Business name only
For business that qualify for finance without the owner's guaranty, they can finance in the business name only.
Key features
With the business name only program, the business alone, rather than the owner, must have a credit rating that qualifies for vehicle financing.
Benefits
Business name only finance benefits our customers because it:
- Gives owners the ability to save their personal credit for other uses helps shield the business
owner from liability related to operation of the vehicle, since the owner’s name stays off the
vehicle’s title and contract
Third Party Guaranty
When a business entity does not qualify for credit in the name of the business alone, our Third Party
Guaranty offers another way to put the vehicle in the name of the business.
Key features
Grants financing in the name of the business, if the business has an acceptable third party
(owners/officers) acting as the guarantor
Guarantor responsibilities and obligations:
- Responsible to pay for the financed amount in the event of a default
- Debt will be reported on the guarantor’s credit report if the guarantor does not pay in the event of a
default
Benefits
Third Party Guaranty financing benefits your customers because it
- Builds credit in their business name
- Debt stays off personal credit bureau reports, except in event of default
- Provides protection from liability related to operation of the vehicle, since the guarantor's name
stays off the vehicle's title and contract. (As opposed to a co-buyer, whose name appears on the
title and contract)