Updated over 5 years ago on . Most recent reply
Should I buy a vehicle under 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?