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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Financing "company" vehicle.
How exactly does the financing work? I don't want the loan on my credit report, but rather the company. Can anyone summarize how this works?
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Cornpoppin' Pony Soldier |
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08-17-2005, 08:43 AM
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Registered
Join Date: Jun 1999
Posts: 7,182
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If it's a coporation you should be able to buy the car in the company name. You (or someone) as president would sign for the corp,. but it will not be on your credit report. If you are a sole proprietor or partnership, I'm not sure how it would work. I'm not an accountant, just my .02..
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1957 Speedster, 1965 356SC, 1965 356SC Outlaw, 1972 911T, 1998 993 C2S, 2018 Targa 4 GTS, 2014 Cayenne S, 2016 Boxster Spyder, 2019 Tacoma |
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08-17-2005, 09:19 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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We are a corp. and I am an officer. What I'm getting at is:
When I walk on the lot and say "I'll take that '03 3/4 ton, finance it through xyz, inc" will they look at me like a nutball or is that how it works? Is it common or should I arrange a third party finance co. ahead of time?
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Cornpoppin' Pony Soldier |
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08-17-2005, 09:28 AM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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I think your corporation needs to be registered/rated in Dunn & Bradstreet. This will allow your company to borrow money (line of credit) and qualify for loans. This allows you to separate personal and business debt. Wish I could be more specific.
jurgen |
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08-17-2005, 09:28 AM
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Registered
Join Date: Dec 2001
Location: Cambridge, MA
Posts: 44,417
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Your corporation is an entity like yourself that can enter into contracts, buy and sell things, etc.
Just go down to the dealership, tell them what you want to do, they'll run a credit report against your Tax ID number and it's a done deal. Your corporation's bylaws have to state that you are able to enter into contracts on behalf of the corporation. basically it means that you can represent the corporation and that your signature is really the corps. signature.
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Tru6 Restoration & Design |
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08-17-2005, 09:33 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Yep, we have an EIN and have been on DnB for a couple decades. I am shown on the account on DnB.
Do I need to bring our corporate docs or do they trust DnB?
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Cornpoppin' Pony Soldier |
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08-17-2005, 09:35 AM
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Registered
Join Date: Dec 2001
Location: Cambridge, MA
Posts: 44,417
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yes, you will need your docs. Also, when you opened a bank account, you probably signed all kinds of stuff. Wouldn't hurt to bring that file folder too.
And ID too. 
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Tru6 Restoration & Design |
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08-17-2005, 09:38 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Thanks guys.
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Cornpoppin' Pony Soldier |
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08-17-2005, 09:53 AM
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