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No Personal Guarantee Business Auto Loan With Ally Bank - 2021 - YouTube
Channel: Get Business Credit
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live from columbus ohio this is the get
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business credit youtube channel with
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your host
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josh van horn subscribe now and hit the
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bell notification
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right now to stay up to date as soon as
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we release new business credit gyms
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take it over josh hey what's up it's
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josh with the get business credit
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youtube channel
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in today's video i'm going to be going
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over no pg
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auto loans with ally bank ally financial
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um i covered this in the past video
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but um i also covered other banks
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so this one is just about ally bank
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i'm getting an opg in the business name
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only no personal guarantee
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i spoke to them on the phone a couple
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times now
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and right on their website it also shows
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what i'm going to be talking about no pg
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business auto loan so if you want to get
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a lease or
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a buy a new or
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used vehicle in your business name only
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this
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video is definitely for you so stay
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tuned
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if you're not a subscriber please
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subscribe i really appreciate it and if
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you like this video smash that thumbs up
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it really helps our channel
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grow don't forget to turn the
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notifications on
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so um let me show you guys on their
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website
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they have all these other different
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products like special of
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specialty vehicle financing heavy duty
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truck financing
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and smart leases commercial line of
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credit
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for the commercial line of credit you
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need to actually fill the commercial
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line of credit application
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pdf and send it in to them
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but that's not what we're going to talk
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about today because
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i didn't get the data points on that for
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being a personal guarantee or not
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so right here you can see financing in
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the business name if you're looking to
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finance commercial vehicles in the
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business
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and the name of your business without
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affecting your personal credit
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ally features two solutions so they have
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a solution for a third-party guarantee
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when you want to buy or lease vehicles
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and
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the name of your business but need to
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secure additional financing
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you act as a third-party guaranteer
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this allows you to keep your name off
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the title
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and may keep the debt off your personal
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credit to keep in mind if your business
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defaults he may become liable in the
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debt
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may report to your personal credit so
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they offer
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two different products one that you know
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it's a third party
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guarantee meaning you're gonna
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put your own personal basically credit
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on the line that's if you don't have
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enough business credit build up
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but it doesn't report to your personal
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credit at all
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so that's a good option if you don't
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have enough business credit build up
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but then they offer underneath there you
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can see business name
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only so if your business qualifies for
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financing without the honors guarantee
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you can obtain financing in the business
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name only
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this gives you the ability to save your
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personal credit for
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other use as well and build credit in
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the business name
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protect yourself from liability related
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to the operation
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of the vehicle so um like i said i've
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talked to them on the phone a couple of
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times and they have call centers you
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know outside the u.s
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but finally getting to somebody that's
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in the u.s
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and getting all the information
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so you can't really um
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apply directly through ally you have to
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go to the dealership
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and it says find a local dealership so
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what you want to do is click that button
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i'll have all the links in the
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description below
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but you're going to search by your zip
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code and like gmc
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ford whatever type of vehicle you want
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to get what
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brand you want to get and then it's
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going to show
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uh what dealers they work with so keep
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in mind
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they said to be able to get the
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no personal guarantee uh business name
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only it has to be
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a dealership they work with so that's
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why you have to find a local dealer
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and they have to be on their list so
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definitely check that out as far as data
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points i didn't really get a whole lot
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from them um because they said every
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situation is different for businesses
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they said you don't have to be in
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business for two years they didn't give
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me a set of
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time amount or time frame they said it
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really depends on your business credit
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so back to what i was saying before in
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the other video if you didn't watch that
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one
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make sure you watch it but what you're
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going to need to have is like
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seven to eight trade lines reporting on
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experian
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um and done brad street
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now it looks like i'm not 100 sure on
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this but it looks like they pull
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experian because one of the reps said
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they report to experian business
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see how it says build credit in your
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business name it says it right on their
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website
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and i tried to ask them who do they
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report to
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and um one lady said that
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she thought it was experian commercial
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so
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um right at ally so
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um that's something to keep in mind but
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they definitely report to business
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credit bureaus
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because they say build credit in your
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business name
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you know so that's something to keep in
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mind
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and as far as the requirements you're
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going to need
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so you just want to go to one of the
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dealers they work with
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and you want to make sure you bring your
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ein letter
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with your for your inc s corp
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or llc and then make sure it's in good
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standing with the secretary of state of
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course
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then bring your secretary of state
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incorporation documents for your llc
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or your s corp or c corp
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uh bring a last three business bank
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statements business license if you have
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one if it's needed
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and then go into the dealership talk to
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the finance manager don't talk to the
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sales reps talk to the finance manager
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ask to speak with the finance manager
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and tell them
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that you want to do the business name
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only
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no pg auto business finance
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or you can do a lease too they offer
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leases so you could do a lease
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a 24 month lease or a um
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buying the vehicle new or used used it's
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going to have to be certain
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you know miles and can't be so you know
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can't be very old so the dealer can help
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you out with that as far as the
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requirements on that
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but what i would advise doing is just
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print out this page
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you know and just um
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you know you could just use the sniping
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tour or whatever
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and just just like that so you can just
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show them
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print this off you know and just tell
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them
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you know that you want to do the
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business name only
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you know just so the
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finance manager knows what exactly you
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want to do
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because it's not everyday dealerships
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get people coming in wanting to do
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you know no pg business auto financing
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that
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you know it's not going to be affecting
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their personal credit at all
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so make sure that you have like i said
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um trade lines reporting on dun and
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bradstreet and experian for sure
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how many you really need i can't really
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tell you that but one thing i can tell
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you is
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um a good rule of thumb is like i said
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five to eight
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combined with dun bradstreet and
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experian
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and you wanna have at least one five to
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ten thousand dollar trade line
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reported that was in the last 12 months
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for your business
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uh net 30 account whatever it may be you
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want to have one of those
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um you know four to five digit
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credit lines reporting on one of your
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dun bradstreet or experian business
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credit report so as long as you have
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that
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you should have pretty good chances to
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get approved
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you also need to gonna need a down
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payment that's gonna help you know
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get it definitely um you know business
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name only no pg
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so i would say if you have like three
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thousand to five thousand
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down payment that's a good amount to
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show
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have your business check account or
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whatever you are going to need to get a
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business auto insurance policy
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right after they approve you they're not
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going to let you you know drive away
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without having
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the getting on the phone with geico or
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progressive or whoever and
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um signing up for business auto
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insurance
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but other than that it should be no
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problem
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and um like i said it's no pg
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you just have to talk to the auto
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finance manager
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allied doesn't deal directly with the
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individuals or the business owners
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they deal directly with the dealership
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so you have to go to the dealership
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and tell them that you want to do a
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business name no pg
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auto loan or lease
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and show them all the documents like i
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said talk to the finance manager
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and you should be okay you know as far
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as how long you need to be in business
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i would say a minimum of six months and
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i'm just saying that
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is minimum of six months because the
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lady at ally financial
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um she said that she couldn't give me
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you know a set time frame on how long
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you need to be in business
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because your business credit is the most
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thing that's weighted when they're
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you know deciding to approve you or not
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for
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the business name only no pg business
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auto loan
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so she said there's she's seen
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applications get approved for
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new businesses that have a strong
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business credit profile
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and then others that are two three years
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old that have a
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you know not so much
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business credit build up
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but couldn't get them could not get them
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approved
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because they don't have enough trade
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lines built up so that's what it comes
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down to
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is you know getting those trade lines
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built up if you want to do this
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all right i hope you guys found this uh
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video helpful helpful and if you're in
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the process of building
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business credit please don't forget to
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subscribe
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and smash that like button turn the
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notifications on
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okay and until next time talk to you
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guys later
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bye
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