Refinance a car under llc to reduce DTI

[Faysal Alam]

What banks or credit union can I use to refinance a car under my LLC name , my car is a 2023 Tesla model y performance , I owe $42,500 on the car , I'm looking to refinance the car under my business , my business was established 03/2023 . So less than 2 years . I am in New York City , I use the car for my rideshare business , I have no problem personally guaranteeing the car, I'm just looking to get it off my personal name so I can improve my debt to income ratio on my personal side . Please help !!

[Ryan Konen]

To refinance your Tesla under your LLC, consider lenders like Ally Bank, Taycor Financial, or National Funding, which offer business vehicle loans and may work with newer businesses if you provide a personal guarantee.

[JD Martin]

Quote from @Faysal Alam:

What banks or credit union can I use to refinance a car under my LLC name , my car is a 2023 Tesla model y performance , I owe $42,500 on the car , I'm looking to refinance the car under my business , my business was established 03/2023 . So less than 2 years . I am in New York City , I use the car for my rideshare business , I have no problem personally guaranteeing the car, I'm just looking to get it off my personal name so I can improve my debt to income ratio on my personal side . Please help !!

 I don't think that's going to work as far as getting notes because they're going to ask if you are a guarantor to any other debt. Now if you're just looking to make your credit report look better, that might work but not sure why that would be worthwhile unless you were just looking to borrow more consumer-type debt rather than hard asset notes. 

[Faysal Alam]

@JD Martin it will , because I can than get a primary residence without the car debt showing up on my debt to income

[Faysal Alam]

@Ryan Konen i looked into ally , they only work directly with dealerships and not for refinances , I'll look in to the other 2