Ok, I've searched the forums and there are no posts that specify what documents are needed to get an auto loan via Ally Financial in the business name. I called a few dealerships and they were vague/shady. Mainly said they run your personal file and Ally responds what items are needed for approval. That sounds like a load of $hit considering these finance managers aren't new off the the training room floor.
They MUST know what some common docs Ie; bank statements, tax returns, profit loss statements. something will be required. Rant over. Does anyone on this forum know what documents will be required and/or what are the underwriting guidlines. For example: 2+yrs in business, minimum fico, annual revenue requirement & Etc.
Message 1 of 12
Their application is online, did you start there? https://www.ally.com/auto/business/
The commercial line of credit PDF on that page actually lists some of the documents they may require/request.
Does your business have good business credit or are you offering a personal guarantee?
Message 2 of 12
@Anonymous wrote:Their application is online, did you start there? https://www.ally.com/auto/business/
The commercial line of credit PDF on that page actually lists some of the documents they may require/request.
Does your business have good business credit or are you offering a personal guarantee?
No business credit (AT ALL) because we never needed it, although annual revenues are over $300K. We're just getting into government contracting so we need supplier credit to fulfill the contracts because the goverment pays net30. Yes I can PG.
Message 3 of 12
@Anonymous wrote:Their application is online, did you start there? https://www.ally.com/auto/business/
The commercial line of credit PDF on that page actually lists some of the documents they may require/request.
Does your business have good business credit or are you offering a personal guarantee?
No business credit (AT ALL) because we never needed it, although annual revenues are over $300K. We're just getting into government contracting so we need supplier credit to fulfill the contracts because the goverment pays net30. Yes I can PG.
You should definitely work on your business credit scores -- there are a ton of "starter" credit lines you can get right now with no PG. As those grow, you will be able to buy cars with no hassle, but it will take a few years.
Check out the page I sent you and check out the PDF for the commercial application. It's really straightforward. Then go to their dealer search and use that to find dealers -- maybe the dealer you called wasn't on their list?
Message 4 of 12
The way Ally works is you find one of their dealers (look at this list on their website)
They will try to run it in the business name only and Ally will tell them what you need to provide
If it ends up you need to guarantee it, Ally will let you know and pull your personal credit
Not the cleanest way to do it if you ask me.
if you have the revenue and are running it all through one bank, approach them for the credit, BoA is a good place to start if you have the revenue to show them, go into a branch and sit with a small business rep. If you have chase shop what boa offers you to chase to see if they can do better
when my revenue was similar to yours, BoA monthly tried to get me to finance a business auto
Message 5 of 12
I just got a business auto loan from Ally & Chrysler Capital in December. We have no business credit but they didn't ask for anything except the IRS 147C to verify the EIN. I had to PG both.
Message 6 of 12 Frequent ContributorI just did one of these yesterday. I did have to PG but honestly the process was simple as heck. It was for my new company I just did an asset purchase of less than a week ago and the loan is in my company that we incorporated in September of 17 to complete the purchase. No documents needed, just filled out a one page bank app that had my personal finances (income, mortgage, etc) then business with revenue and was good to go. When we were sitting there waiting I said to the dealer "Ally must think im crazy huh" and he was like "oh no that part was simple you were approved instantly were just waiting on the finance manager to draw paperwork" So some banks look at us as truily 20 years old (business age we bought) or only 4 months old. ally looked at us as only 4 months old. So I had to PG but was approved at the dealer for 4 new silverado HD work trucks in less than 30 seconds, took them longer to draw the paper work up than get funding. The total loan amount was for 160k 2800 a month @ 3.9% for 60 months, no money down, we also finaniced the upfits as well which added about 25k for the 4 trucks. The only problem with commercial vehicle loans is they carry a higher interest rate due to higher risk. But banks are just handing it out to anyone these days it seems. This is after getting 2 inventory LOC's established as well. Now I have done ally Lines of credit for my existing company so maybe they took my history into account. I wanted to do another LOC for these trucks but the minimum loan is 250k for those. They pulled equifax 793 score, lots of inquries to establish all the credit needed for the new entity.
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