How To Buy A Car In Your Business Name - YouTube

How to buy a car in your business' name?  

Did you know that you could buy a car in your  business' name? Oh, yeah. You heard that right.  

Noelle Randall is an entrepreneur, a  business owner. And so, I have bought  

many cars in my business name. I'm going to tell  you exactly how you can do it too. Let's go.

I'm going to share with you a step-by-step  detailed process on how to buy a car in your  

business' name even if you're just getting  started as a business owner. 2, I'm going to  

share with you the differences between buying a  car on your business's name and leasing a car in  

your business' name and give you some benefits of  which one is best for you. And last but not least,  

I'm going to share with you some secret ways on  how to write off all of the expenses for the car  

plus the cost of the car because it's an asset  of your business. So, let's talk about all of  

the benefits of putting a car in your business  name and why you want to do this. Because you  

are a business owner, pretty much everything that  you do for your business is a business write-off.  

Now, again, I am not a tax professional or an  attorney so I'm not going to give you any tax  

advice. But as from experience, as a serial  entrepreneur, someone that runs 6 businesses,  

I can tell you that I am able to buy cars in my  business's name. Then I'm able to write-off not  

just... I don't necessarily do the mileage. You  know, there's different ways when you get with an  

accountant that they can write these things off.  But I take law like the actual expenses. You know,  

all of the oil changes that I do for my car.  All of the tires that it may need. You know,  

the gasoline that it cost me to drive the car like  the actual expenses of the vehicle, I am able to  

write-off. Now, this is a benefit to most business  owners that they do not know. So, if you need  

write-offs and expenses and you are trying to  lower the amount of taxes that you may be paying  

to your business, this is a great way to do that.  Additionally, I started this while I still had a  

job, okay? You can literally have a job and own  a business and put cars in your business' name.  

And I did this. So, one of the ways that I was  able to lower my tax liability... You know,  

how much taxes I owed to the IRS was through the  expenses and the write-offs from my business.  

And one major write-off being the car that I  drove. Everything that you do as a business owner  

probably means that you are driving. Most cases  you have to get to your locations, to your events,  

to meet your clients, whatever it may be. So, this  is why it is written in the tax code and it is one  

of the things you should be taking advantage of.  So, let's get into how you get this done because  

it's super easy. So, when we are talking about  putting a car in your business' name, we are  

essentially talking about business credit. Now, of  course, you can register a car in your business'  

name if you have truly set it up as an entity. But  what I'm really talking to you about how to really  

turn this into your advantage is to have it really  in your business' name through business credit.  

Meaning, your business can borrow the money to buy  the car and pay for the car. That is the key. That  

is the thing most people are not talking about  because most people do not know that they can do  

this. So, let's talk about how you get this done  because again, super easy. You just have to be  

a business. You must have a real business license  like an LLC an S Corp or C Corp. You have to have  

your EIN number, a professional phone number, a  professional email, and a professional website.  

Those are like the basic things. And that's  really all you need to have a real business,  

okay? The next thing that you're going to do  and I made an entire video if you need this  

on business credit. I'm going to put a link to  it in the description box to building business  

credit really fast. Of course, you're going to  need a Dun & Bradstreet number. Dun & Bradstreet  

is the number one reporting agency for business  credit. Okay? And I'll (again) put a link to how  

to that video that teaches you all about this.  But it's free to get a Dun & Bradstreet number  

and this is the credit bureau that most lenders  will use or check, okay? Now, there's a few others  

that will check Experian business or Equifax  business. But again, I have a whole video  

that teaches you on business credit if you need to  watch that. But this is very easy to get done. So,  

whether or not you're able to finance the car  in your business' name or you have just to  

register in your business' name, you're probably  going to want to do that because you will get  

those benefits that I mentioned earlier. So, now  let's talk about buying or leasing a car in your  

business' name because that's really what we're  talking about. Again, on almost any situation,  

if you have a real business established, you can  register the car in the business's name. And that  

is great because now of course you're saying  that this car is used for business purposes.  

But now let's get into actually financing it and  buying it or leasing it in the business's name  

using business credit, okay? Meaning, they will  finance it in your business's name, they check  

your business's credit. They don't necessarily put  it on your personal credit, okay? So, this is the  

process, this is what you want to do and this is  how I buy my cars. This way, it doesn't show up on  

my personal credit report. Again, when it comes to  business credit, there is a separate entity. Your  

business has its own business credit profile. You  use your EIN number and you're Dun & Bradstreet  

as the identifier instead of your social security  number. This way when you make the payments,  

it will report on the business credit reports  and not on your personal credit report. So,  

let me give you one piece of advice because  this is super important. There's a thing called  

a Personal Guarantee. In most cases, the lender,  (even if they're going to finance it and put it in  

your business' name which is what they do for me)  they still make me do a personal guarantee. Now,  

I've done 6 or 7 cars this way. So, on the last  ones, I actually did not. I have enough trade  

lines on my business credit report where I do  not have to personally guarantee it. In fact,  

my business makes more money and is more wealthy  than I am as a person so they actually do  

want to lend to my business' name. But that is  a commercial type of loan. If we're just talking  

about a regular loan, alright for a car in your  business's name, they're most likely going to  

make you personally guarantee it. That's totally  okay. All you need to do is ask or request that  

it doesn't go on your personal report unless  you default. Most cases, that's the situation  

unless it's the first time you're doing the car.  Usually, after the second or the third time,  

they will not report it on your personal credit  report. It'll just be on the business credit  

unless you default on the [???]. So, that's  the amazing thing. So, now let me give you  

some bonus tips on financing versus leasing the  car in your business' name and some points that  

you will need because this is super important.  When it comes to financing the car, like I said,  

you will have to usually do a personal guarantee.  Also, though, leasing will offer you some amazing  

benefits as well, especially in regards to the  tax write-offs. Again, get with your accountant  

because usually, if you lease the car in your  business's name, you can write-off everything.  

And this is something that I used to do. However,  the mileage and some of the penalties used to get  

very expensive. And now, I found a way to monetize  my cars in a way that is absolutely amazing.  

So, one of the things that I do now is I put  my cars on Turo. And I will rent them out when  

I am not using them and this is how I get these  cars almost for free. I get to drive cars that I  

want to drive. This is a 2020 Tesla Model X that  basically cost me absolutely nothing per month.  

So, I finance the car in my business name and I do  use it for business purposes. Obviously, looking  

at real estate property and things like that. But  I also monetize the vehicle by putting it on Turo.  

It rents for over $200 per day. And I'm easily  able to pay the cardinal or any other expenses.  

And it is truly an asset of the business. So,  you can turn your car into a business. You can  

use it for your business. There's so many ways  that you can make money off your car especially  

if you do it in your business' name. So you want  to get to it. One last thing, you will probably  

need a business checking account. Remember, I said  you'll need some basic items for your business  

--LLC, C Corp, S Corp, professional phone number,  all of those things mentioned earlier. You will  

also want to have a business checking account  with at least 3 months of statements usually  

when you are financing or leasing a car. If you  don't have your tax returns, they will ask you  

which is what they asked me for was just 2 or 3  months worth of bank statements. They will look  

at how much deposit is going to that. And that is  how they would determine your income. So, again,  

they have some really creative ways where they're  getting people to finance cars in their business  

name. This is becoming a lot more popular which is  why I'm making this video because this opportunity  

is amazing. Interest rates are so low. Like  I said, I got this brand new 2020 Tesla Model  

X. And the interest rate is less than 4% on a  72-month loan and it's in my business' name. And  

I'm easily able to make money off this car and I  love driving it. So, this is what you can do too.  

I have written a new book that I want to  make sure that you check out absolutely free.  

Go to noellesfreebook.com. That's Noelle,  n-o-e-l-l-e-s. Noellesfreebook.com. I've made a  

book called Real Estate Millionaire Secrets where  I'm sharing everything in a book absolutely free  

for you. Go to noellesfreebook.com. I want to make  sure that you have all of the resources, all of  

the tools, and all of the knowledge that you need  to be successful. This is Noelle. To your success.