$50k-$100k NAVY FEDERAL HOME IMPROVEMENT LOAN

Let's talk about the Home Improvement Loan. Now this one, as you can see, you can apply right from the website. This one right here, you cannot apply right from the website. You have to call in or go into a branch, okay? This is the Home Improvement Loan. And as you can see too, when we go over to the personal loan, the interest is gonna be higher when you go 60 months, which is five years. Now you can pay it off early, right? But interest compounds daily, right? So if you go 60 months, you can pay this off whenever you want with no prepayment penalty, all right? So people that need the money for real estate, they can jump in, get the 50K, get the deal under contract, do what they wanna do, and then they can pay this off whenever they want if they don't wanna pay interest. If it's better for them to have it, then hey, have at it. The nice thing is, is you're getting the trade line of 50K on your credit report. That's beautiful. Instant liquidity, trade line in your credit report, building an amazing relationship with Navy Federal when you're paying that off on time, believe me, comes big time for you when you get into the business side of things, all right? So I'm a huge fan of this personal loan, okay? I have it, actually. So home improvement loan. Now, my friend got this without owning a home. So I've heard it both ways. You're gonna have to do your due diligence and ask, okay? I think what they're doing is they're just going off of your word of mouth of what you tell them whether you own a home or not, because my friend got the loan, he didn't have to provide docs, and this was basically what he was gonna do is get into fix and flip, right? So no collateral required. So you're not having to put your mortgage on the line. This is not a home equity loan. This is not a home refinancing loan. This is a home improvement loan, a loan that's designed for home improvement projects, real estate, to be able to help you get done what you wanna get done, right? Notice you'll have up to 180 months with this, right? And so the interest can be in that same ballpark. So if you're looking to use a loan more for real estate side of things, I would recommend the home improvement loan versus the personal loan if you can get approved for it. If you can't, then the personal loan will be your way to go. The personal loan too, guys, I took out a personal loan when I started my business on YouTube, okay? I had SoFi at the time, right? And yeah, I mean, you just have to have an exit with loans. If you don't have a plan to exit the loan, you're gonna get beat. If you have a plan to use the money, I love it, right? If you have a solid plan, hey, I need the money. This is my exit strategy. This is how I'll exit if I get in trouble. It's when people don't have a plan that they get wrecked, right? So my job is just to deliver the information. That's what you paid for. My job isn't to be your moral police. I'm just trying to look out. I'm trying to look out and look after you a little bit here, all right? Auto loans, okay? They have a couple of different things. New vehicles, okay? They can go up to 96 months. So they actually have auto loans up to 100K. So you can go all the way up to 100K with their auto loans, which is super cool. Now, there's been a lot of controversy with the auto loans. We'll kind of talk about that. Bad credit can actually get approved for auto loans. The nice thing about this is, guys, you can get it pre-approved for this thing with them, and then you don't have to go to the dealership and ask to run your credit all over the place, because they're going to shotgun your credit all over the place. If you go into a dealership with funding already, doing market research, this is the car I want, this is the vehicle I want, I'm already pre-approved, you really take the power out of the sales guy's hands, out of the F&I guy's, finance guy's hands. When you're coming in there, you don't need their money, you got your own money. You already know what you want. You don't want to be convinced otherwise. You literally take all the power away because you've exposed everything to light. So the best way to buy a vehicle is to get funding through a credit union that you work with, or you can do a 0%, but the problem is, is some of these programs that they talk about at the dealership at really low interest rates are designed for perfect credit, and if you don't have perfect credit, then they'll shotgun your credit all over the place, and now you have to use ink removers to move them. It's just a hassle, okay? So if you don't have perfect credit, go to a credit union to get your auto loan, right? And on top of that, if you're a business owner, I would be using the Bank of America play or be using the Navy Federal business auto loans. If you can put the vehicle in your business name, that's even better. Why? Because your debt to income ratio won't suffer from it. So, all right, going back, if you're not in business, you don't plan on being in business, you just want an auto loan, Navy Federal Credit Union will be a great bet. You want something quick to get a vehicle real quick. They also don't require proof of income, and they also don't require tax returns on this as well, okay? So this is a state of income as well. So you can get the vehicle, handle what you gotta handle, and then I would recommend, I highly would recommend that you move this into a business auto loan, okay? You can transfer into a business auto loan with a business account with any provider that you want and get that off of your personal credit. So that way you have that extra DTI available to you so that way you can pivot. When you're in business and things don't go smooth and you get smacked in the face and you had a plan and everything changes up and you need to get a backup plan and you are all maxed out on your personal side, that's called credit hell. That's what many of you are in, high utilization, right? And you're trying to get out of it. So how do you get out of it? You get into business credit, you start a business, you start getting tax write-offs, you start saving money every single year by being a business owner, you start using business credit, getting higher business lines, not having it affect your personal credit, moving things into your business, right? Putting your assets into your business so you can leverage them for secured loans and secured business lines of credit. It's all about the business credit, okay? I'm really trying to break that down to you because it took me so long to really understand and get this, it's all about the business credit. And throughout this program, you will have everything you need, you're not gonna have to join other programs out there. If there's a topic you want us to cover, we'll talk about it, right? If there's things in the group that you guys wanna discuss, talk about it, help each other out, okay? We only know what we know. So that's basically how you apply for the auto loan, right? So the type of information you're gonna need is all of the above. I have this on the slide deck as well, okay? So you guys can have that and look that over. But let's just jump right into our business products. All right, so let's talk into our Navy Federal Credit Union business checking account, okay? Once again, you can be a Navy Federal member, but if you're not doing business banking with them, you're not getting approved for anything. You have to first have a Navy Federal checking account, business checking account. So you can't get the business credit card, can't get a business loan, can't get a business auto loan, you can't do none of it, no equipment loans, unless you're first a Navy Federal business checking member. Okay, so that's the first step. I have two major videos that have helped a lot of people out. I would recommend you look at these videos. A lot of people have gotten approvals just off these two videos alone, okay? So I really break a lot of things down there for you. Let's talk about this, okay? You have to make sure all owners are individual members of Navy Federal Credit Union. If you have a joint partnership with somebody and they're not a member of Navy Federal Credit Union, you can't get the account. I'll say that again. Make sure all owners are individual members of Navy Federal Credit Union with accounts in good standing. So if you're not in good standing, no bueno. If your business partner isn't with Navy Federal Credit Union or they're not in good standing, no bueno. I put this here because there's so much trash being talked about on YouTube because everybody wants to pimp Navy Federal, right? Complete all of the following before to step three, okay? Basically, you're gonna go into your personal Navy Federal Credit Union account online and you're gonna access the business membership pre-application form. You're gonna complete the business membership pre-application form. You're gonna apply all the documentation that you need. It's all on the website for your business type and have everything ready to reference before you proceed to step three, okay? This is really old school how they do everything there. It's not really like very easy. The calls are about an hour long with the business rep. You have to make sure you have your ducks in order. So you have to download this pre-application form, okay? You have to have all of your documents together. You gotta know your answers that you're gonna say because if they don't like your answers, you're getting denied over the phone, okay? All right, and then you're gonna call that number within two business days after compiling all of the step two requirements for a review of your pre-application and then submit all required documents. This is a hassle, okay? It's a hassle. I'm getting ready to go through it myself because I'm going for a major round of business funding. So this is one of the things that I have to complete before the end of the month. But this is not gonna be like a one day thing, right? You're gonna have to literally go step by step, make sure you're paying attention to every detail, okay? And they're also not 24 hours like the personal side, right? Representatives are available Monday through Friday, 9 a.m. to 5 p.m. Eastern Standard Time, okay? So be mindful of that for West Coasters, okay? Because if it's five o'clock your time, it's eight o'clock their time. But you can start your day at 6 a.m. if you want. That's always fun. Okay, so what documents do you need, okay? So let's talk about a sole proprietor, okay? Federal tax ID number letter, valid business license, business permit, all that type of stuff. Partnership, that's what you need for that. And then for S-Corps and C-Corps on the bottom, you need to have a good standing certificate, okay? Filed, stamped within 60 days before the application. You need to have your federal tax ID number letter as well. Your beneficial owner form. Representatives will assist in the completion of that form. They'll help you out with that because a lot of this stuff is people are unaware. Most business owners are just trying to make money. They're not compliant, okay? We're gonna do classes on compliance and business credit as well. Okay, so what is a beneficial owner, okay? It's a beneficial owner is anyone, any individual who directly or indirectly owns 25% of the entity, okay? Now, that's also a hack to get business credit funding, right, is you can have somebody like that that has a really good credit score. If they own 25% of the business, you can get business credit even if you have horrible credit, okay? That's a hack for you guys, okay? A lot of people don't know about that, okay? And then also, what I wanna let people know is are sole proprietors required to submit beneficial owner information? No, sole proprietors are not legal entities and therefore not required to submit beneficial owner information. So can a sole proprietor get in here? Yes, sole proprietors can get into Navy federal business accounts. Now, what I would recommend is you, I don't recommend sole proprietorship because you're not protected legally in any form, okay? I'm a big fan of LLCs and I'm also a big fan of business trust, okay? We're not gonna get into all the trust information here but having entities to protect you in your wealth asset protection. If you're a sole proprietor and somebody slips on your driveway, you could lose everything you have. So literally, that's gonna be some of the information that you're gonna need. And then you can also kinda go through the slide deck to get more of that. I wanted to talk about the NICS codes because this is a major reason why people are denied. They're at, they're working in businesses and industries that are considered high risk. Cannabis, adult industry, gambling, trucking. A lot of people in trucking can't even get in here. I know people that have, I know people that haven't, okay? But the NICS code is what, basically it is, it's what tells the banks and financial institutions what industry is your business in, therefore helping assess the credit that they can provide for you and what the risk level is of what you do, okay? So I've even had people say, business consultants get denied, right? And so I was, I knew a couple of people, I was like, wow, you got denied as a business consultant. They're like, yeah, they're really cracking down on who gets in with the business checking with Navy Federal, okay? So guys, just know, have your paperwork together, know the answers. If you have other people within your business, they need to be members of Navy Federal first and they also need to be available for this application process, okay? If they're not, if you're a solo, single member LLC, you're gonna be flying through it. If you're a sole proprietor, you're gonna be flying through it. But I just want you guys to know that that's the reason why people get denied because they're in at-risk industries and they also have names, right? So we could have like Susan's Credit Repair, right? Credit Repair is a no-go, okay? So, you know, funding companies, no-go. You need to have a very generic name, right? Hughes Consulting Group, you don't know what type of consulting I do, right? I mean, and you can get an idea that I do consulting, right? There's a niche word right there, but it could be JKF Enterprise. You don't know what that is even about. So you wanna keep your name generic. You wanna be in a non-high-risk industry on paper. Even if you're in a high-risk industry, don't put it on paper that you're high-risk, all right? You gotta protect that, you gotta protect your image. So you're like, what do I do? Have a website, have a landing page built out. Have an 800 phone number. These are things that we'll talk about on our compliance calls, but you wanna make sure that when you're going to the institution that you're presenting a business that is not a risk for them to work with. That's the bottom line. Are you a risk to work with? Do you have your paperwork together? If you don't, that's a red flag. If you don't know what industry you're in, that's a red flag. If you're in a high-risk industry, that's a red flag. If you have bad checking relationship with Navy Federal, that's a red flag. You can be denied off that. So as you all can see, this is super big. They also don't do a credit check for your business credit account, okay? So you guys don't have to worry about that. They do not do that. From what I know and what I've been told, if that ever changes, that's a different story. But as of right now, they don't do that. They will do a credit check for credit products, but as far as getting a business bank account with them, they won't, okay? Now, let's talk about the GoBusiness card because a little bit of things have changed since my last video, okay, that I did six months ago. So let's talk about it. So is there an annual fee for the GoBusiness card? No, there's no annual fee. Can I take a cash advance on my GoBusiness card? Yes, you can do a cash advance up to 30% of your available credit. We're gonna talk about that though because they won't tell you that you can do more, but I'll show you how you can do more. Is there a fee for cash advances? Everybody listen up. No, there's no fee for cash advances. So is there cash advance fees? No, but interest starts occurring immediately, just like a line of credit. The cash advance APR is only 2% higher than the standard APR. So if your APR is 8%, your cash advance APR will be 10%. That's not horrible, ladies and gentlemen. That's not horrible, okay? Can I obtain credit cards from my employees? Yes, you can. How do I obtain convenience checks where you can write a check with the card, okay? To get convenience checks, call this number. You're welcome, ladies and gentlemen. I compiled all this information for you and help you go through it, okay? The minimum credit limit is 5K. The maximum is 25K during the underwriting process. So can you get a higher limit? That's the highest limit with that card, 25K. That has changed because I knew people with higher limits on that card, okay? Now, will my personal credit be checked when I apply for the GoBusiness card? Personal credit scores obtained from Experian are taken into consideration. So they're pulling Experian personal. They're not pulling Experian business. Navy Federal Business Credit Card does not check your business credit. So you don't have to have business credit set up, okay? So they won't check your business credit, right? It also won't report to business credit, and it also won't help you build business credit. So it doesn't build business credit, it doesn't check your business credit, and it doesn't help you build it whatsoever, and it doesn't report to it. And it also doesn't report to your personal credit. It's completely off the radar. It's kind of like, just like the BHG business credit card, it's not gonna report to either or, okay? So that could be a good and a bad thing depending on how you look at it. The good thing is you're good for utilization, so you can go crazy with it. The bad thing is, is it's not building your business credit, but you can have other products to build your business credit. I'm just the messenger, right? I didn't make the rules. But I want you to understand that it doesn't report to personal credit, which is the key, right? And it's more credit that you can get. So if you have 80,000 in personal credit, guess what you can also get? The business side, because that doesn't fall under the same rules as the personal. So theoretically, you could have $105,000 in revolving lines of credit, and you could have personal loans and business loans. You get what I'm saying? So the more business you do with Navy Federal, the higher your internal score, the more you can actually qualify for more products with Navy Federal. Hope that makes sense, guys. Convenience checks, like I said, you get a check, you can write that to anybody that you want. So you wanna pay $5,000 off your credit card, boom, you can write that check, okay? It's gonna be probably a cash advance, which is gonna be 2% more than your normal APR. That's the bottom line. And you do start getting interest occurring that day versus a 30-day grace period, right? So when you use your credit card, interest doesn't start occurring till after the 30 days that you pay, right? So does Navy Federal require a personal guarantee? I knew I was gonna get this question. Personal guarantees are what? Required on all business lending products. There is no PG garbage going on here, guys. Listen, the biggest lie in the game is no PG. Biggest lie in the game. If they're no PG, they're charge cards, guys. And the charge cards usually aren't better than the American Express charge cards, I can promise you that. Divi, Capital OnTap, these cards are not better than the Business Gold, the Business Platinum, the Business Plum, they're not better cards than that, okay? We get all shiny object syndrome and start applying for all these things our YouTubers are telling us. And listen, I can make a ton of money shilling that stuff too. I really could. But it doesn't help. Until I see a way that these cards can help people, there's no reason for me to talk about them.