Business Auto Loans! Get Approved for a Business Auto Loan! Buy a Car in Your LLC Name! EIN Credit!

Hi winners look welcome to Terry's tips guys get a notebook get a pen i'm excited about this video because you guys ask me about this all the time today we're going to talk about seven business auto loans guys specifically in this video i'm going to outline multiple ways you can buy a car with your business name using business credit some of the benefits of buying a car in your business name what business has qualified for business auto loans and i'm going to give you seven actual lenders guys so and i actually did a mix of some traditional lenders and some fintech lenders and first nugget some of y'all might be like what do you mean traditional lenders and fintech lenders guys a traditional lender is just like a regular bank a regional bank you know a credit union those are lenders that have you know business auto loans but they also have business checking and they have you know credit cards and they have mortgages and they have everything they are banked a fintech company guys are alternative lenders private lenders that specialize in funding entrepreneurs small business owners investors and that is important critical to you because the lender matters a no for one lender can be a yes for another and so with fintech companies they have a streamlined process a lot of times less documentation they will fund a lot faster because they specialize in this area so think about fintech companies the business credit like how hard money lenders are to real estate it's alternative private funding for you to help fund your whole entire life now some of the benefits of buying a car in your business name guys obviously one that people talk about a lot is tax write-offs and depending on your actual tax situation sometimes you can even write off the depreciation of the vehicle which is a huge benefit okay also keeping that debt off of your personal credit reports come on somebody that means it doesn't impact your debt to income ratio you know it's not a new trade line on your personal credit report so keeping the two separate which is the actual goal of business credit is one way this actually benefits you also being able to wrap the vehicle y'all know i have my car wrapped with my company information it is a you know a marketing machine and every single time i drive it you know people reach out to me dm me call me text me so you wrapping that vehicle for your business purposes is a great benefit also a lot of times you can get better rates commercial auto insurance listen to me y'all i have commercial auto insurance because my vehicles are in my business name and the rates were actually lower because how businesses use their vehicles is a little bit different the usage than actual personal i didn't say i don't do ride share right so there's different kinds of auto insurance but commercial auto insurance for you having your car in your business names many times is actually a lower rate come on somebody some of the other benefits oh your business owns collateral your business owning collateral is super smart because this means maybe sometimes you're applying for a business line of credit or a business credit card even something else that you want and maybe for whatever reason your personal or business is not strong enough to qualify but if you own a vehicle already or if your business owns a vehicle that can be used as collateral so a lot of times your business having collateral can help you qualify for more money one other thing i want to know is actually it can be a perk for your business look think big y'all you could be like hey being an employee of my business means you get access to a company vehicle or you can use a company vehicle for travel or you know after two years of service i give you a company vehicle i need y'all to start thinking big okay so there's a ton of benefits to buying a car in your business name i just outlined a couple and nugget right here what businesses qualify for a business auto loan this is a trick question y'all but y'all come on somebody guys stop over complicating it a business is literally just a legal entity you can be a s corp you could be a c corp you could be a non-profit you can be an llc nowhere did i say you have to be fully self-employed nowhere did i say you have to make millions of dollars a year guys many of you have a side hustle many of you are doing something part-time if as long as that thing is incorporated and has an ein you are a business this is one reason why i teach that heavy on his channel but this is where you know for personal credit and business credit for personal credit it's your personal name your personal social for business credit it's your business name and your business ein you can still have w-2 income you can still have other income it just means that this actual stream has an ein which you need whether you have employees or not because you're going to use your business name and your business ein to get the business auto loan got it got it good guys now let me give you tips about you know using business credit to actually buy a car but i want you guys to think high level strategy let me give you an example let's say you need $25,000 to buy a car period it's $25,000 to buy x car guys even though i'm outlining business auto loan specifically in this video high level strategy which is what i teach on this channel you can actually also use a $25,000 business credit card a business line of credit business working capital business term loan business merchant cash advance business i think line of credit you can even use a business micro line guys in a business micro loan it's just any loan $50,000 and under so please understand that if you don't qualify for a business auto loan you may qualify for one of these other types of business credit to still get the same thing done buy a car in your business name with business credit and let me also say that for these lenders for specifically i'm going to outline ally as one of them um just an example is they'll let you buy a car but they also have options to lease some of them and they also have options to refinance that means maybe you're a sole proprietor maybe you know you're a single member llc and your personal car is in your personal name but you use it all the time for business maybe you're an investor maybe you're a realtor and 90% of the time you're using your car to see properties to show properties to you know um take clients around so you're like i really should have my car in my business name some of these companies will actually refinance which means you can refinance it out of your personal into your business there and so the seven lenders ally financial a lly guys depending on when you're watching this video i'll put the link in the description guys ally financial has personal and business personal and business they have where you can buy a vehicle they have where you can do um a refinance they also have lease options nugget right here guys it depends on how much you qualify for in the terms as far as what your actual payment will be but mind you a $25,000 business auto loan is a lot different than an $80,000 business auto loan or maybe you want to buy a truck or a semi that will be a hundred thousand or two hundred thousand so just understand that you want to be wise in relation to what your business income is and what you're asking for you don't necessarily need to make two hundred thousand dollars a year in your business come with somebody if you're only buying a $15,000 $20,000 car that's a nugget right there because the lenders are going to look at your personal credit your business credit or both for example ally since that's the very first company i outlined they have where you could be a third party guarantee or business credit only business credit only means they only look at your business information is only a bit and even if you default it doesn't even go on your personal so guys nugget right here if you're able to do this with a pg or without a pg it's going to depend on how strong your business is how long you've been in business do you have revenue do you have bank statements do you have other business credit it's going to vary and sometimes guys let's say you do get a business auto loan and they say well you have to be a pg it's not the end of the world that just means that if you default and you're not going to because you're i'm going to teach you how to get extra income then it goes on your personal or they can go after you so guys just focus on getting the vehicle and then paying your office not that big of a deal or focus on getting a business auto loan and maybe after a year worth of payments they'll make you be not a pg nugget i teach high level strategy on my channel to get you six and seven figures so you're going to hear different things from me where i give you guys the facts but i also give you guys a high level strategy to help you actually get to your goal balboa capital this is a fintech company now nugget right here depending on the lender they're going to call it a business auto loan they may call it commercial financing or they may call it you know equipment financing all three of those kind of fall into business auto loan and for you all wealth warriors i teach you one reason why you guys can have better results faster than anybody else come on somebody is because i teach you guys to actually compare them and then apply with the one that best meets your needs right and so i want you to understand that there's not one way to do this and there's not one lenders not one requirement so a no for ally could be a yes for balboa a no for you know wells fargo could be a yes for ally so the nugget the takeaway is that i'm giving you seven lenders i'm going to give you the actual websites look at the requirements on the website before you even make any kind of phone calls and see what is the best fit for you and then i talked about the different kinds of business credit because i want you to know there's multiple ways to get this done maybe you don't qualify for the business auto loan but you do qualify for their equipment financing or you do qualify for their working capital got it got it good the next one is gm financial which is a traditional lender that has both personal and business the fourth one is crest financial which is a fintech company then we have a number five is national funding business fintech company and number six we have capital one commercial or capital one business and then number seven is bank of america business and y'all know i don't talk about bank of america a lot on my channel but what i will say is that they do have business auto financing business commercial financing i have actual people in my course in my uh in my coaching they have purchased four vehicles at one time with bank of with the bank of america financing that's a nugget right there sometimes you can go for one vehicle but depending on you depending on your personal credit your business credit your revenue how long you've been in business some of you guys actually qualify for two three four or five cars or fleet financing okay because your needs are different so i will put the links in the description for the actual lenders and if you need more help then i'll put the link for my business credit and personal credit bundle and also for just the auto loan portion okay and for my nugget guys don't forget to build and grow the business y'all business credit is not free so if you get a $25,000 business auto loan because you've been following me and you have everything done but then you never started the business now you're just you're overwhelmed because you're trying to pay for all this business credit with your own personal paycheck don't do that if you are a personal trainer focus on getting clients too if you are you know you want a restaurant focus on selling dinners or getting a food truck you know if you are a coach focus on getting clients guys don't forget to build the business we are doing this for real okay so that means you can still have a full-time job but you know that you always want to have multiple streams of income so this is where you want to have multiple streams of income is how you actually build wealth right and so nobody says you have to quit your full-time job but you definitely on the evenings on the weekends you know in the on your break on your lunch want to actually build your business because the key is to have multiple streams of income i'll also link my video on how to start and relaunch a business and how to get passive income you can also invest in a coaching call with me where i will help you get to that six-figure mark with what you have right now okay so i hope that this was helpful i hope that you saw the value to subscribe and share this video and i cannot wait to see a picture of you in your car and make sure you tag me on social media amen