{"id":159,"date":"2017-07-14T15:00:20","date_gmt":"2017-07-14T15:00:20","guid":{"rendered":"http:\/\/eject.themerex.net\/?p=159"},"modified":"2023-05-25T13:08:35","modified_gmt":"2023-05-25T13:08:35","slug":"can-your-business-become-better-with-credit-restore-2","status":"publish","type":"post","link":"https:\/\/newleafconsultants.repair\/can-your-business-become-better-with-credit-restore-2\/","title":{"rendered":"Does Business Credit Help You Make Large Purchases?"},"content":{"rendered":"<p><span class=\"JsGRdQ\">As a business owner or startup, you might be wondering if significant purchases like vehicles or a home are possible with business credit. Well, the answer is yes!<\/span><\/p>\n<p><span class=\"JsGRdQ\">When your business has started generating revenue and you have graduated through the Tier system, you will become eligible to make significant purchases using your business as a guarantee.<\/span><\/p>\n<blockquote><p><span class=\"JsGRdQ\">Only when there is no history of defaulting and you can show how your<\/span> <span class=\"JsGRdQ\">business will remain in a good financial condition, will your application for the larger purchase be approved.<\/span><\/p><\/blockquote>\n<p><span class=\"JsGRdQ\">However, you should know that using business credit for buying a car or home might need more time and effort than applying for vendor\/store\/cash credit accounts. This is because most lenders check both your business and personal credit, even when putting them in your business name, requiring a lot of documentation.<\/span><\/p>\n<p><span class=\"JsGRdQ\">These lenders thoroughly check your credit score and the behavior of repayment to determine if you should be approved for a larger purchase or not. Only when there is no history of defaulting and you can show how your<\/span> <span class=\"JsGRdQ\">business will remain in a good financial condition, will your application for the larger purchase be approved.<\/span><\/p>\n<p><span class=\"JsGRdQ\">These are some of the steps, you will need to follow for the purchase of a vehicle using your business credit:<\/span><\/p>\n<ul class=\"trx_addons_list_success\">\n<li><span class=\"JsGRdQ\">Build a Strong Credit Score<\/span><\/li>\n<\/ul>\n<p><span class=\"JsGRdQ\">While applying for any credit, the lenders may check your credit history. This is why it is important to first build your personal credit score. Those who have a solid credit score have more chances of approval from the lenders.<\/span><\/p>\n<ul class=\"trx_addons_list_success\">\n<li><span class=\"JsGRdQ\">Have a Stable Business<\/span><\/li>\n<\/ul>\n<p><span class=\"JsGRdQ\">Secondly, a lender checks your business&#8217;s revenue to determine if the request should be approved. You should have a stable business that generates the minimum amount of revenue as required by the lender. If you are able to demonstrate that your business is stable and making money consistently over time, you have more chances of approval.<\/span><\/p>\n<ul class=\"trx_addons_list_success\">\n<li><span class=\"JsGRdQ\">Verify Your Credit Report<\/span><\/li>\n<\/ul>\n<p><span class=\"JsGRdQ\">Before you apply for a vehicle loan using your business credit, check for any errors in your credit report. By doing so, you will be able to correct any mistakes before applying for the large purchase. To do this, you will need to check your business credit rating &amp; reports. You can utilize agencies such Dun &amp; Bradstreet and Experian Business; Equifax Business is also an option. However, if you are the <\/span><span class=\"JsGRdQ\">sole owner of the business<\/span><span class=\"JsGRdQ\">, check the credit reports of your credit as well. Often lenders will check both personal and business credit scores even when the loan is going financed under your EIN only. This is why we stress structuring your business properly from the very start.<\/span><\/p>\n<ul class=\"trx_addons_list_success\">\n<li><span class=\"JsGRdQ\">Prepare a Loan Proposal<\/span><\/li>\n<\/ul>\n<p><span class=\"JsGRdQ\">Why? This tells the lender why you need a vehicle. The reason you state should be valid and presentable as it will improve the loan approval possibility. Include the details about your business such as what your business is about, how much you want to borrow, and the amount you have as a down payment.<\/span><\/p>\n<p class=\"_04xlpA direction-ltr align-justify para-style-body\"><span class=\"JsGRdQ\">Making large purchases with business credit should be done cautiously.\u00a0 <\/span><span class=\"JsGRdQ\">If you&#8217;re ready for your business credit consultation, please schedule with us today! We can assist with the entire process or direct your steps through the journey.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a business owner or startup, you might be wondering if significant purchases like vehicles or a home are possible with business credit. Well, the answer is yes! When your&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/posts\/159"}],"collection":[{"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/comments?post=159"}],"version-history":[{"count":3,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/posts\/159\/revisions"}],"predecessor-version":[{"id":1676,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/posts\/159\/revisions\/1676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/media\/1511"}],"wp:attachment":[{"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/media?parent=159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/categories?post=159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newleafconsultants.repair\/wp-json\/wp\/v2\/tags?post=159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}