LEASING A TRUCK AFFECT MY CREDIT???? - Ford Powerstroke Diesel Forum
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Old 08-04-2007, 11:44 AM
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LEASING A TRUCK AFFECT MY CREDIT????

IF YOU LEASE A TRUCK DOES IT SHOW AS DEBT ON YOUR CREDIT REPORT?? IVE BEEN FINACING TRUCKS OVER THE YEARS AND ITS HURTING MY CREDIT SCORE DO TO DEBT FOR THE TRUCK. SO IS LEASING BETTER? IF YOU LEASE A TRUCK AND THE TRUCK COSTS 25 GRAND WILL IT SHOW ON YOUR CREDIT REPORT YOU OWE THAT MUCH?
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Old 08-04-2007, 11:47 AM
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Dont lease.. ever. Its a terrible Idea.
Heres a few reasons why

Buying vs Leasing a vehicle
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Old 08-04-2007, 11:49 AM
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Leasing is bad for your credit yes. Because you are responsible for the vehicle. How ever the amount on the credit report is lower then the amount of a car loan. If you plan on putting alot of miles on a truck I suggest you buy the vehicle. If you have a bussiness I suggest you finance the vehicle under the bussiness and not under yourself. That way your personal credit will not be affected.
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Old 08-04-2007, 11:52 AM
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Originally Posted by bigcountrysg View Post
Leasing is bad for your credit yes. Because you are responsible for the vehicle. How ever the amount on the credit report is lower then the amount of a car loan. If you plan on putting alot of miles on a truck I suggest you buy the vehicle. If you have a bussiness I suggest you finance the vehicle under the bussiness and not under yourself. That way your personal credit will not be affected.
how do you go about finacing under your buss?? everytime i bought a truck they pull up my reg credit report. the thing is me and the wife are trying to buy a house and im looking to buy a new dumptruck but i dont want to show a new truck debt on my credit report what can you recommend i do . and as far as the miles i dont put many on at all . maybe 7000 a year if that
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Old 08-04-2007, 12:01 PM
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Originally Posted by trhland View Post
how do you go about finacing under your buss?? everytime i bought a truck they pull up my reg credit report. the thing is me and the wife are trying to buy a house and im looking to buy a new dumptruck but i dont want to show a new truck debt on my credit report what can you recommend i do . and as far as the miles i dont put many on at all . maybe 7000 a year if that
Ok well instead of having them run your social security number. Have them run your bussiness tax ID number. As your Bussiness tax ID number is like a social security number for your bussiness. When you talk to the salesman tell them you are buying for your bussiness. Then inform the finance officer at the dealer of this. They know all the info you need to have so they can process the loan for the truck to be against your bussiness. If you have any loans out under your name for your Bussiness. I suggest you go to a bank and talk to a loan officer about a small bussiness loan. That will cover all the debt you have in your name for your company. This way your personal credit will not look as bad. Plus this may save you money in interest rates on your loans you have out for your bussiness. Plus it also may give you a tax break at the end of the year. Your tax return could become bigger. As in if you have a slow year with your bussiness then last year. You took a loss. There for that is a tax write off.

I suggest you contact an accountant and your bank that has your bussiness account. They can explain all this better then me. They can also get you all set up to where you will end up saving you money and clearing some of your personal debt on your credit report. Which then will return get you a lower interest rate for the home loan you are looking at getting.
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Old 08-04-2007, 12:05 PM
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Originally Posted by bigcountrysg View Post
Ok well instead of having them run your social security number. Have them run your bussiness tax ID number. As your Bussiness tax ID number is like a social security number for your bussiness. When you talk to the salesman tell them you are buying for your bussiness. Then inform the finance officer at the dealer of this. They know all the info you need to have so they can process the loan for the truck to be against your bussiness. If you have any loans out under your name for your Bussiness. I suggest you go to a bank and talk to a loan officer about a small bussiness loan. That will cover all the debt you have in your name for your company. This way your personal credit will not look as bad. Plus this may save you money in interest rates on your loans you have out for your bussiness. Plus it also may give you a tax break at the end of the year. Your tax return could become bigger. As in if you have a slow year with your bussiness then last year. You took a loss. There for that is a tax write off.

I suggest you contact an accountant and your bank that has your bussiness account. They can explain all this better then me. They can also get you all set up to where you will end up saving you money and clearing some of your personal debt on your credit report. Which then will return get you a lower interest rate for the home loan you are looking at getting.
thank you so much for all that info im going tolook into that for sure as far as my buss is . im an LLC company and my buss credit should be good being that i havnt really bought much on it everything ive bought has been through my personal credit. i didnt even really know that i can buy through my bussness . thanks
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Old 08-04-2007, 12:08 PM
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Originally Posted by trhland View Post
thank you so much for all that info im going tolook into that for sure as far as my buss is . im an LLC company and my buss credit should be good being that i havnt really bought much on it everything ive bought has been through my personal credit. i didnt even really know that i can buy through my bussness . thanks
I bet you have not been getting the tax write offs on everything you bought for your bussiness have you. Because they are financed through your personal credit. There for technically you can not write them off on your taxes every year.


I only know this because of my mom owning a bar.
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Old 08-04-2007, 12:15 PM
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Originally Posted by bigcountrysg View Post
I bet you have not been getting the tax write offs on everything you bought for your bussiness have you. Because they are financed through your personal credit. There for technically you can not write them off on your taxes every year.


I only know this because of my mom owning a bar.
i have so many write off i really dont need anymore . but yes as far as my dumptruck i did write that off for the whole amount. its now an 02 and its been payed off for a year now.
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Old 08-04-2007, 12:26 PM
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i have so many write off i really dont need anymore . but yes as far as my dumptruck i did write that off for the whole amount. its now an 02 and its been payed off for a year now.
That maybe correct. As for your write offs that is. But all that is making your bussiness worth less then what it is. It is also affecting your personal worth as well. having all that outstanding credit is not good for anyones credit report. You should always have bussiness with bussiness and all your personal stuff with your personal. Reason being is when your auditted you will not be getting looked at like you are trying to hide something.
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Old 08-04-2007, 12:41 PM
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Originally Posted by bigcountrysg View Post
That maybe correct. As for your write offs that is. But all that is making your bussiness worth less then what it is. It is also affecting your personal worth as well. having all that outstanding credit is not good for anyones credit report. You should always have bussiness with bussiness and all your personal stuff with your personal. Reason being is when your auditted you will not be getting looked at like you are trying to hide something.
gotcha thanks.for all your help
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