Do banks use your EIN, DUNS number, or both for business financing? Also, can you use one or the other? I have an American Express Business credit card for my LLC which was setup with my EIN and backed with my SSN. However, I would like to finance a business auto loan in my LLC name in order to help further build up my business credit. My end goal is to establish enough business credit to get approved for some business lines of credit.
Any advice would be greatly appreciated!
Mike, you'll typically always use your EIN to open business accounts and lines of credit. The DUNS number is in addition to EIN. DUNS keeps a database of credit history on corporations. You can set up a DUNS number anytime and, say for instance, if you AMEX BUSINESS card does not show up on your DUNS report, you can contact DUNS and request that they research the account and include it in your report. It seems most banks now are requiring a PG (which means using your EIN and SSN) for most lines). Best of luck to you!
Ford Motor Credit will do no pg business auto loans/leases, but you need a strong DNB profile, with high trade limits reporting. The key is to find a good fleet manager at a dealership in your area.
Thanks Daniel, this is exactly what I was looking for - Very useful. Thanks for the advice!
Tyler, that's good to know - Thank you for the information.
For anyone interested in this post, I was able to successfully finance my car in my LLC name using my EIN. As expected, I had to personally guarantee the loan but it's now in my business name and reporting to my business credit. The same bank that set me up with the loan set me up with a business credit card, as well.
Recently joined BP. This is about a year to date of your posting Michael and it is still relevant. I was researching on Google regarding Business financing with my EIN and your BP post showed in the top 10. I found out exactly what I needed to know. Thanks for the posting and later posting your results. I hope things are still moving forward for you.
Hi Mary, I'm glad that you found this post useful! Things are going well. I developed a relationship with the same banker who set me up with my LLC auto loan and just last month he helped set me up with an unsecured credit line in my LLC. Bank after bank will will turn you down (I approached many when trying to first get my LLC auto loan hosing) and then you find one who really wants to work with you :)
I would love to know what bank and how I can get help. Thanks for sharing as I appreciate all the info in regards to financing with my EIN # and Get business bank accounts established.
I would love to know the name
Of the bank as well. Been struggling to get a loan from big national bank
Hi Nam and Simon, I used US Bank for my LLC financing for the auto loan (it was a secured business loan - the vehicle was the collateral for the loan) and the unsecured credit line. Also, I was able to get a credit card in my LLC name through American Express with a PG.
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