Unlock Business Growth: Securing 2 Credit Cards and 4 Car Loans without Paperwork

Unlocking Business Car Loans: A Step-by-Step Guide

Key Considerations for Business Car Loans

• Business Credit File: No need for multiple net 30 accounts. Focus on building your credit with authorized users, utilities, and rental payments.
• Debt-to-Income Ratio: Lenders typically go up to 50-55% DTI.
• Required Documentation: Articles of Incorporation, EIN, business phone number, and a physical business address (not a virtual one).
• Establishing Business Identity: Use a professional email domain rather than a personal email address.
• Dun & Bradstreet: If your business credit score is below 700-720, aim to have at least 4-5 trade lines, which can be established through services like Nav and Fairfig.

Building a Strong Business Banking Profile

• Business Bank Accounts: Open a personal checking, savings, and business bank account, allowing 60-90 days before applying for the car loans.
• Proof of Income: Be prepared to provide proof of income, especially if you have a side gig or freelance income.
• Relationship with PayPal: Consider transferring earnings from side hustles to PayPal first, then to your business bank account, to build a stronger financial profile.

Navigating the Car Loan Process

• Loan Eligibility: Lenders may grant up to 4 car loans, but you must classify the vehicles as commercial and have appropriate commercial insurance.
• Loan Repayment: Lenders can call the loan if they see excessive mileage or depreciation on the vehicles, even if you're making payments.

Get Expert Assistance

If you have any questions about business credit funding, personal credit funding, or removing negative items from your credit, click the link in the description to schedule a one-on-one consultation.

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