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So...
Spent 2 days straight going from bank to bank to bank. very frustrating. I have a pretty good credit score. I have never missed or been late on a payment for anything.
However, I can't get better than 13.5% financing on this truck. The reason is because the size. With pickup trucks you can manipulate the bill of sale to co-sign with your company OR manipulate the SR-1 form and sign the truck into the company name so you can get the sneaky "It's for my own personal use" finance rate (5.5% on our last truck) as opposed to the commercial rates which are double.
WHY CAN"T I DO THE SAME THING! So annoying. The reason you would put the truck in the business name WITHOUT co-signing as a personal entity is to have the layer of protection between you and your corporation (assuming you are incorporated).
BUT if you choose to shed that layer of protection, you should be entitled to purchase any thing you want and be allowed finance rates as any ol' joe schmoe. Some fella who likes trucks and has no business could decide to buy this truck and what I am being told by every bank is that he would be forced to pay commercial rates! What a scam! There is no logical reason that I am forced to take the business rate except that the banks can make more money.
Corporations are risky because they can go under and the bank loses out. BUT if you actively choose to shed that layer of protection you should be able to buy the same thing on "your own" and get a regular old auto loan. BUT I CAN"T.
For you guys with these larger trucks, what kind of rates are you paying?
(That was my purpose of my post but my patience has been tested sorely today)
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