Can I Use My Ein Number To Finance A Vehicle Personal Credit Vs Corporate Credit

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Personal Credit Vs Corporate Credit

There are two types of credit files. These are Personal and Corporate, or business. Everyone knows about personal credit. This is the one you use when you give a lender your social security number and they check all your personal credit history and then decide whether or not to extend credit to you.

All credit accounts you open using your personal SSN are then associated with you. They follow you anywhere you go. Any and all loans you take out or pay late, you are responsible to repay.

What many don’t know is that there is such thing as corporate credit which works in much the same way. Your company is issued an EIN, Employer Identification Number, which your company can then use to apply for credit lines, secure loans and also to lease equipment and vehicles.

This EIN works sort of as your businesses own social security number. When filling out credit applications for your business (which we will go over later in this EBook) you will see a section that asks for your business EIN or also know as tax ID number. This is one of the main ways lenders look up your businesses credit.

There is also a place on applications which gives you a chance to put a personal guarantor. Though it may not be a bad idea to personally guarantee your business, we will focus on obtaining corporate credit without using this option.

This will be beneficial in two ways:

1) If you ever fall into financial troubles with your business or repaying loans, these events will be reported under your business file only.

2) Whatever credit you have under your business file will not show up on your personal file.

This is also beneficial in case of the unforeseen business failure. Your personal file will not be destroyed because of it.

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