How to Buy a Car in Your Business Name (2023)

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  • Опубликовано: 29 сен 2024

Комментарии • 107

  • @offdatgogo
    @offdatgogo 2 года назад +40

    4 min in and I'm subbed! Thanks for the info. I've had my active LLC since 2012. It's time to kick into high gear. I just started a NET30 with ULINE earlier this yr. 1 goal is to purchase a vehicle under the LLC. With your advice and actions I've already taken, I'm well on my way. Thanks again.

    • @detoxfromthematrix
      @detoxfromthematrix Год назад +3

      Excited to be in similar boat may your business be blessed and fruitful for generations to come

    • @IiDefiineHypex3
      @IiDefiineHypex3 Год назад

      Did you got the car?

  • @lilpump880
    @lilpump880 Год назад +1

    ERRAH BROTHER, KEEP PUTTING OUT GREAT CONTENT.

  • @Andredelapaz07
    @Andredelapaz07 Год назад +4

    why doesnt any youtuber talk about buying a cash car in business name? only talk about financing smh

    • @NaamWynn
      @NaamWynn  Год назад +1

      Well you can. Financing is a bit more challenging. Buying a car cash and putting in the business name is simply going to the DMV and transferring the title to the business.

  • @selinapena3276
    @selinapena3276 2 года назад +3

    Love this

  • @namle198818
    @namle198818 2 года назад +7

    As an Uber driver, this video is very useful. Maybe you should target this video toward Uber Drivers.
    I am looking for the link to get an EIN online from the IRS.

  •  2 года назад +19

    If your business credit is between 80-100, Is there a recommended income per month or year that your business should be earning for the dealership to qualify you for a car? Or does it depend on the price of the car?

    • @kenzellio
      @kenzellio Год назад +3

      The only question I’m looking for

    • @shaqillemullings8927
      @shaqillemullings8927 Год назад +2

      @@kenzellio real talk. i still haven’t found a video that answers this

  • @factspirate99
    @factspirate99 Год назад +3

    As a sole proprietor can I purchase the vehicle and write it off at the end of the year?

  • @chrisdavis1681
    @chrisdavis1681 2 года назад +3

    Hi Naam if you are a co singer does it report on your business side or personal side

    • @NaamWynn
      @NaamWynn  2 года назад +3

      If you are a co signer it would report on the personal side

  • @phucmac5312
    @phucmac5312 Год назад

    Hey @naam,
    Quick question. My wife have a business that she does over the weekend, do you recommend that she get an LLC and EIN? We are planning to purchase a model x for both personal and business. How does tax deductible work on that?

    • @NaamWynn
      @NaamWynn  Год назад

      EIN yes, but LLC if needed. LLC have more cost that Sole props. She can deduct actual cost or mileage. But if she want to take a vantage of the bonus depreciation, which allows you to depreciate 80% of the vehicle. Within one year, she needs to use it more than 50%, and 100% to get the full deduction.

  • @leandropesantez5264
    @leandropesantez5264 2 года назад +11

    Hello Naam great content.
    Question,
    If you buy a vehicle under your business name and you pay it in full in 5 years or less . Can you gift it (give it tax free) to your self or any family member with out having to pay any taxes on the vehicle bill Jen registering it at the DMV?
    Thank you

    • @rhinoskin7550
      @rhinoskin7550 2 года назад +3

      That’s likely a legal matter for an attorney. A buddy of mine is extremely well off and likes giving things away to people but he does reach limitations. Idk the ins and out but he has a lawyer help him with these situations.

    • @itsVegazBishh
      @itsVegazBishh 2 года назад +4

      If you buy a vehicle under your business name you can write it off at the end of the year , as well as the expenses

    • @ravanlp
      @ravanlp Год назад

      Yes. Get the MSO, put the vehicle in your private trust

  • @AG-rk1ym
    @AG-rk1ym 2 года назад +2

    What happens to business vehicles if an owner decides to close down his business, does the owner just keep them for personal use?

  • @SoulBoxer
    @SoulBoxer 4 дня назад

    Can you elaborate on luxury vehicles? The IRS verbiage i’ve seen only refers to passenger cars.

  • @withgx3483
    @withgx3483 Год назад +43

    What are the requirements for a newly formed LLC business to start thinking about leasing or buying a car under the business name?

    • @kanebryant1501
      @kanebryant1501 Год назад +7

      @@RainaRaybands You're going to have to make sure you have your EIN, an then start building business credit as soon as you can.

    • @kanebryant1501
      @kanebryant1501 Год назад +1

      You're going to have to make sure you have your EIN, an then start building business credit as soon as you can.

    • @cococaj
      @cococaj Год назад +6

      What is the approximate time frame or tier level you can purchase a vehicle in your business name?

    • @Tutu-tt6np
      @Tutu-tt6np Год назад +3

      ​@@cococajI'd like to know as well

    • @sagaricanlove4292
      @sagaricanlove4292 Год назад

      Please respond , thx so much

  • @dogsalwaysbarkatbetamaleswoof
    @dogsalwaysbarkatbetamaleswoof Год назад +3

    Bought a model Y in business name to build business credit and take the $7,500 incentive. I was getting denied for business credit cards in the past so I gave up on that as it was getting annoying. The process with Tesla was relatively easy. However, they do attach your name as personal guarantor. Just have all your business documents. No financial docs needed. I’m am also a sole proprietor. Might be the way to go for someone in need of a good car and a write off. I might not quality for sec. 179, but I need a write off one way or another.

    • @tg3889
      @tg3889 8 месяцев назад

      So when he says that you have to be a LLC, LLP, or Corporation. That wasn’t true?

    • @Imdylanjensen
      @Imdylanjensen 5 месяцев назад

      @@tg3889 if you want to do it through business credit, you’ll want to have an incorporated business. If you’re personally guaranteeing the loan then I don’t think it would matter.

  • @prettyandfun7777
    @prettyandfun7777 Год назад +2

    How old does the LLC have to be to get a car? What I'm asking is say for instance if I build a LLC was formed in a day can I get a car the next day after that ? Or do they have to look at how long the business was making revenue for a length of time ??

    • @viper1213
      @viper1213 Год назад

      It won't take you a day the steps in the video it might take you a couple of months that's if you have a good credit score

  • @Ghost8.8
    @Ghost8.8 Год назад +2

    If I establish my credit to an 80 within 6 months can I apply for a car loan with just using my business name/credit?

  • @jmeepping1396
    @jmeepping1396 2 года назад +2

    What about having bad personal credit?

  • @sarahlee2080
    @sarahlee2080 Год назад +1

    GOD !!! ❤THIS GUY IS SO FREAKIN HANDSOME 😂love his content 💯

  • @MrEOM41
    @MrEOM41 Год назад +1

    I want to purchase a truck in my business name. 💯

  • @daboiskittz17
    @daboiskittz17 Год назад +2

    Could I get a car loan with my new business if I've had a business checking account for about a year or so? I've been doing rideshare for 4 years but never established an llc until this year.

    • @viper1213
      @viper1213 Год назад

      Yes follow the steps in the video and setup the business properly and you should be good especially if that's your main source of revenue

  • @Jason.F.
    @Jason.F. 6 месяцев назад

    Ok heres my situation. I had to buy a new work truck in my name because of a purchasing program I was using through Ford. Ford business credit has accepted my application to transfer the equity to my business name. Im a sole proprietor. However my business is only 3 yrs old and they want me to act as a guarantor for the business loan. Based on what I heard in your video, that would open me up to personal liability. Which is what I'm trying to avoid by moving it into my business name. Is this the case? If so Im unable to figure out a reason to spend more each year in property taxes. Business taxes for me are almost double. I carry commercial insurance already so thats not an issue. Please help me understand better as to my situation and what the best course of action is. Thanks.

  • @caviaravatars2
    @caviaravatars2 Год назад +1

    Do you have to finance a vehicle in your llc ? Can you pay cash and write it off 100% through your business.

  • @Convict2Corporate
    @Convict2Corporate 7 месяцев назад

    Highly suggested you build your personal first, PG the purchase and in a year toss the PG to the corporation cleaning your obligation of liability.
    Have minimum of 5 TradeLines, every 3 months ask those companies for an increase.
    If you have a C Corp and set it up right, you can get a valuation rather than just what you got.

  • @heavenly213
    @heavenly213 2 года назад +2

    Would it be smart to lease for a year or so before purchasing a vehicle if your still building credit?

  • @adrianapreciado3593
    @adrianapreciado3593 11 месяцев назад

    My sister wants to purchase a vehicle under her LLC for me. How can she give ownership of the vehicle to me during the purchase ? Or 50/50 ownership equal rights

  • @biggthirsty2089
    @biggthirsty2089 5 месяцев назад

    Do those companies like uline(hard inquiries) on your business credit report. Do lenders have rules when it comes to hard inquiries on your business credit

  • @audreydee7487
    @audreydee7487 2 года назад +4

    Good info… thanks Nam

  • @rometheceoo
    @rometheceoo Год назад

    I just got my EIN however is it possible to start building business credit without an LLC?

  • @LtLongle
    @LtLongle 2 года назад +2

    What if you're buying car privately? How and where do you put your business name on the vehicle title?

    • @HMJKS2000
      @HMJKS2000 Год назад +2

      If buying in cash then just sign the title and register it under the business name, right?

    • @LtLongle
      @LtLongle Год назад +1

      @@HMJKS2000 courthouse was able to help me, iirc you only need to have your business name on the title. But they just told me what to change to make it right.

    • @Spazzbinhavin
      @Spazzbinhavin Год назад

      @@LtLongle you bought personal then transferred to business?

    • @LtLongle
      @LtLongle Год назад

      @@Spazzbinhavin no bought just for business. All money came from business acount

  • @derekm4592
    @derekm4592 2 года назад +1

    Personal guarantee?

  • @akshitdhadwal
    @akshitdhadwal Год назад

    My old car is almost dead and i need a new car or may be used
    Will be setting llc tomorrow
    So is it advisable to buy a car?

  • @EABengi
    @EABengi 2 года назад +1

    My experian score with one tradeline is already 72, is this high enough to get a loan ?

  • @DeshaunGivens-dh4gp
    @DeshaunGivens-dh4gp 8 месяцев назад

    I need help getting a duns number

  • @ronnielockamy9010
    @ronnielockamy9010 2 года назад

    sole proprietorship so can get a to buy equipment car truck

  • @shermanhemsley2906
    @shermanhemsley2906 2 года назад +1

    Dealership is telling me I have to sign in-person for an auto loan(Citizens bank, and for a new business). is this normal??

    • @NaamWynn
      @NaamWynn  2 года назад +1

      Yes. Some lenders are more streamline when it comes to identification. But it’s not unusual.

    • @shermanhemsley2906
      @shermanhemsley2906 2 года назад +2

      @@NaamWynn thanks for the reply. they are 700 miles away and didn't tell me before they ran my credit! bad business!!

  • @alexemnn
    @alexemnn Год назад

    Can I just buy a car under my llc for the business I’ll pay it in full but want to use it for work and evade the taxes would that be possible?

    • @NaamWynn
      @NaamWynn  Год назад

      You can avoid taxes if you use it 100% for business. This year you can only write off 80% of the purchase price of the car.

  • @georgesenda1952
    @georgesenda1952 2 года назад +2

    Is there a way to buy property in your business name ? I don’t want online trolls to know where I live if I buy a duplex.

  • @empressy01
    @empressy01 2 года назад +1

    Do you have to register the car as a commercial vehicle if it's jus for both personal n business use?

    • @NaamWynn
      @NaamWynn  2 года назад +2

      No

    • @craigmilner910
      @craigmilner910 2 года назад

      Do you still need help on this question? I can give you recommendation.

    • @NanoverseProductions
      @NanoverseProductions 2 года назад

      @@craigmilner910 I just opened an llc and am getting offers from clients for work. But it requires driving. I'd prefer to get a business car if it's possible. But I'm just getting started w work. Any suggestions?

  • @ninasimone787
    @ninasimone787 Год назад

    Posted on my birthday ❤❤

  • @aortizandrew1
    @aortizandrew1 2 года назад

    You can't use your personal credit?

  • @gotmelanin6970
    @gotmelanin6970 2 года назад

    So LLC is same as incorporation ?

  • @TaylorTimeTv
    @TaylorTimeTv 2 года назад +3

    Can I use the ein I had with my sole prop ? Or I need another one ?

    • @LostCrape45
      @LostCrape45 2 года назад +1

      Its better to get an s corperation or LLC

    • @TaylorTimeTv
      @TaylorTimeTv 2 года назад

      @@LostCrape45 thank you

  • @jxsh9193
    @jxsh9193 Год назад

    Can I buy a used car in my llc or do I have to lease it

    • @NaamWynn
      @NaamWynn  Год назад

      Yes you can do that too.

  • @LordBlackNephew
    @LordBlackNephew Год назад +2

    What if you wanted to start a ride-sharing business (rental company) will these rules still apply?
    BX STAND UP!!!

  • @cutieshy3life
    @cutieshy3life Год назад

    Thank you for these tips

  • @VisionaryUchiha
    @VisionaryUchiha 2 года назад +1

    Great info thanks Nam

  • @Spazzbinhavin
    @Spazzbinhavin Год назад

    Can i purchase a vehicle in my personal then transfer to business?

    • @NaamWynn
      @NaamWynn  Год назад +1

      Yes

    • @davonteharrison4700
      @davonteharrison4700 Год назад

      Does the same apply the opposite way ?

    • @phucmac5312
      @phucmac5312 Год назад

      Would you still be able to get tax deductible at the end of the year if you purchased as a personal then transfer to your business, even though the car still have a personal loan on it?

  • @selinapena3276
    @selinapena3276 2 года назад

    Nice

  • @bryanton9476
    @bryanton9476 Год назад +2

    Pay in cash, no need credit.

  • @anthonyprochaska7973
    @anthonyprochaska7973 2 года назад +1

    So I NEED to be AN LLC? Not JUST A SOLE PROPRIETOR. Correct?

  • @johnhowse4958
    @johnhowse4958 2 года назад

    So my business is ran different from others. My company is a real estate investing company that helps other investors find properties for a fee. So for every fee it’s an unlimited amount I can make so 5-20k but besides that.. just say I want to buy the car in cash would it be any different? Or do you think I should just do a owners draw and buy it in my personal name in that case?

    • @2rawshootertv
      @2rawshootertv 2 года назад +3

      Never buy nothing under ya personal name if you have A LLC Or S-Corp

    • @alishavernon4401
      @alishavernon4401 2 года назад +1

      wholesaler?

  • @Widdom1
    @Widdom1 2 года назад +3

    You speak too fast. Slow it it down by a lot.

    • @ericak6841
      @ericak6841 2 года назад +4

      You can change your RUclips setting to slow or speed up their talking.

    • @gymshoe23
      @gymshoe23 Год назад

      You listen slow

  • @joshdavis19
    @joshdavis19 2 года назад +3

    For something like Turo, what Naics code should you use for the LLC? 532111 is Passenger car rental. This is not in the high risk category, but may still be considered a risk by some lenders. Should I use a different Naics code so I am not considered a risk in order to get business financing?

    • @joshdavis19
      @joshdavis19 2 года назад

      @Eric Jones who is David? How do I get in touch

    • @Mrfacts00000
      @Mrfacts00000 Год назад

      @Eric Jones I will save

    • @LovelyJay85
      @LovelyJay85 Год назад

      Hey I’m doing Turo myself… were able to get the car? Please let me know how

  • @tonyjames6263
    @tonyjames6263 Год назад

    What’s equafax I thought it was equifax aha