Who needs a Business credit application?
This form is completed by the authorized representative of a certain business that wants to apply for credit to buy a vehicle. It can be a joint credit or an individual credit.
What is the purpose of the Business credit application?
This form provides information about the borrower, their financial condition, and vehicle use. This information is used by the dealer and creditor to make a credit decision.
What other documents must accompany the Business credit application?
This application can be accompanied by other supporting documentation. As a rule, the applicant should attach the physical damage insurance form.
When is the Business credit application due?
The application should be completed when there is a need. The process of making a decision will take a month or possibly more, so the applicant should keep consider this. The estimated time for completing the form is 30 minutes.
What information should be provided in the Business credit application?
The applicant should indicate the following information:
Type of the credit he applies for (individual or joint)
Business information (legal business name, address, purpose of the credit, phone number, email address, last year’s gross revenues, last year’s profit, federal tax ID, list of owners)
Bank and credit references
Vehicle use (operator name, home address, position, driver’s license number, address where the vehicle will be garaged, purpose of use)
Information about the co-applicant (grantor, non-applicant spouse): name, residence address, date of birth, social security number, occupation or rank, employer, employment address, income, education
Name and addresses of the financial institutions to which the application will be submitted
The applicant, co-applicant and the guarantor have to sign and date the form. They are also to type their name and title.
What do I do with the application after its completion?
The completed application is forwarded to the specific financial institutions (creditors) and to the vehicle dealers.