Jump to content

Sign in to follow this  
CreditCuestions

Company Cargo Van Financing

Recommended Posts

I am going to finance my 1st company car. Looking at a 2019 1500 Ram Pro Master cost is roughly $36K.

 

I have not been building my company credit as I should. Most things I needed and use didn't report so I stopped. I do not have a problem with a PG.  My scores are 780's. Overall UTIL around 6%. I would prefer it not to report to the personal credit.

 

My corporation is in IL I am in GA and will be using the van in GA can I buy/tag it here or do I have to go get and tag it from IL?

 

Any recommendations?

Share this post


Link to post
Share on other sites

Go to a DODGE store that sells those big commercial trucks,   Like the 4500 or 5500s.   They should have an excellent commercial department.  

Share this post


Link to post
Share on other sites

Find a dealer that has a commercial department that knows what it's doing. If you're going to PG it with those scores and UTIL you'll be fine. Make sure that the applicant is your corporation and that you are just the personal guarantor. If they make you a co-applicant then it'll show up on your personal credit, and if they don't make you a co-applicant and just a personal guarantor then it won't show up on your personal credit. Build up your business credit a bit and then you won't have to PG your next business vehicle :D

Share this post


Link to post
Share on other sites

Hitachi Capital does commercial loans and you have options of getting a loan without a PG on it (if they approve it). If you have to PG the loan they don't report to your personal credit.

 

Ally Financial is another option. They have same layout as Hitachi Capital. Typically if they don't require a PG your rate might be slightly higher due to no PG. We have loans with both without PG on the loans.

 

If you don't go with a Dodge and chose Ford there is Ford Financial which has commercial loans both PG and non PG.

Share this post


Link to post
Share on other sites

Depends on how the transaction is structured and at the discretion of the credit analysts.

Sent from my SM-N950U using Tapatalk on a beach far far away.

Share this post


Link to post
Share on other sites

Sorry for the late update. 

I went in on 12/18 just to get info on what documents were needed and who they financed through.

Long story short.

 

I looked around and I signed the paperwork for a 2018 Ram ProMaster High Roof 159' Wheelbase w/16 miles.

 

They use Chrysler and Ally and I got a hard pull from both. 

The bad part about the whole process is the dealership actually pulled my credit too said it was for identification purposes.  Maybe that's the norm it's been a very long time since I've purchased a car.

 

They pulled Equifax said it was Fico 08 my score was 753.

Chrysler declined me.  The Finance manger said it was because I did not have any other auto loans.

Ally approved it.

 

The amount financed was $37,991.23 @ 13.94% for 75 months.

I did not put any money down monthly payments are $765.69.  I did get gap insurance.

 

At the last minute I had a balance post on CC that slipped my mind pushing my utilization to 85% on 1 card.  Which is why my score was lower.  I asked if I waited to until after the payment posts and my score goes back up would I get a better rate?  He said no and that after a 720 (or 740 I can't remember now) that it doesn't matter.  He said the difference between a 720/740 and an 850 would be a half a percent or so.

 

He did give me some good advice and said after 1 year switch to SunTrust and they will refinance it at half the interest that I have now.

 

Also, they did not require any paperwork at all.  Just my DL, Tax ID #, and proof of insurance from my personal car.

 

Now I just need to get insurance on the Van.  Who do you all use?

 

Share this post


Link to post
Share on other sites

Well congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!!   You did it all on your own.

Share this post


Link to post
Share on other sites
3 hours ago, MarvBear said:

Well congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!!   You did it all on your own.

No I took your advice and went to the dealership like you suggested.  I went the day after I read your post.

I did forget to say THANK YOU!

You all have to know how thankful I am  I think this is the 1st time that I forgot my manners Sorry about that.

Share this post


Link to post
Share on other sites
On 1/3/2019 at 10:27 PM, CreditCuestions said:

Sorry for the late update. 

I went in on 12/18 just to get info on what documents were needed and who they financed through.

Long story short.

 

I looked around and I signed the paperwork for a 2018 Ram ProMaster High Roof 159' Wheelbase w/16 miles.

 

They use Chrysler and Ally and I got a hard pull from both. 

The bad part about the whole process is the dealership actually pulled my credit too said it was for identification purposes.  Maybe that's the norm it's been a very long time since I've purchased a car.

 

They pulled Equifax said it was Fico 08 my score was 753.

Chrysler declined me.  The Finance manger said it was because I did not have any other auto loans.

Ally approved it.

 

The amount financed was $37,991.23 @ 13.94% for 75 months.

I did not put any money down monthly payments are $765.69.  I did get gap insurance.

 

At the last minute I had a balance post on CC that slipped my mind pushing my utilization to 85% on 1 card.  Which is why my score was lower.  I asked if I waited to until after the payment posts and my score goes back up would I get a better rate?  He said no and that after a 720 (or 740 I can't remember now) that it doesn't matter.  He said the difference between a 720/740 and an 850 would be a half a percent or so.

 

He did give me some good advice and said after 1 year switch to SunTrust and they will refinance it at half the interest that I have now.

 

Also, they did not require any paperwork at all.  Just my DL, Tax ID #, and proof of insurance from my personal car.

 

Now I just need to get insurance on the Van.  Who do you all use?

 

Check Progressive.  

Share this post


Link to post
Share on other sites
On 1/4/2019 at 1:27 AM, CreditCuestions said:

Sorry for the late update. 

I went in on 12/18 just to get info on what documents were needed and who they financed through.

Long story short.

 

I looked around and I signed the paperwork for a 2018 Ram ProMaster High Roof 159' Wheelbase w/16 miles.

 

They use Chrysler and Ally and I got a hard pull from both. 

The bad part about the whole process is the dealership actually pulled my credit too said it was for identification purposes.  Maybe that's the norm it's been a very long time since I've purchased a car.

 

They pulled Equifax said it was Fico 08 my score was 753.

Chrysler declined me.  The Finance manger said it was because I did not have any other auto loans.

Ally approved it.

 

The amount financed was $37,991.23 @ 13.94% for 75 months.

I did not put any money down monthly payments are $765.69.  I did get gap insurance.

 

At the last minute I had a balance post on CC that slipped my mind pushing my utilization to 85% on 1 card.  Which is why my score was lower.  I asked if I waited to until after the payment posts and my score goes back up would I get a better rate?  He said no and that after a 720 (or 740 I can't remember now) that it doesn't matter.  He said the difference between a 720/740 and an 850 would be a half a percent or so.

 

He did give me some good advice and said after 1 year switch to SunTrust and they will refinance it at half the interest that I have now.

 

Also, they did not require any paperwork at all.  Just my DL, Tax ID #, and proof of insurance from my personal car.

 

Now I just need to get insurance on the Van.  Who do you all use?

 

did you refinance the van? i have a 2019 promaster and i was wondering if you found another bank with good interest rate. i had similar scores at the time of financing and i got 15% apr with personal credit and the bank later on sent me a letter for 10%. i want to move this loan to my business credit. 

Share this post


Link to post
Share on other sites

I had no idea business vehicle loans were so expensive with good credit.  I've tossed around the idea of getting something newer but at 15% no way. My business line of credit is cheaper than that. I was wondering why my loan officer was like let me know if you need a vehicle I can get you a slightly lower rate than the line of credit. Here I was thinking why would I do that even 8% is ridiculous.

 

Anyway you could try that, my loan officer was saying something like the LOC is 10% unsecured but if we make it secured with a vehicle or piece of equipment I can get you a little bit better rate.

Share this post


Link to post
Share on other sites
On 12/20/2018 at 6:02 PM, OilOperator said:

Hitachi Capital does commercial loans and you have options of getting a loan without a PG on it (if they approve it). If you have to PG the loan they don't report to your personal credit.

 

Ally Financial is another option. They have same layout as Hitachi Capital. Typically if they don't require a PG your rate might be slightly higher due to no PG. We have loans with both without PG on the loans.

 

If you don't go with a Dodge and chose Ford there is Ford Financial which has commercial loans both PG and non PG.

3

Youve mentioned hitachi capital for several years, but I've not found a way to be able to get them on the phone or to begin the application process. What advice can you offer for this.

 

Share this post


Link to post
Share on other sites
On 8/7/2019 at 9:29 AM, PresidentPMG said:

Youve mentioned hitachi capital for several years, but I've not found a way to be able to get them on the phone or to begin the application process. What advice can you offer for this.

Called Hitachi earlier this year and they told me they only work directly with dealers. 

Share this post


Link to post
Share on other sites
On 8/7/2019 at 9:29 AM, PresidentPMG said:

Youve mentioned hitachi capital for several years, but I've not found a way to be able to get them on the phone or to begin the application process. What advice can you offer for this.

 

You need to seek a dealer who uses them for Finance. You can't go directly to them.

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

  • Member Statistics

    • Total Members
      177,778
    • Most Online
      1,528

    Newest Member
    JerHawk
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines