a better idea of what score I need, and how much down before I take a hit with an inquiry.

My preference is a full-maintenance lease. My second preference would be buying new to have the full warranty. Thanks again!

[KELSTAR]

Yes, I have about 10-12 inquiries. I bought a new car in May and that increased my inquiries by 5-6. Not sure if I could dispute them since it was 1 car app, not multiple? The dealership ran in through multiple banks. 

It is my belief that the inquiries will show as the number that were done, but scored as a single inquiry. 

This does not help if the algorithm doesn't like excessive inquiries.

It should be taught in high school never to let the dealer take your credit application unless it is for the CAR COMPANY (GMC, FORD, ETC,) only!

Get your finacing done prior!

Good luck!

[Anonymous]

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@KELSTAR wrote:

Yes, I have about 10-12 inquiries. I bought a new car in May and that increased my inquiries by 5-6. Not sure if I could dispute them since it was 1 car app, not multiple? The dealership ran in through multiple banks. 

It is my belief that the inquiries will show as the number that were done, but scored as a single inquiry. 

This does not help if the algorithm doesn't like excessive inquiries.

It should be taught in high school never to let the dealer take your credit application unless it is for the CAR COMPANY (GMC, FORD, ETC,) only!

Get your finacing done prior!

Good luck!

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Kelstar, I agree with you. We told dealership that we wanted to go with GM Financial since we were pre-approved and have had 2 other vehicles with them. Dealership requested to pull credit for Wells Fargo because they "guaranteed" a better rate and payment because they "worked closely" with them. Of course, they ended up pulling others as well, which is what we specifically asked them not to do. Lesson learned!!!