Personal Vehicle Purchase, Business, or Both?
I started out purchasing 6 vehicles in my personal name and then 6-9 months later I refinanced into the business for my Turo play and this is whyā¦ā¦. - Build Business Credit: Refinancing vehicles into your business name strengthens your business credit profile, making it easier to get future financing. - Free Up Personal Credit: Once the vehicles are refinanced under the business, they no longer impact your personal credit, improving your debt-to-income ratio. - Leverage Financing History: By financing large amountsāsay over $250,000āon your personal credit, then refinancing under your business, you show strong financial responsibility. This history can make you eligible for future large purchases, since lenders see youāve handled significant loans successfully. Now my personal credit profile will allow me to buy any vehicle I want. Lambo, Ferrari, or McLaren IT DOES NOT MATTER!