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?
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.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
How do I switch car loans to a different lender?
I've had some issues with my current lender, and I want to get an account elsewhere. Is there any way I can switch my car loan to a different company?
Oct 19, 2021
Can I take my name off a car loan?
I have a car loan with a now-ex-boyfriend. I agreed to let him have the car, provided I can remove the name from the loan—but honestly, I'm not sure where to start. How do I do it?
Oct 19, 2021
How many car loans am I allowed to have?
I want to get a fifth car loan on a car for my wife. Is this possible?
Oct 20, 2021