We are an LLC now and are getting ready to purchase our first Sprinter Cargo Van. Does it benefit us more to to get a business/personal Bank Loan or as a Personal Vehicle Bank Loan?
Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchase?
- Thread starter vandriver2
- Start date
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
I am by no mean's in the banking business.If you have good credit, and a good down payment.I would say a personel loan. If your going in for a business loan ,most bank's want a business plan. profit and loss statements, who extented you a line of credit.Tax statements etc. Today loans are harder to get.These are a few things to consider.
I am by no mean's in the banking business.If you have good credit, and a good down payment.I would say a personel loan. If your going in for a business loan ,most bank's want a business plan. profit and loss statements, who extented you a line of credit.Tax statements etc. Today loans are harder to get.These are a few things to consider.
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Hi Frank and Dabust, i am working on my business plan as we speak and our credit score is 850+. I am assuming without our bank Loan being a business/commercial type of loan we cannot benefit from all the maintenance, fuel, etc. tax deductions nor the ability to have a Capital Expenditure Loan in place. Yes, i do need my question answered by Frank, a CPA with knowledge in the Trucking Industry. i know with an individual vehicle bank loan you can sometimes get a lower interest rate and sometimes for a longer period than 60 months.
Hi Frank and Dabust, i am working on my business plan as we speak and our credit score is 850+. I am assuming without our bank Loan being a business/commercial type of loan we cannot benefit from all the maintenance, fuel, etc. tax deductions nor the ability to have a Capital Expenditure Loan in place. Yes, i do need my question answered by Frank, a CPA with knowledge in the Trucking Industry. i know with an individual vehicle bank loan you can sometimes get a lower interest rate and sometimes for a longer period than 60 months.
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
You may want to try the new financial forum. The guy moderating it has a lot of experience in these matters.
You may want to try the new financial forum. The guy moderating it has a lot of experience in these matters.
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
turbotax home and business software provides for of all these deductions, it does not matter which type of loan it is, deductions are allowed for either.
i would think any good tax accountant would attest to that as well, as per irs tax codes.
turbotax home and business software provides for of all these deductions, it does not matter which type of loan it is, deductions are allowed for either.
i would think any good tax accountant would attest to that as well, as per irs tax codes.
purgoose10
Veteran Expediter
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Don't do another thing until you have a CPA. When you get one ask him.
Don't mean to sound short but you should have one and ask him about those things, when they tell you something as a client if that info is wrong they have to stand in front of the IRS with you. You can't go into the IRS and say "Well another guy I know does it this way". They will hang you out to dry.
Don't do another thing until you have a CPA. When you get one ask him.
Don't mean to sound short but you should have one and ask him about those things, when they tell you something as a client if that info is wrong they have to stand in front of the IRS with you. You can't go into the IRS and say "Well another guy I know does it this way". They will hang you out to dry.
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Thank. You all for your replies. Got the LLC done and am working on our business plan and have a Capital Expenditure Loan set up. BUT, YES WE ARE DEFINITLEY SPEAKING WITH OUR CPA CONCERNING WHETHER WE SHOULD MAKE THIS SPRINTER PURCHASE AS A BUSINESS/COMMERCIAL LOAN OR AS A PERSONAL VEHICLE LOAN. WHICH BENEFITS US MORE AND HOW IS WHAT I'D LIKE TO KNOW. one has a 5.5% with 25% down for 60 mos. And I'll bet a personal vehicle bank loan we could get a little better rate on.
Thank. You all for your replies. Got the LLC done and am working on our business plan and have a Capital Expenditure Loan set up. BUT, YES WE ARE DEFINITLEY SPEAKING WITH OUR CPA CONCERNING WHETHER WE SHOULD MAKE THIS SPRINTER PURCHASE AS A BUSINESS/COMMERCIAL LOAN OR AS A PERSONAL VEHICLE LOAN. WHICH BENEFITS US MORE AND HOW IS WHAT I'D LIKE TO KNOW. one has a 5.5% with 25% down for 60 mos. And I'll bet a personal vehicle bank loan we could get a little better rate on.
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Thank. You all for your replies. Got the LLC done and am working on our business plan and have a Capital Expenditure Loan set up. BUT, YES WE ARE DEFINITLEY SPEAKING WITH OUR CPA CONCERNING WHETHER WE SHOULD MAKE THIS SPRINTER PURCHASE AS A BUSINESS/COMMERCIAL LOAN OR AS A PERSONAL VEHICLE LOAN. WHICH BENEFITS US MORE AND HOW IS WHAT I'D LIKE TO KNOW. one has a 5.5% with 25% down for 60 mos. And I'll bet a personal vehicle bank lo
an we could get a little better rate on.
Hi
I would suggest checking what your LLC would cover, the reason for this is it would depend on what state your a residence of. Most of the states under an LLC only cover within your home state, and do not have anything to do if you have an accident in other states There would be no coverage at all.
The only way that you would be covered in all states is if you formed a "S" Corp or a Full Corp. If you wanted to be covered under the LLC you would have to form a LLC in each state you go through.
As Far as the loan is concerned it would not make any difference which loan you received, But if is a S or Full Corp
it woiuld have to be purchased in the Business name, You would also have to pay Payoll to yourself and pay quarterly taxes, Workmens Comnpensation, and Corporate Insurance.
I yiou have any more questions please do not hesitate to ask
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
Re: Business Loan Application V.S. Personal Loan Application for Sprinter Van Purchas
Thank. You all for your replies. Got the LLC done and am working on our business plan and have a Capital Expenditure Loan set up. BUT, YES WE ARE DEFINITLEY SPEAKING WITH OUR CPA CONCERNING WHETHER WE SHOULD MAKE THIS SPRINTER PURCHASE AS A BUSINESS/COMMERCIAL LOAN OR AS A PERSONAL VEHICLE LOAN. WHICH BENEFITS US MORE AND HOW IS WHAT I'D LIKE TO KNOW. one has a 5.5% with 25% down for 60 mos. And I'll bet a personal vehicle bank lo
an we could get a little better rate on.
Hi
I would suggest checking what your LLC would cover, the reason for this is it would depend on what state your a residence of. Most of the states under an LLC only cover within your home state, and do not have anything to do if you have an accident in other states There would be no coverage at all.
The only way that you would be covered in all states is if you formed a "S" Corp or a Full Corp. If you wanted to be covered under the LLC you would have to form a LLC in each state you go through.
As Far as the loan is concerned it would not make any difference which loan you received, But if is a S or Full Corp
it woiuld have to be purchased in the Business name, You would also have to pay Payoll to yourself and pay quarterly taxes, Workmens Comnpensation, and Corporate Insurance.
I yiou have any more questions please do not hesitate to ask
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.