Vehicle Finance with Business Credit
Why not finance your next vehicle with your business?
Here are three great reasons to do it!
Business Credit
Debt to Asset Ratio
Tax Benefits
Business Credit
When you finance your vehicle with your business credit. It’s a great way to improve your companies business credit score and credit profile. The first transaction can be a building block for the next more expensive vehicle or a second vehicle. Once your company credit profile supports a vehicle purchase or lease. Your business credit can also gain access to capital for growth and future expansion.
Debt to Asset Ratio
When you purchase or lease a vehicle with your company credit the loan or lease will not show up on your personal credit. Your personal debt to asset ratio will not be impacted by the transaction. That’s huge! If you want to make a small or large purchase, buy a new home or refinance your current home. The vehicle purchased or leased with your company credit will have no influence on your personal financial options.
Tax Benefits
When your company purchases or leases your next vehicle. You and your accountant will feel very comfortable writing off 85% or a higher percentage of the total vehicle expense. Why? Because the vehicle is not own by you personally and “used” for business. The vehicle is owned by the business and is used for the business! You will be able to write off the monthly payment, taxes, insurance and maintenance cost. This could be substantial tax benefit!
Yes, your company could finance these vehicles!
People often ask me. Can I purchase or lease an exotic high line vehicle with my company? The answer is yes! You can also purchase or lease a vehicle for daily driving as well. To qualify, most banks have income requirements, you will need to have very good to great personal credit and great business credit. We can help you build your personal, business credit and find the right bank.