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Business Auto Loan - No Personal Guarantee Business Credit Requirements - 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
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hey what's up it's josh with the get
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business credit youtube channel
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so for today's video i'm going to be
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going over
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business auto loans uh no personal
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guarantee
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what the requirements are how long you
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have to be in business
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all that um good data points
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it's through ally financial la bank pnc
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gm ford and toyota those are the ones
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i'm going to
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kind of cover on today's video but there
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may be others out there these are just
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the ones that i'm covering today
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so before i get into all that i would
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just like to ask if you're not already
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subscriber
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and you're a business owner or a new
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business owner please hit the subscribe
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button
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and turn the bell notification on as as
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i'm always
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dropping new videos about building
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business credit
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no personal guarantee and to succeed in
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business
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so i'd really appreciate if you could
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hit that subscribe button
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and turn the bell notification on for my
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current subscribers
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thanks for tuning in again and sorry
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it's been a couple
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days since i've uploaded some new videos
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i've been busy
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so without further ado let's get into it
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so in this video i'm going to go over
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no personal guarantee business auto loan
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financing
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so i'm going to be covering five
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commercial auto loan lenders
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the business requirements for no
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personal guarantee loan
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the lenders i'm going to be covering is
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ally bank ford motor motor commercial
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credit
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toyota financial pnc bank
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gm motor credit so
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the first one is ally bank ally banks
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going to be your best
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choice out of all the banks
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all your options out there they tend to
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be the most lenient
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and they do financing not just for
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commercial vehicles but autos
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box trucks even some equipment they do
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find
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financing for equipment as well so you
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can go to allied.com
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forward slash auto forward slash
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business but
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stay tuned until below i'm going to be
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covering um
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all the data points that i can offer you
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guys today
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so that's ally they're going to be your
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best actual bank that's going to be
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able to approve you if you're a newer
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business
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there is still some requirements that we
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have to go over so
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next is a ford commercial credit so it's
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four dot com
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forward slash finance forward slash
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commercial dash financing
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i know on here they just show commercial
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vehicles but they also
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allow you to finance you know any other
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type of ford vehicles as well
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for business next is toyota financial
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services
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so this is the benefits it says here
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like the benefits of our business
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solutions
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finance plans um flexible terms up to 84
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months
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so for that you go to toyota financial
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dot com forward slash us forward slash
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en
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i'm not gonna actually say all that i
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don't know why i even
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started saying that it's too long
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anyways i'll have all the links in the
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description below you guys can check
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those out
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next is pnc so pnc
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will require a personal guarantee i've
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heard one or two people
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being able to get a with no personal
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guarantee if they've been in business
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over three years
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but for the most part everyone's at pnc
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they're going to require you to do a pg
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they do it with their loans business
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loans and
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their even their business credit cards
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so um
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i just wanted to mention pnc in this
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video because
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they are a great bank if you're willing
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to do a personal guarantee
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so and the other thing is nice about
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pnc is they won't report it to your
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personal credit
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if you do a personal guarantee they
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won't report it to your personal credit
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unless you default so
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next is gm financial
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like i said i'll have the links in the
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description below
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okay let's see here um
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so the no pg sorry i have a runny nose
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cold
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still have a cold here no pg business
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auto
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loan requirements so you want to have at
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least 12 to 15 combined vendor trade
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lines reporting to the business credit
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bureaus
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so that's denim brad street experian and
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equifax
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so you want to have like at least seven
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on your dun and brad street
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um see one at least seven undone bread
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street reporting
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four to five on experian and four to
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five on equifax
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but what i would focus on if you're you
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know strategically planning
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to want to get a auto loan under your
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business
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no pg focus on your dun and brad street
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and your experian
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the most
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but you need to have like 12 to 15
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combined sorry my dog's barking again
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um so you also want to have at least one
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vendor trade line reporting did done in
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brad street in experian
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reporting a limit or a trade payment of
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seven to ten thousand dollars so that's
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what like ford motor credit
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ally bank gm toyota that's what they're
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really going to be looking for
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because you can't just have 10 or 15 of
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the
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quail u-line the small
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vendor trade lines 100 400 500
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they want to see that you've had payment
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experiences or
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have credit granted to your business
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in four digits the five digits so
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you want to have my rule of thumb is
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seven to ten thousand dollars
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of course the higher the better but you
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would be kind of spot
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on if you have a strong business credit
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profile on dun bradstreet experian and
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equifax
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and you have at least ten thousand
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dollar one of those trade lines
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being reported of at least ten thousand
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dollars you should be in pretty good
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shape
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so no pg business auto loan
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requirements this isn't for people that
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just started a business
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like a couple days ago or a month ago
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so you know you want to be already in
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business
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for at least one year before you start
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applying
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however some do require two to three
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years
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it just really depends on your business
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credit on how many
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trade lines you have so if you have like
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30 trade times reporting and several
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high limit ones
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and you've only been in business say one
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year your odds are going to be pretty
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good to be able to get approved through
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one of these financial institutions
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for an rpg so you want to have
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your business inc or your s corp or your
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nonprofit
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or llc documents ready what i mean by
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that
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is have your initial uh irs
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ein number letter
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have your state filing documents that
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you file with the secretary of state
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that they confirmed
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that you're in good standing and you
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know
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when you go to the dealership they're
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not going to probably need all these all
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this information and all these documents
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but it's
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better to have all that to show the
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finance manager
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so he can work his magic to get you
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approved for no pg
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so have you know all your state filing
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documents
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and you get a certificate of
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your business in good standing with the
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secretary of state that usually costs
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five to ten dollars
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you can usually do it online print it
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right off
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have your business bank statements for
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at least the last three months
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showing the business income that your
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business can afford the monthly payment
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you want to be able to show the business
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has income
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it's best for commercial auto financing
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to have a down payment
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of at least three thousand dollars to
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five thousand dollars it depends if
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you're going after a hundred thousand
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dollar bmw
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you might need to get a um you know
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ten thousand dollars or so down um
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there's so many variables so i can't
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really say that for certain
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but if you're just going after say a
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twenty thousand dollar car or new car or
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a
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fifteen thousand dollar three year four
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year old uh
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used car make sure the mileage is low
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and you know have like three thousand
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dollars
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you could probably do it for two
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thousand i know a couple people that
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have uh got an opg with two thousand
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dollars down on a used truck
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so um
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so the the more money you can show down
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that's gonna improve your no pg approval
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chances
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business owners that own
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25 percent or more of the business your
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personal credit may be pulled
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from say ally or one of the financial
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institutions
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to make sure that you know the who
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they're lending to
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also takes care of their personal credit
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so
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just don't make sure that you don't have
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the
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finance manager at the dealership just
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go and
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do the no pg i mean do the personal
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guarantee
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so you'll see that next i'll cover that
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so stay tuned here you go
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um how to get a no pg
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business auto loan so go to your local
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car dealer
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ask to speak to the dealer financing
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manager
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that is the most important part because
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if you just go
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there and the salesman attacks you
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the salesperson attacks you trying to
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get you into a vehicle right away
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and you ask for no personal guarantee
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you know 8 out of 10 times they're not
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even going to know what you're talking
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about
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you know they mainly deal with
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individuals not
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businesses so you need you need to just
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skip that whole part and just
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say you would like to speak to the
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finance manager
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and then when you speak to the finance
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manager
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explain that you would like to apply for
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no personal guarantee auto loan
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through ally bank so they work with the
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banks
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so ally tends to be the easiest that's
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why i'm going to say you know first try
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ally bank they seem to be the easiest
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no pg auto lender um
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business auto lender so show the finance
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manager all your business documents
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because some finance managers may not
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have also
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much experience and you know business
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financing
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no pg but you know
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just explain to them that you know you
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don't want your personal
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credit affected due to say you could say
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you're going to be closing on a house
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soon or you're working on
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getting a mortgage or you don't want
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your
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personal credit scores to be hurt by
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debt to income ratio
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so because that will affect you know
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that payment that's going to be showing
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up there
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you know if it goes through a personal
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guarantee
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so stress that out to the finance
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manager that
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you want to do a no personal guarantee
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and tell them you'd first like to try
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through la bank so
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they're going to take take all your
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documents
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take what they need and send it over to
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alloy bank and the allied banks can give
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them a decision or not
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and they're going to come back and tell
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you you know
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if you can get approved or not
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so it's pretty much the same with ford
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and
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toyota gm um
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like i said pnc they're great bank but
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they're going to require a personal
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guarantee i just want to put that out
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there
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because if you're willing to do personal
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guarantee
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then pnc is a good bank and pnc bank
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does not report it on your personal
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credit report
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they may they'll check your personal
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credit and
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do a hard pull but they're not going to
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report it
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the business uh auto loan on your
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personal credit report
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uh only if you default they will
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so like i said just get all your
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ducks in order do your own research as
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well
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but go to your local car dealership
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where you want to get a vehicle
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through and speak to the finance manager
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that's all i can say speak to the
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finance manager show them all your
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documents tell them you want no personal
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guarantee auto loan
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so i hope this was helpful to you guys
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and stay tuned for more
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also if you're looking for like
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other type of
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loans for say commercial equipment or
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trucking
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ally financial will still approve you
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for
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you know those type of loans but next
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week i'm going to be covering a video
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that's just about
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you know trucking lending logistics
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company lending
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equipment leasing equipment financing so
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stay tuned
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and please make sure you hit that thumbs
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up i'd really appreciate it because that
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really helps the channel grow as well
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and don't forget to subscribe until next
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time you guys take care
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thank you bye
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