Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 4 years ago,
Should I buy a vehicle under business LLC?
I'm a fairly new investor, completed my first BRRR a year ago. My real estate business is under a LLC. I recently accepted a $10,000 business credit card with BOA and they are now offering a business loan for a vehicle (2.49% interest vehicle under $50k) I'm not in the market for purchasing a new car. I have under 2 years left on my car note which is under my personal credit file.
I am however considering the offer because the loan would not be connected to my personal credit file. I’m shopping for another BRRR property so to have one less account on my credit would help.
My concerns: are business vehicles more expensive to insure? Are there Tax liabilities or incentives? Is it too soon or even worth it?