Hi – My husband and I need to purchase a new vehicle for our business (in the automotive field so it’s bonafide business expense). We’re trying to get a home loan right now, though, so we’re worried about it affecting our income to debt ration on our credit report. I know that when they ran our credit last time our business credit card did now appear. I’m wondering if there’s a way to buy the car in the business’ name so it’ll have the same outcome. If so, I was hoping someone could tell me what I need to take with us to the dealership to make that happen. Thanks in advance for your help!
Browse: Home / Automotive Business Cards / Is it possible for my small business to buy a new car or does it have to be in MY name (please see details)?
Is it possible for my small business to buy a new car or does it have to be in MY name (please see details)?
By admin on February 8, 2011
Posted in Automotive Business Cards | Tagged bonafide, business credit card, business expense, car, expense, field | 5 Responses
5 responses to “Is it possible for my small business to buy a new car or does it have to be in MY name (please see details)?”
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no this is illigal
when we purchased trucks for our landscaping/snowplowing business we put them in the businesses name… We had to have our b usiness license and some other paperwork. I called the dealership first to find out before i went in there.. it saved me alot of time..
but now we have over 8 trucks in the businesses name…
good luck
Yes, you can buy a vehicle in the business name. I would suggest you take your business license with you. The dealership will tell you if you need anything else.
Here is how it works.
You have a corporation? I’m guessing because you have a business credit card.
You buy the car under the corporate name,, but the loan company will probably insist that you co-sign to guarantee the loan. Will this show up?? I honestly don’t know.
It is definitely not illegal.
It’s not illegal….my dad has his truck and my mom’s Acura under his businesses name. As long as the driver is listed as an employee of the corporation it’s fine.