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Truck loan for business

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So we are looking at getting another’s new truck. Problem is looking at 2017 MY you don’t get all the rebates if you finance with ford motor credit. 

 

So so my question is other possible banks to finance with that don’t report to personal like ford, ally etc?

 

we are setup on the personal side with NFCU but not yet for our business. My question is what is the rates for vehicle purchases on the business side and what terms do the go to? 

 

We are trying to keep the payment as low as possible and don’t care about stretching it out far as we will pay it off early. 

 

I’m also looking at 2018 & 2019 MY just because some dealers are willing to sell cheaper then others plus the rebates. 

 

Thanks in advance

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So we are looking at getting another’s new truck. Problem is looking at 2017 MY you don’t get all the rebates if you finance with ford motor credit. 
 
So so my question is other possible banks to finance with that don’t report to personal like ford, ally etc?
 
we are setup on the personal side with NFCU but not yet for our business. My question is what is the rates for vehicle purchases on the business side and what terms do the go to? 
 
We are trying to keep the payment as low as possible and don’t care about stretching it out far as we will pay it off early. 
 
I’m also looking at 2018 & 2019 MY just because some dealers are willing to sell cheaper then others plus the rebates. 
 
Thanks in advance
I helped a buddy of mine get a truck loan from NFCU. The truck was a bit older but NFCU gave him better rates than the dealer for his truck given its age (I think it was 2010). I would call a small business specialist at NFCU and they will be honest about rates prior to applying. I would set up a small business account with them regardless. They have a great small business LOC and decent business credit cards. Good luck.

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I’ll have to give them a call. And just to verify that the vehicle business loan doesn’t appear on personal credit right? Lol
Correct. That loan does not appear on his personal credit. Good luck

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Hitachi Capital is a bank to look at. They do NON PG loans. We have some vehicles financed through them.

 

If you go with NFCU you are better off to do the loan in your personal name and then pay the $200 transfer fee and convert the loan, title etc into the business. You will have to PG a NFCU loan either way. On the business side you they usually only loan 70-75% LTV and give slightly higher rate. On the personal side they loan 100-125% LTV and give better rates as it isn't a business loan. We have had business auto loans with NFCU in the past. This is info coming directly from our NFCU business banker. We did our loans this route.

 

We mainly use Ford as we have an established LOC with them. They are the easiest to deal with IMO.

 

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Hitachi Capital is a bank to look at. They do NON PG loans. We have some vehicles financed through them.
 
If you go with NFCU you are better off to do the loan in your personal name and then pay the $200 transfer fee and convert the loan, title etc into the business. You will have to PG a NFCU loan either way. On the business side you they usually only loan 70-75% LTV and give slightly higher rate. On the personal side they loan 100-125% LTV and give better rates as it isn't a business loan. We have had business auto loans with NFCU in the past. This is info coming directly from our NFCU business banker. We did our loans this route.
 
We mainly use Ford as we have an established LOC with them. They are the easiest to deal with IMO.
 
Wow, OilOperator, thanks a bunch for the tip on the conversion from personal to business. Is the conversion process relatively simple?

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16 hours ago, OilOperator said:

Hitachi Capital is a bank to look at. They do NON PG loans. We have some vehicles financed through them.

 

If you go with NFCU you are better off to do the loan in your personal name and then pay the $200 transfer fee and convert the loan, title etc into the business. You will have to PG a NFCU loan either way. On the business side you they usually only loan 70-75% LTV and give slightly higher rate. On the personal side they loan 100-125% LTV and give better rates as it isn't a business loan. We have had business auto loans with NFCU in the past. This is info coming directly from our NFCU business banker. We did our loans this route.

 

We mainly use Ford as we have an established LOC with them. They are the easiest to deal with IMO.

 

I didn’t know you could transfer a loan from personal to business... very interesting. 

 

As for ford yes they are easy. Have a lease with them now but want to buy another truck. It would be great to if a LOC with ford but I don’t know how hard all that is lol. 

 

 

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On 8/7/2018 at 8:17 AM, wj2005 said:

I didn’t know you could transfer a loan from personal to business... very interesting. 

 

As for ford yes they are easy. Have a lease with them now but want to buy another truck. It would be great to if a LOC with ford but I don’t know how hard all that is lol. 

 

 

The LOC with Ford is required once you exceed 250K in loans with them. The LOC has to be renewed on a yearly basis. For us the LOC was a simple process but we also already had 4 loans with them at the time of the LOC application. Once you have the LOC established purchasing is very easy. Each purchase they will set the interest rate but you don't have to apply each time.

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On 8/6/2018 at 4:41 PM, nyquil556 said:

Wow, OilOperator, thanks a bunch for the tip on the conversion from personal to business. Is the conversion process relatively simple?

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Our business rep handled it. Was very simple as it's all in house (internal transfer). The fee they charged (at the time they waived the fee due to a promotion of some kind) is to cover the title & registration processing (personal to business). You can always speak to your business rep about this.

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On 8/9/2018 at 9:40 AM, OilOperator said:

The LOC with Ford is required once you exceed 250K in loans with them. The LOC has to be renewed on a yearly basis. For us the LOC was a simple process but we also already had 4 loans with them at the time of the LOC application. Once you have the LOC established purchasing is very easy. Each purchase they will set the interest rate but you don't have to apply each time.

That’s great. We will only have the new truck once we get it and a lease as of now.  So maybe eventually we will surpass the $250k amount. But it would be nice to make purchasing a lot easier with the LOC

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On 8/9/2018 at 9:42 AM, OilOperator said:

Our business rep handled it. Was very simple as it's all in house (internal transfer). The fee they charged (at the time they waived the fee due to a promotion of some kind) is to cover the title & registration processing (personal to business). You can always speak to your business rep about this.

So when it was transferred everything stayed the same and it just went from personal to business? Did it then show up as a paid off loan on the personal side?

 

im looking at this as a potential way of getting all rebates plus a good rate if possible. 

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On 8/14/2018 at 9:12 PM, wj2005 said:

So when it was transferred everything stayed the same and it just went from personal to business? Did it then show up as a paid off loan on the personal side?

 

im looking at this as a potential way of getting all rebates plus a good rate if possible. 

We did the transfer so quickly that the loan didn't have time to report to personal credit bureau which is a good thing (sometimes). Having a new account and then its paid off/closed in like 1-2 months actually can be a negative thing. Typically you want an account to age 2 years minimum unless you have a super thick file and your average age of accounts is very high.

 

Switching from personal loan to business loan was pretty much the same (terms, interest, etc.) The only change is the title/registration paperwork gets changed so you will get new registration and plates in the mail since it will be registered & titled in the business.

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On 8/17/2018 at 10:55 AM, OilOperator said:

We did the transfer so quickly that the loan didn't have time to report to personal credit bureau which is a good thing (sometimes). Having a new account and then its paid off/closed in like 1-2 months actually can be a negative thing. Typically you want an account to age 2 years minimum unless you have a super thick file and your average age of accounts is very high.

 

Switching from personal loan to business loan was pretty much the same (terms, interest, etc.) The only change is the title/registration paperwork gets changed so you will get new registration and plates in the mail since it will be registered & titled in the business.

Ok. Very cool for sure!

 

im also guessing that the business had to apply for this to be transferred over or was that not needed since it was just being transferred from personal to business and was really just title and plate work?

 

so I’m other words could apply with NFCU, get the approval and make the purchase. Then turn around and transfer it from personal to business ASAP that way most likely it would never hit personal since it’s so new. 

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On 8/21/2018 at 4:10 PM, wj2005 said:

Well have been approved for 3.59% x 72 months. Now just finalizing everything 

Was this through NFCU? Did you do the personal loan and now switching it to the business?

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On 8/21/2018 at 4:10 PM, wj2005 said:

Well have been approved for 3.59% x 72 months. Now just finalizing everything 

Hello, 

 

Was this through Ford or Hitachi Capital.. also how long in business and was this pg? I'm I. The process of looking for an auto loan

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