How To Buy A Car In Your Business Name [STEP-BY-STEP]

Buy a car in your business name. We're walking through the steps, should you lease or finance, and insurance. Whether it's for Turo or to meet clients, here's a guide to using your business to purchase a vehicle.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[@LYFEAccounting]

Watch Next: 101 Tax Write Offs & Deductions For Entrepreneurs ua-cam.com/video/xrxRW5wGRJA/v-deo.html

[@tracydavis148]

What is the Credit Score for the PG

[@felispalacio8500]

Do I need a website.
Do I need to register my business with the secretary of state

[@mellymel9892]

Still don’t know how to buy a car in my business name but thanks 😂

[@ClassyLyfeStylellc]

I have options where I can buy vehicles for the low…. I’d use my personal money to invest and purchase…. No leasing or bank loans needed bro. I purchased two motorcycles for our racing team for promotional marketing and mobile advertisement. Sold all my extras and fun stuff to buy the two bikes, now I rent them for music videos, photoshoots and photography set ups.

[@chmada]

you are the only man online to give real info on how to do this..thanks for the no nonsense info.

[@WinsAndLossesPodcast]

This guy is legendary NO CAP

[@aaronanderson8452]

Came just looking for general info and ended up filling for a DUNs number, something I hadn't heard of until now. Automatic like & subscribe. Thanks!

[@zahktuthalxalyrion6364]

I never heard of DUNS, but I knew the rest. That means I learned something new! Makes this video great by default! Thanks for the great information!

[@LYFEAccounting]

Glad it was helpful. Thanks for watching.

[@jamaridavis6823]

Love that this knowledge is coming from a black man ! #LETSKEEPITUP

[@foreigntay_]

Love how he explained it. He made it sound so easy but is it really that easy?

[@MarioGonzalez-mg9tv]

No

[@togomarketing]

Value packed information in less than 10 mins. Excellent job on this video. TY!

[@emilymurphy30]

Awesome explanation. Thank you so much for your knowledge and sharing. It's been super helpful. Direct and to the point. Thank you, thank you, thank you.

[@codyhaas3633]

If you are just paying for a car cash, do you use business funds from business checking account or do you use personal checking account and then depreciate the vehicle? Particularly looking at trucks.

[@zacmo12]

I’m wondering the same thing

[@chimichuli]

Business funds

[@richardmingo3470]

When you finance can you write off the payments. I’m a CDL driver that started my logistics business. Will be getting a tractor and new vehicle next year.

[@rumrunner6661]

You would take the Section 179 deduction and depreciate the truck over 5 years if you buy it. If you lease it, you deduct the payment.

[@richardmingo3470]

@@rumrunner6661 thank you

[@septimaharris9522]

@@rumrunner6661 could u explain this more in-depth

[@takesquad7197]

I’m literally doing the same. I started my logistic company in 2021

[@richardmingo3470]

@@takesquad7197 congrats 💪🏿

[@jayjayA1]

OR get a business loan from the bank and go get any car you want without the hassle

[@HolisticDramaFree]

Wait foreal?

[@ryannascimento8222]

Then you can’t write it off on your taxes

[@sirrahphotography5930]

This question may have been asked before, but I'm asking it again. At 4:38 you say ask that a lender does not report to your personal credit unless you default. Well, if you default, don't they have to do that anyway? If they are going to do it anyway, why ask them anything?
I have good credit, and I know I will have to use my personal credit to qualify for buying a vehicle in my business name. But, that still requires a lender to "ding" your credit score right?

[@thegoodcremeveganicecream7869]

Thank you so much for this information!!! Now to set up my trade lines.

[@gabrielacastillo9046]

Thank you so much for such clear explanations!

[@onuwabuchi]

Thanks. Great info

[@r.e.2699]

Great afternoon, LYFE Accounting family! Once again, y'all are right on time with this one... Thank sincerely 👍

[@LYFEAccounting]

Thanks for your comment, R.E. Glad it helps!

[@akuiori]

if you already had an ein you can call to recover that ein and add additional businesses to that ein with some restrictions. this is good if you had a business and dropped it then started a new business later, or you have multuple businesses. research everything, dont take my word for it.

[@angle5070]

Thanks for this video.
So it is better to have a bussiness vehicle under bussiness name? Or owned by individual yet used for bussiness?
Also would really appreciate a detailed video on health reimbursement account/arrangement.
And lastly forming partnership with wife and or other family members and how to get them paid and contribute to their retirement?
Thank you

[@SigningWithOmar]

Thank you for this video...I will follow your advice when I purchase me business vehicle

[@teddychriss6764]

I was like this guy looks familiar. Great video. I hope you continue to be blessed!

[@6ritualsinz448]

I’m just gonna say bro, this video was dope and so informative. NEW subscriber! Thanks again

[@lucylopes2541]

Amazing explanation!!! Thank YOU :)

[@harrythomas9859]

What he explained is how to structure your your business but didn't explain steps to purchase the vehicle

[@rileyak4929]

🤦🏾‍♂️

[@andreacarter2108]

This is absolute Knowledge! Thank you as always... 👍

[@RKHTY]

Super helpful! This is the first video I've watched that gives clear step by step instructions! Thank you!

[@candaceblair]

Can I take a paid off car that’s in my name, register it in the business name and take deductions that way also?

[@jtreed5716]

I believe so. longs its getting use for business

[@TrancEndingMedia]

Hell yeah! Best place to put paid off property is to put in a trust

[@tommyjones1357]

If you still use the company vehicle for personal use, can you mitigate this by putting your company logo on it so that it becomes marketing? My friend suggested transferring me vehicle to my coffee business. But I still need a car for personal use too.

[@jamarallen08]

4:40 what if they tell you “No”? What would be the rebuttal?

[@jreevesnfg]

Thank you so much for this! What are your thoughts on selling your personal car to you LLC, would it be easier potentially?

[@Tinofrmda8]

Wanna know this too

What do you mean “big enough business” to by pass a personal guarantee? Like what if someone’s business credit is 80-100 but their income is less than 10,000 a month? Would they still recommend a personal guarantee??

[@soloantonetty1317]

All this info for free thank you💜🤑

[@LYFEAccounting]

You're so welcome! Someone has to do it!

[@MVMLWEAR]

Thank you for this information!

[@woo3131]

Dinner and LYFE Accounting...Life is good!

[@LYFEAccounting]

It's a vibe!

[@jtreed5716]

facts

[@flubberghosted2472]

THIS IS EXCELLENT 💯💯💯💯💯💯

[@zanzanlifestyle]

Thanks for breaking this down.

[@kantaratpanit-unkul9057]

Thanks❤

[@mr.vickterry]

love this video. if i financed a car in my own name june2021 but i am self employed would i be able to switch the car over to my actual business name for 2022 once i get an LLC?

[@amancha76]

That’s called transfer of equity

[@christianpowell2844]

Million dollas worth of game💯 thank you

[@confuciusbey1070]

Ty 👑 positive vibes your way

[@luluedw]

Also looking forward to finding out what my state says about business name registration

[@danaanfae]

Informative but i left with more questions

[@Maturelyme]

If the car is registered under the name of your business will that cause issues with your personal insurance if its under your personal name?

[@truenorthliving_]

So many helpful videos!

[@harlemdime23]

I knew the EIN number was free and didn’t listen to myself 🤦🏾‍♀️ Keep kicking myself for it but it’s done now.

[@rtrcomedy]

Thanks, awesome video!

[@strassafrass1]

Great info here thank you

[@trevey16]

Ight so how about this. A 1yr old business, consistant income in a checkings acct with $10k. DnB score 70, Business Experian is 50, business Equifax 400… is it possible to get a car in ya business name WITH them checking your score???

[@nanaarmahni4425]

Thank You!
Keeping doing what you do best✊🏿

[@cygen_divine1570]

Thank you!❤❤❤

[@robertmallettebey5805]

Excellent!

[@javierg155]

Really helpful

[@gwilliams7276]

Very helpful🙏🏼

[@slicc9048]

Can you do a video on deductions for a gig 1099 sole propriety driver

[@DanTheMan]

So sole proprietors can’t write off a car in taxes ?

[@taggmein8]

Great information 👌

[@agafit5865]

I am a new subscriber thanks for this info 🔥please keep them coming ,great contents 👏

[@LYFEAccounting]

Thanks for the sub! Will do.

[@MEMPHISPRAISER]

Knowledgeable

[@jediaelisrael3227]

Thank you bro.

[@kennethdraper8940]

Thank you

[@reinamacaren-a4132]

I did everything except for step 5. Should I not apply for a car? I was going to apply in a few days🥴

[@be_a_gift]

3:30 Tradelines and 3 vendors

[@brandonxiong9527]

Great and clear

[@LYFEAccounting]

Glad it was helpful.

[@tenajblackwood8453]

How long after signing up with the net30 accounts can we purchase a vehicle?

[@july713x3]

What if u have a full time job and.ur bizness is more of a side hustle. Do u have to sperate the expenses/mileage for what is used for ur job and what is used for business.

[@o.9763]

Good Information Dude

[@choochooelectric7381]

Why am I craving thin mints after watching this informative vid?

[@trackdoctorzmuzicgroup8395]

Thanks Boss you just put me over that hump 💯💪🏿

[@dremetlock1635]

Good info keep it coming

[@LYFEAccounting]

Thanks, Dre!

[@redciroc1211]

What about business credit cards do they report to personal or business credit bureaus? I.e. chase cap1 citi etc

[@namename9984]

Do I have to put in a business address if I'm just starting and don't have a physical location, or if I want to open an online or mobile business? Thanks.

[@Royal109618]

Great content

[@taunteeluvr2]

Hey Keran,
i don't know how often you check comments, but i had a question. Instead of getting a business auto loan to get a vehicle in your business name; Can't you simply get it under your personal name but transfer it to your LLC? Or get a personal loan either from a bank or dealership but register it in your name?
thanks

[@boschlosser10]

Didn’t work tried this

[@brianhewitt338]

Thanks bro

[@thesunrisedriver1683]

To write a car off, do the the business have to make a certain amount of income for the year?

[@LYFEAccounting]

No, but a net operating loss can be carried forward to future years.

[@michaelrose1927]

"All of the miles" or only miles while you are working ie not mileage driving to work

[@Ricramalot79]

When you write off the mileage you only get credit for your miles,

[@nabitherealtour144]

I just spoke to Quill yesterday 1and they no longer report

[@LetHimCook_Entertainment]

Does the money for the car have to come from businesss revenu? Or can I use personal money

[@JoeAmbrifi]

I’m from mass and I lost my drivers license. I own a construction company and have a work trailer. Can I register the trailer and get plates for the trailer in my company’s name. Even though I don’t have a drivers license?

[@georgemason4921]

Why is it when I'm looking for a straight answer? I get a book. Just simplify it.

[@HunterD619]

shirtsy is a tradeline that i can use on my personal credit as well?

[@josephaguilar403]

Can I still take advantage of tax benefits if I buy a vehicle under my name instead of business? Will be used 50/50

[@chasingsavoryspaces6921]

As always, such great content! Thanks for sharing.

[@LYFEAccounting]

Thank you!

[@flightrisk7270]

Im sole...How can I change to incorporated?

[@Pressureeats]

Can you write off a car that is used for business that is purchased from a smaller dealership that doesn’t require personal credit but maybe just a signed guarantee that it’ll be paid back as long as it’s in my business name?

[@Teddy_Blanks_TV]

How do you register your car in the name of your business.

[@nicktirado4318]

This might be a dumb question, but what if I want to put a personally owed and paid vehicle in my buisness name? Do these steps apply?

[@nicholasolivas317]

I haven't heard any good things about shirtsy.

[@Not_So_Super_Mario]

Can i convert my business into an LLC? Or would I have to apply for an llc specifically?

[@BalconyActivity]

So are they running my credit?

[@stylzgohardvip]

Thx u

[@TaylorTimeTv]

do I need a new ein for a new business ?

[@Ghost8.8]

Ive had my LLC for about 6-7 months and already established a 80+ paydex score can I go & finance a vehicle without a pg?

[@lucface]

Why should I ask them not the report to personal credit?

[@matissemurray]

Your "business" is like a LLC right?

[@mechengineer-sv2ei]

If you have no business credit, then you have no choice but to have your personal name on the loan, title, and registration. You can have your business as well, but your personal name and credit do not go away.