How to buy a car in your business' name? Did you know that you could buy a car in your
business' name? Oh, yeah. You heard that right. Noelle Randall is an entrepreneur, a
business owner. And so, I have bought many cars in my business name. I'm going to tell
you exactly how you can do it too. Let's go. I'm going to share with you a step-by-step
detailed process on how to buy a car in your business' name even if you're just getting
started as a business owner. 2, I'm going to share with you the differences between buying a
car on your business's name and leasing a car in your business' name and give you some benefits of
which one is best for you. And last but not least, I'm going to share with you some secret ways on
how to write off all of the expenses for the car plus the cost of the car because it's an asset
of your business. So, let's talk about all of the benefits of putting a car in your business
name and why you want to do this. Because you are a business owner, pretty much everything that
you do for your business is a business write-off. Now, again, I am not a tax professional or an
attorney so I'm not going to give you any tax advice. But as from experience, as a serial
entrepreneur, someone that runs 6 businesses, I can tell you that I am able to buy cars in my
business's name. Then I'm able to write-off not just... I don't necessarily do the mileage. You
know, there's different ways when you get with an accountant that they can write these things off.
But I take law like the actual expenses. You know, all of the oil changes that I do for my car.
All of the tires that it may need. You know, the gasoline that it cost me to drive the car like
the actual expenses of the vehicle, I am able to write-off. Now, this is a benefit to most business
owners that they do not know. So, if you need write-offs and expenses and you are trying to
lower the amount of taxes that you may be paying to your business, this is a great way to do that.
Additionally, I started this while I still had a job, okay? You can literally have a job and own
a business and put cars in your business' name. And I did this. So, one of the ways that I was
able to lower my tax liability... You know, how much taxes I owed to the IRS was through the
expenses and the write-offs from my business. And one major write-off being the car that I
drove. Everything that you do as a business owner probably means that you are driving. Most cases
you have to get to your locations, to your events, to meet your clients, whatever it may be. So, this
is why it is written in the tax code and it is one of the things you should be taking advantage of.
So, let's get into how you get this done because it's super easy. So, when we are talking about
putting a car in your business' name, we are essentially talking about business credit. Now, of
course, you can register a car in your business' name if you have truly set it up as an entity. But
what I'm really talking to you about how to really turn this into your advantage is to have it really
in your business' name through business credit. Meaning, your business can borrow the money to buy
the car and pay for the car. That is the key. That is the thing most people are not talking about
because most people do not know that they can do this. So, let's talk about how you get this done
because again, super easy. You just have to be a business. You must have a real business license
like an LLC an S Corp or C Corp. You have to have your EIN number, a professional phone number, a
professional email, and a professional website. Those are like the basic things. And that's
really all you need to have a real business, okay? The next thing that you're going to do
and I made an entire video if you need this on business credit. I'm going to put a link to
it in the description box to building business credit really fast. Of course, you're going to
need a Dun & Bradstreet number. Dun & Bradstreet is the number one reporting agency for business
credit. Okay? And I'll (again) put a link to how to that video that teaches you all about this.
But it's free to get a Dun & Bradstreet number and this is the credit bureau that most lenders
will use or check, okay? Now, there's a few others that will check Experian business or Equifax
business. But again, I have a whole video that teaches you on business credit if you need to
watch that. But this is very easy to get done. So, whether or not you're able to finance the car
in your business' name or you have just to register in your business' name, you're probably
going to want to do that because you will get those benefits that I mentioned earlier. So, now
let's talk about buying or leasing a car in your business' name because that's really what we're
talking about. Again, on almost any situation, if you have a real business established, you can
register the car in the business's name. And that is great because now of course you're saying
that this car is used for business purposes. But now let's get into actually financing it and
buying it or leasing it in the business's name using business credit, okay? Meaning, they will
finance it in your business's name, they check your business's credit. They don't necessarily put
it on your personal credit, okay? So, this is the process, this is what you want to do and this is
how I buy my cars. This way, it doesn't show up on my personal credit report. Again, when it comes to
business credit, there is a separate entity. Your business has its own business credit profile. You
use your EIN number and you're Dun & Bradstreet as the identifier instead of your social security
number. This way when you make the payments, it will report on the business credit reports
and not on your personal credit report. So, let me give you one piece of advice because
this is super important. There's a thing called a Personal Guarantee. In most cases, the lender,
(even if they're going to finance it and put it in your business' name which is what they do for me)
they still make me do a personal guarantee. Now, I've done 6 or 7 cars this way. So, on the last
ones, I actually did not. I have enough trade lines on my business credit report where I do
not have to personally guarantee it. In fact, my business makes more money and is more wealthy
than I am as a person so they actually do want to lend to my business' name. But that is
a commercial type of loan. If we're just talking about a regular loan, alright for a car in your
business's name, they're most likely going to make you personally guarantee it. That's totally
okay. All you need to do is ask or request that it doesn't go on your personal report unless
you default. Most cases, that's the situation unless it's the first time you're doing the car.
Usually, after the second or the third time, they will not report it on your personal credit
report. It'll just be on the business credit unless you default on the [???]. So, that's
the amazing thing. So, now let me give you some bonus tips on financing versus leasing the
car in your business' name and some points that you will need because this is super important.
When it comes to financing the car, like I said, you will have to usually do a personal guarantee.
Also, though, leasing will offer you some amazing benefits as well, especially in regards to the
tax write-offs. Again, get with your accountant because usually, if you lease the car in your
business's name, you can write-off everything. And this is something that I used to do. However,
the mileage and some of the penalties used to get very expensive. And now, I found a way to monetize
my cars in a way that is absolutely amazing. So, one of the things that I do now is I put
my cars on Turo. And I will rent them out when I am not using them and this is how I get these
cars almost for free. I get to drive cars that I want to drive. This is a 2020 Tesla Model X that
basically cost me absolutely nothing per month. So, I finance the car in my business name and I do
use it for business purposes. Obviously, looking at real estate property and things like that. But
I also monetize the vehicle by putting it on Turo. It rents for over $200 per day. And I'm easily
able to pay the cardinal or any other expenses. And it is truly an asset of the business. So,
you can turn your car into a business. You can use it for your business. There's so many ways
that you can make money off your car especially if you do it in your business' name. So you want
to get to it. One last thing, you will probably need a business checking account. Remember, I said
you'll need some basic items for your business --LLC, C Corp, S Corp, professional phone number,
all of those things mentioned earlier. You will also want to have a business checking account
with at least 3 months of statements usually when you are financing or leasing a car. If you
don't have your tax returns, they will ask you which is what they asked me for was just 2 or 3
months worth of bank statements. They will look at how much deposit is going to that. And that is
how they would determine your income. So, again, they have some really creative ways where they're
getting people to finance cars in their business name. This is becoming a lot more popular which is
why I'm making this video because this opportunity is amazing. Interest rates are so low. Like
I said, I got this brand new 2020 Tesla Model X. And the interest rate is less than 4% on a
72-month loan and it's in my business' name. And I'm easily able to make money off this car and I
love driving it. So, this is what you can do too. I have written a new book that I want to
make sure that you check out absolutely free. Go to noellesfreebook.com. That's Noelle,
n-o-e-l-l-e-s. Noellesfreebook.com. I've made a book called Real Estate Millionaire Secrets where
I'm sharing everything in a book absolutely free for you. Go to noellesfreebook.com. I want to make
sure that you have all of the resources, all of the tools, and all of the knowledge that you need
to be successful. This is Noelle. To your success.
