Business Vehicle Approval – What You Need

Creditworthiness: The Financial Mirror

Remember when you were a kid, and your report card determined if you got that toy you wanted?

Welcome to the grown-up version…

Your credit score – both personal and business – is that report card. And it plays a huge role in determining if you get a.

Personal Credit Score:

· Think of this as your individual financial fingerprint. It tracks your financial habits, from credit card payments to any loans you've taken. And guess what? Lenders absolutely check it out.

· Lenders also look at the age of your credit, how many loans you’ve had in the past and if you’ve ever financed a car before (and how that went).

Business Credit Score:

· Now, this is your business's financial footprint. Been timely with your business loan repayments? Managed company credit cards wisely? Lenders will know, and they'll love you for it.

· Business credit isn’t a requirement for an auto loan – but it certainly helps

Time in Business:

· The longer your company has been in business the easier it is to get an approval

· 2 years is a magic number as 24 months is where lenders draw the line between who is and who isn’t considered a startup.

Down Payment: Your Initial Play

When we finance vehicles for business… most customers make two payments in advance plus some documentation fees.

In some cases, the upfront can be less.

In other cases… down payments can be substantial.

It just depends on your situation, and the age and mileage of the vehicle also play a role.

Tips for Improving Your Approval Chances

Building & Maintaining Good Credit: Your Financial Workout

Just like muscles, credit needs consistent work.

But, instead of gym reps, we're talking financial reps.

Pay On Time, Every Time: It’s simple. Consistently paying off debts, be it utility bills or credit cards, pumps up that credit score.

Think of timely payments as the financial equivalent of protein shakes.

Limit New Credit Inquiries: Every new credit application dings your score a little. Pace yourself; don’t binge-apply.

Note: We do a soft credit pull so that we can look at your credit without alerting credit bureaus that you’re looking for financing or affecting your score. Click here to get started.

Monitor Regularly: Check your scores annually. Not just to admire them, but to catch and fix any mistakes.

Researching Lenders: The Perfect Match Game

Dating and finding lenders have more in common than you'd think. It’s all about compatibility. Don't just go for the first lender that winks your way.

Most importantly, check out reviews online and use Google to see if the company has any complaints. There’s a lot of shady dealing in the business lending industry.

Want to learn more?  Check out our Ultimate Guide to Commercial Auto Loans

Our Process for Approval

If you feel like we’d be a good fit, our approval process is straightforward.

We start with a conversation with you to learn about your needs, and if you would like to move forward, we begin with a soft credit inquiry.

Following that, we discuss likely options and go about the process of securing your approval.

We work with 25 lenders and more than 75 credit portfolios so if there’s a way to get your deal done we will find it.

To get started, give us a call at (866) 631-9996 or fill out the form below.