Maximizing Business Car Loans with Bank of America
As a Credit Specialist, I'm excited to share with you how you can leverage Bank of America to get up to four car loans for your new business. Here's a summary of the key points:
Business Credit Requirements
- Business Phone Number: You can use a Google Voice or regular 800 number for this.
- Business Address: Use a physical address, not a virtual one, to avoid potential issues.
- Business Email: Use a corporate email, not a personal one, to appear more professional.
- Dun's Number: If your business credit score is below 720, aim to have at least 4-5 trade lines.
Funding Options
- Nav: Provides two trade lines, one for the subscription and one for their business credit card.
- Fairfi: Reports two trade lines to your business credit file and offers funding with no hard credit check.
Bank Account Considerations
- Open a personal checking, savings, and business bank account, waiting 60-90 days before applying.
- If your business has low revenue, they may use your personal income, so be prepared to provide proof.
Important Reminders
- Commercial Insurance: Ensure you have commercial insurance on the vehicles, or the lender may call the loan due to high mileage and depreciation.
- Classifying Vehicles: Classify the vehicles as commercial to avoid potential issues with the lender.
Remember, if you have any questions about business credit funding, personal credit funding, or removing negative items from your credit, feel free to reach out for a one-on-one consultation.
YouTube Source: https://www.youtube.com/watch?v=7NM5sgVg18k
YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg
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