My personal credit is shot. My business credit is perfect.
How do I go about purchasing a new car under the business name without having to sign a personal guarantee? Is that even a possibility?
Thank you in advance,
Tony
2006-09-07 05:23:43 · 7 answers · asked by northyankeefun 3 in Cars & Transportation ➔ Buying & Selling
Ok, excellent question. Most car companies make it very difficult to do this, so the best solution is to go through your local bank. Goto your banker, and let him know what you want to do.
Under no circumstances should you be a personal guarantor for a company car loan. If you get into an accident, whether it's your fault or not, the other party's lawyer will have an absolute field day dessimating your business AND personal finances. Once again, it doesn't matter if it's your fault or not, you'll spend a ton of time and money on the case.
If your banker is uncooperative, shop other banks. If you find a bank that is cooperative, remove all of your accounts from your bank, and re-open at the new one.
If none of the banks are cooperative, then you need to seek out a leasing company such as PH&H. I work with a couple of them, so you can send me a mail if you need to get in touch.
Do you think Federal Express, UPS, and everyone else that uses commercial vehicles gets a personal guarantees from their stockholders and/or owners? Of course not.
2006-09-07 06:26:29 · answer #1 · answered by Manny 6 · 0⤊ 0⤋
If it's your business, fill out a business app and see what happens. If your business credit is good then you should have no problem. Also depends on how long you have been in business. If it's been a short time then that could be a problem, but if you have had long time credit you should be good to go!
Sometimes you will need to guarantee, depending on how bad your credit is that might work too.
you won't know til you try! All they can say is no!
2006-09-07 05:56:03 · answer #2 · answered by cinderjo 3 · 1⤊ 0⤋
I've worked with credit for many years in chrysler and BMW. Both companies credit arms require a personal quarantor for business loans. It's really just a cosigner. But, when it's in the business name, i've seen them be very lenient. Give it a shot.
2006-09-07 06:11:47 · answer #3 · answered by jay 7 · 0⤊ 0⤋
A car can be leased in your companies name, however, someone has to be the purchaser- that would be you, and the responsibility would still fall to you. You would need a credit check
2006-09-07 05:30:27 · answer #4 · answered by psychstudent 5 · 0⤊ 0⤋
confident , you're able to try this. you will possibly additionally deduct the gas , oil , tires, maintenance, depreciation, coverage, washing and cleansing, parking, however the vehicle may well be for organisation use,, no longer a toy for you.
2016-10-14 10:21:57 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Without permission, that is called stealing.
2006-09-07 05:44:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
well, if its your business it will be tied to your name. maybe you should get a bike for now. k mart has em for like 89.00.
2006-09-07 05:29:41 · answer #7 · answered by ManFromMumbai 3 · 0⤊ 0⤋