Ally offers two ways for business customers to finance in the name of their business:
Business name only
For businesses that qualify for financing without the owner’s guaranty, they can finance in the business name only.
With the business name only program, the business alone, rather than the owner, must have a credit rating that qualifies for vehicle financing.
Business name only financing benefits your customers because it:
- Gives owners the ability to save their personal credit for other uses
- Helps shield the business owner from liability related to operation of the vehicle, since the owner’s name stays off the vehicle’s title and contract
Third Party Guaranty
When a business entity does not qualify for credit in the name of the business alone, our Third Party Guaranty offers another way to put the vehicle in the name of the business.
- Grants financing in the name of the business, if the business has an acceptable third party (owners/officers) acting as the guarantor
- Guarantor responsibilities and obligations:
- Responsible to pay for the financed amount in the event of a default
- Debt will be reported on the guarantor’s credit report if the guarantor does not pay in the event of a default
Third Party Guaranty financing benefits your customers because it:
- Builds credit in their business name
- Debt stays off personal credit bureau reports, except in event of default
- Provides protection from liability related to operation of the vehicle, since the guarantor's name stays off the vehicle's title and contract. (As opposed to a co-buyer, whose name appears on the title and contract)