Anyone finance through their small business?

[Jfeins]

I want to purchase the car through my S-Corp. I'm told getting financing can be difficult. Anyone done it recently, can you share where you got the loan and rates?

I'm in CA if it matters.

Sponsored

 

[Donald Stanfield]

The difficulty of the financing really will depend much more on your business than anything else.

 

[AYAYRON]

I want to purchase the car through my S-Corp. I'm told getting financing can be difficult. Anyone done it recently, can you share where you got the loan and rates?

I'm in CA if it matters.

Rivian did biz financing through chase

 

[Krusty]

You can do it but you'll have to co-sign personally. Rates are about the same right now.

 

[ebarke]

I just did it on my purchase. I financed thru Bank of America, they were a 1/2 point cheaper on interest. I got an approval online, but it took them forever to actually get all the paper work done....kept asking me for more tax info, personally, from the business, and from a completely unrelated business.

 

[johnmcgrann]

I did this pretty easily (Pennsylvania) but maybe had an advantage that made it more straightforward. We own a construction supply business and have an equipment line of credit that is available for short-notice equipment purchases. I used some funds from this line to temporarily create the cash that I needed, then just paid Rivian by check and took delivery. Then, once I had possession of the vehicle, I established a vehicle loan with the bank and repaid the equipment line of credit.

There were some other nuances, like to get the vehicle titled in the company name, I had to send Rivian a letter saying that I was authorized by the company to make this purchase. So as your delivery approaches, allow some extra time to navigate things like that.

But yeah, like someone else said, it probably has less to do with Rivian, more to do with your relationship with your bank.

Sponsored