Originally Posted by trhland
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.