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How To Qualify For $100k Business Auto Loans with Bank of America

K Good2023-11-08
bank of america
1K views|8 months ago
💫 Short Summary

Bank of America offers competitive business auto loans with requirements including a 700 credit score, up to $120,000 annual household income, and an established LLC or corporation. Refinancing personal vehicles into business loans is possible, separating personal and business debt without impacting personal credit unless there is default. Interest rates start at 5.64%, and keeping the loan in good standing is crucial. Toyota now approves independent dealers with a Better Business Bureau score, providing more options for car buyers. Consider contacting underwriters for loan details and check out the creator's informative car-related videos for free on their channel.

✨ Highlights
📊 Transcript
Qualifying for Bank of America's business auto loans requires a 700 credit score, an annual household income of up to $120,000, and an established LLC or corporation.
00:32
Refinancing personal vehicles into business loans is allowed, helping to separate personal and business debt.
These loans do not impact personal credit unless there is a default, with interest rates starting at 5.64%.
Keeping the loan in good standing ensures it does not affect personal credit.
Bank of America's auto loans offer competitive interest rates, making them an attractive option for business financing.
Tips for securing an auto loan at a good price.
03:34
Provide personal and income information, project future earnings, and leverage household income.
Business auto loans may not require documentation and can be obtained for multiple businesses, up to $100K per business.
Bank of America has updated their loan approval process to include non-franchise dealerships, expanding financing options.
Good credit and sufficient income can lead to approval for more than four auto loans, especially for multiple businesses.
Toyota approves independent dealers with a Better Business Bureau score, giving more options to car buyers.
06:50
Consider independent dealers when no big dealership is nearby or for better deals.
Contact underwriters for more loan details when applying.
Video creator offers free informative car-related videos on their channel.
Viewers are encouraged to watch, like, subscribe, and provide feedback for assistance and valuable tips.