where to shop?

[Anonymous]

I just started a new business and need to get a work van, so I'm looking at used models to save money. I'm assuming I'll need to purchase the van in my name instead of under my s-corp due to lack of busienss credit history (as of now we just an AMEX biz cash as of 2 months ago).

According to ck, nerdwallet, mint, and all the other credit monitors I have access to, my personal scores are all between 807-817. Income was about 60k for the last several years. However, I have not yet taken a paycheck from my company so I'm not sure how to show proof of income. Last income check I deposited was in June 2020.

I'm looking for recommendations and input on good lender options with low apr's and also if there are any lenders that offer prequalifications? I just read about DCU offering low rates, but I did some research and found low review ratings overall. Where else should I check?

[bizcredit11]

I would look for a credit union you are a member of (established is much better) or can join. Lowest rate.

bizcredit11

[WayneSki]

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@Anonymous wrote:

I just started a new business and need to get a work van, so I'm looking at used models to save money. I'm assuming I'll need to purchase the van in my name instead of under my s-corp due to lack of busienss credit history (as of now we just an AMEX biz cash as of 2 months ago).

According to ck, nerdwallet, mint, and all the other credit monitors I have access to, my personal scores are all between 807-817. Income was about 60k for the last several years. However, I have not yet taken a paycheck from my company so I'm not sure how to show proof of income. Last income check I deposited was in June 2020.

I'm looking for recommendations and input on good lender options with low apr's and also if there are any lenders that offer prequalifications? I just read about DCU offering low rates, but I did some research and found low review ratings overall. Where else should I check?

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Have you inquired with the bank you are making these deposits at? Credit scores on Credit Karma and similar sites, are severely inaccurate. If your personal credit profile is in order, you can still purchase a vehicle under your business. 

[M_Smart007]

+1 on the credit union

[Creditaddict]

For a Van, Like Nissan, Ford, Mercedes type cargo van? NO CREDIT UNION!

The rates are fantastic right now... Ford is 0%, GMC is 0%, Mercedes is 3.9 and 5.9, Nissan is somewhere between 3-6% also!

You may need to PG the loan because of lack of business credit but ZERO reason you can't put it in the business name and not have it show up on your personal credit and I would put whatever income you have been previously making and expected income from business for that income... if scores are really anything above 700, no proof of income is going to be asked... it will be tier 1 all day.