Are you a business manager and need a professional car loan? Do you want to be approved without a personal guarantee? Look no further! In this article, we’ll discuss the requirements for business auto loans without a personal guarantee and cover five commercial auto lenders: Ally Bank, Ford Motor Commercial Credit, Toyota Financial, PNC Bank, and GM Motor Credit.
Ally Bank: your best choice
If you are looking for the most forgiving and flexible lender, Ally Bank is your best choice. Not only do they offer financing for commercial vehicles, but they also offer financing for automobiles, box trucks, and equipment. You can visit them at Ally.com/Auto/Business for more information.
Ford commercial credit: more than just utility vehicles
Ford Commercial Credit not only offers financing for commercial vehicles, but also for other types of Ford vehicles for business purposes. Visit Ford.com/Finance/Commercial-Financing to explore your options.
Toyota Financial Services: business solutions with flexible terms
Toyota Financial Services offers various benefits and financing plans to businesses, including flexible terms of up to 84 months. Visit ToyotaFinancial.com/US/EN to learn more.
PNC Bank: requires a personal guarantee
PNC Bank is a great option if you’re willing to provide a personal guarantee. Although they generally require a personal guarantee for their loans and business credit cards, they will not bring it against your personal credit unless you default. Keep this in mind if you decide to go with PNC Bank.
GM Financial: No PG Business Auto Loan Requirements
To increase your chances of approval for a business auto loan without a personal guarantee, make sure you have at least 12 to 15 combined business lines reporting to the business credit bureaus (Dun & Bradstreet, Experian, and Equifax). Aim for at least seven trading lines on Dun & Bradstreet and four to five on Experian and Equifax. Additionally, make sure you have at least one vendor trade line under Dun & Bradstreet and Experian with a trade limit or payout of $7-10,000. Remember, the higher the better.
How to get a business car loan without PG
To apply for a no-personal-guarantee car loan through Ally Bank (which is highly recommended), visit your local car dealership and ask to speak to the dealer’s financing manager. This is important because sellers often lack knowledge about business financing. Show the financial manager all your business documents and explain that you don’t want your personal credit affected. Emphasize the importance of a guarantee without a personal guarantee and express your interest in Ally Bank as your first choice.
Conclusion
Obtaining a professional auto loan without a personal guarantee is possible. By following the steps mentioned above and working with the right lenders, you can get the financing you need for your business vehicles. Remember to do your own research and speak to the financial manager at your local car dealership for more information.
Stay tuned for more articles on commercial equipment loans, trucking loans, logistics business loans, equipment leasing, and equipment financing.
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