Buying a car with an LLC
Category: Business and Money > Finance
Asked by: michaelpet-ga
List Price: $5.00
17 Jul 2006 07:18 PDT
Expires: 16 Aug 2006 07:18 PDT
Question ID: 747029
I'd like to buy a new car in the name of my LLC. Does this put a credit pull on my personal credit, or is it just linked to my EIN#?
Re: Buying a car with an LLC
Answered By: gregaw-ga on 18 Jul 2006 15:55 PDT
The lender has the option to pull a credit report on your personal credit history if he would like. That will vary from bank to bank. If your business has good credit, they may not care if your personal credit is bad. If your business does not have any credit history yet, then chances are they are going to look at your personal credit. You may find someone willing to lend you money anyway, but your rates will be very high. I have worked around the loan industry and know this to be true. Here is an article that states the same type of thing. http://www.businessfinance.com/no-credit-check-for-business-loan.htm Please let me know if you require any further information! Thanks!
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