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How do I get a truck loan in my business name?
I just started a lawn service business and I want to get a new truck. How can I get a loan for a truck under the name of my business?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, getting a loan for your business truck is not the same as for a personal-use vehicle. To get a
truck loan
, you’ll first have to build business credit, which can often take a year or two. To build business credit, do the following:
- Get a tax ID and create a credit profile for the business
- Pay all your bills on time
- Keep your credit usage at 30% or less
Next, you shop around for the best commercial trade truck. Go with a specialty or highly-reputable dealership if possible. Then, shop around to find an affordable loan rate and apply for approval. (In the meantime, you can get your lawn care business off the ground by using your own truck.)
Make your payments on time and register the vehicle in your business name, and you should be well on your way to securing a long-lasting truck.
Don’t forget to invest in a good insurance policy, too. Use the
Jerry
app to compare dozens of quotes for both personal and commercial auto insurance. View full answer
- Gregory R.
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