Can I get an auto loan under my new business?

I have recently started a new business and would like to purchase an SUV for company usage. The business brings in a nice monthly revenue stream but it is new and thus has no credit history. I would like to put about 10-20% down and finance the rest. My personal credit is bad so it's not likely that a personal guarantee would be worth much. Is it possible to get financing for this? I don't mind paying a slightly higher interest rate.

You would have to give a personal guarantee. Eighty percent of small businesses fail within the first two years, so they aren't likely to take those odds. Building a business on credit is a sure-fire way to join that 80% club, too, by the way.

A bank can finance a vehicle for a business. It would be part of the business assets at that piont and cn be depreciated for tax purposes over the next 3 years, plus all costs for business use can be deducted as business expenses and you can write a certain amount of that off each year as well. The vehicle loan may have to be set up as a business loan in order to reap such benefits. Each bank may have diferent stipulations for allowing the loan so check around a little.

Auto finance is what I do for a living and there are several programs out there for people like you.

Find a local dealer who advertises Special Finance and go talk to the Manager, they will be able to help you.

I dont have the best of credit, well in fact its kinda bad, but I was able to get car loan since I do have a job which is mainly what this place cared most about for me. They are one of these places that have multiple sources and they say like 99 percent approved. So I would give this site a try....



http://auto.deal4-you.com

Good luck.