Vehicle loans in business name

[Englewood]

Where is a good place to get vehicle loans in a business name? Always done my name but would like to try the business this time...

 

[LargeOrangeFont]

Citizens One bank did mine. Bought the truck at a dealer, was painless.

 

[f12517]

The rates will suck compared to personal. What we did (twice now) is register it to the company and to yourself which allows for full business write off for tax purposes. Just make sure the dealer will do the registration that way and whoever is funding the loan will allow it. Toyota credit it was piece of cake on my dad's Tundra. I did the same for my company vehicle, but financed through my credit union and it was a big fight with the credit union. Dealer didn't have a problem doing it for either truck. If they say no, fight it or walk. They can, some dealers just don't like to do it.

 

[wishiknew]

Where is a good place to get vehicle loans in a business name? Always done my name but would like to try the business this time...

Jason Holley at Selman Chevrolet

 

[JD D05]

Where is a good place to get vehicle loans in a business name? Always done my name but would like to try the business this time...

The biggest downside to this is insurance. It is more money to properly insure it and can open you up to more liability on your company. And if I remember correctly you can't have permissive drivers.

 

[LuauLounge]

On new, Manufacturer finance is easy for businesses. On used, some credit unions are ok as well. Just rolled a company car lease expiration to a loan for the buyout at the credit union. All done online and electronic docs. Rate is cheaper for personal, but not enough to matter.

 

[WildHorses24]

The biggest downside to this is insurance. It is more money to properly insure it and can open you up to more liability on your company. And if I remember correctly you can't have permissive drivers.

State Farm has permissive endorsement on ALL policies. There are very few companies that do this still.... If your business has an umbrella and you insure the vehicle correctly there should be no gaps in liability. Plus now the insurance is written off through the business.

Side note, if the personal vehicle (employees cars included) are used for business purposes while on the clock business is liable anyway. EX: running to the bank, mail, office errands etc. Every business with employees should have an Employer’s Non-Owned Auto policy for this reason.


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[DILLIGAF]

Anybody was covered on our policies. We are a C Corp. Only ones not covered would be of they were named as not covered.

 

[DILLIGAF]

Never personally guarantee the auto loan

 

[Yellowboat]

Start with wherever your business Banks

 

[rmarion]

my Ex company, purchased all our vehicles thru the noted dealer..Ford, GMAC etc??

 

[boatpi]

Bought a new Mercedes in a corporation name a year ago and Mercedes business to business gave us another thousand dollars right off the top and great financing rates.

 

[nameisbond]

I don't know about now, but I did my new at the time 04 Excursion under my company. Ford was the only new car dealer that didn't require a personnel guarantee. I got the same rates as a personnel loan. Insurance cost more. Also did two Rangers at the time for our employee's use.

 

[DILLIGAF]

I don't know about now, but I did my new at the time 04 Excursion under my company. Ford was the only new car dealer that didn't require a personnel guarantee. I got the same rates as a personnel loan. Insurance cost more. Also did two Rangers at the time for our employee's use.

I purchased Fords and Chev without personal guarantees. Been a while since a Chev was purchased though

 

[nameisbond]

I purchased Fords and Chev without personal guarantees. Been a while since a Chev was purchased though

I was going to purchase the employee's Colorado's. But if I remember right, they wanted a personal guarantee. Since 04 I've only shopped Ford when financing. So not sure if other dealers do no personal guarantee.

 

[DILLIGAF]

I was going to purchase the employee's Colorado's. But if I remember right, they wanted a personal guarantee. Since 04 I've only shopped Ford when financing. So not sure if other dealers do no personal guarantee.

Thats when I would just walk out and go to the next guy.

 

[arch stanton]

I just bought another kenworth through Wells Fargo, my second in 2 years 0 down 4.85% 72 months on 185,000

 

[nameisbond]

Oh my Excursion and Ranger purchases was in the US. I being Canadian and having limited US credit was being quoted ridiculous rates for personal finance. It was cheaper to use the business.

In Canada I lease my truck via my company, only because the right off's are good. Only problem is insurance is business use only.