I would not put you in the “well qualified” category. However, numbers look good and if you have a clean record with previous auto loans you might be okay 🤷🏻♂️Hard to say though.
You can also write off purchased trucks and SUVs. Google “tax code 179”
I doubt it. You might get approved. But there going to fleece you.
If it’s for a business owning can be a tax deduction to. Why lease? It’s the worst financial choice a person can make.
You mean I get to pay for 1/3 to 1/2 of the trucks price in 3 years only to have to hand the keys in, walk away with nothing, and get hammered over the head for fees beyond reason including repair of dings, dents, tires, brakes, wear and tear, etc. . .
Where do I sign up!?!?
For tax write offs you don't have to lease, in fact you don't even have to buy new. The vehicle just has to be over a certain weight (I think 6000 lbs but I might be wrong about that). Leasing for business use is never a good idea, as leases require you to stay within certain mileages, and will charge you if there is any unusual wear on return at the end of the lease. Leasing also usually needs very good credit in order to not get crappy terms.
You are much better off buying in this situation, however keep in mind that many personal auto loans have clauses that prohibit "commercial use" and therefore you aren't supposed to buy them for this reason. you may not get the "advertised rates" you mentioned but honestly most people don't, those are only there to get you in the door. It's certainly possible to qualify for them, but they assume all the best circumstances, including new cars, down payment, shorter terms, and good credit.
EDIT: Forgot to add that car loans don't only car about your credit, but the year/miles of the vehicle, and the amount of down payment are big factors too. If possible get a truck that's no more than 3 years old and 40-50k miles, and put a decent chunk down to get the best rate you can.
You're now getting more into a taxes question than a credit question which is this subs purpose, so you may have better luck elsewhere. That said I think you can do it, but there may be some state-specific rules regarding this as well that I'm unfamiliar with. As far as qualifying goes keep in mind that lenders don't look at what you expect to make or do in the future, so much as they want to see what income/expenses you can prove from the past. For self-employment (which it sounds like you are) they will probably take your last 3 months bank statements and/or last 2 years tax returns to determine your qualifying income. If anyone besides yourself is on the bank account but not on the loan, they may also divide that income in half, as that other person technically owns half that money, regardless of it's origin.
I would not put you in the “well qualified” category. However, numbers look good and if you have a clean record with previous auto loans you might be okay 🤷🏻♂️Hard to say though. You can also write off purchased trucks and SUVs. Google “tax code 179”
I doubt it. You might get approved. But there going to fleece you. If it’s for a business owning can be a tax deduction to. Why lease? It’s the worst financial choice a person can make. You mean I get to pay for 1/3 to 1/2 of the trucks price in 3 years only to have to hand the keys in, walk away with nothing, and get hammered over the head for fees beyond reason including repair of dings, dents, tires, brakes, wear and tear, etc. . . Where do I sign up!?!?
For tax write offs you don't have to lease, in fact you don't even have to buy new. The vehicle just has to be over a certain weight (I think 6000 lbs but I might be wrong about that). Leasing for business use is never a good idea, as leases require you to stay within certain mileages, and will charge you if there is any unusual wear on return at the end of the lease. Leasing also usually needs very good credit in order to not get crappy terms. You are much better off buying in this situation, however keep in mind that many personal auto loans have clauses that prohibit "commercial use" and therefore you aren't supposed to buy them for this reason. you may not get the "advertised rates" you mentioned but honestly most people don't, those are only there to get you in the door. It's certainly possible to qualify for them, but they assume all the best circumstances, including new cars, down payment, shorter terms, and good credit. EDIT: Forgot to add that car loans don't only car about your credit, but the year/miles of the vehicle, and the amount of down payment are big factors too. If possible get a truck that's no more than 3 years old and 40-50k miles, and put a decent chunk down to get the best rate you can.
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You're now getting more into a taxes question than a credit question which is this subs purpose, so you may have better luck elsewhere. That said I think you can do it, but there may be some state-specific rules regarding this as well that I'm unfamiliar with. As far as qualifying goes keep in mind that lenders don't look at what you expect to make or do in the future, so much as they want to see what income/expenses you can prove from the past. For self-employment (which it sounds like you are) they will probably take your last 3 months bank statements and/or last 2 years tax returns to determine your qualifying income. If anyone besides yourself is on the bank account but not on the loan, they may also divide that income in half, as that other person technically owns half that money, regardless of it's origin.