Leveraging Bank of America for Business Credit and Vehicles

Business credit is essential to break free from paycheck-to-paycheck lifestyle and start making the money needed to live comfortably.

### Leveraging Bank Relationships for Business Credit and Assets
* 💳 Business credit is a powerful tool for business owners to access funds without impacting personal credit scores, with lenders typically offering **3-5 times more credit than for personal use**.
* 🏦 Building a strong relationship with a bank is crucial for business credit approval, as demonstrated by the process with Bank of America, the **second largest bank in the U.S.**
* 💼 To strengthen the relationship with the lender, it's recommended to **open personal and business accounts with the bank, depositing as much money as possible in each**.
* 📝 Having a properly structured business entity is also important, including a company certificate, EIN, separate business address, phone number, official business domain, **DUNS number**, and a business bank account.
* 🌐 Bank of America offers several business credit card options, with the **Business Advantage Unlimited Cash Rewards Card** and **Customized Cash Rewards Card** being popular choices.
* 💸 The application process for Bank of America business credit cards is straightforward, with approval typically taking **7-10 days** and a minimum TransUnion score of **700** recommended.
* 🚗 In addition to business credit, Bank of America also offers commercial financing for vehicles through the Business Advantage Auto Loan program, with the ability to **apply for up to four vehicles in one day with only one hard inquiry**.
* 📈 Developing relationships with lenders and demonstrating responsible debt management can lead to **increased funding opportunities for the business over time**.

are you a business owner who could use four to five figures in business credit? How about a few vehicles in your business name as well? In this video, I'm going to show you how to leverage your relationships with banks to get approved for thousands in business credit and get approved for other assets like vehicles in your business name. But before we get into that, I got to explain why you should even care about getting business credit in the first place. I mean, just think about your 9 to 5 job. Has it made you a millionaire yet? Even a 100,000? There probably not, right? As for myself, I work in corporate finance and still receive a paycheck every two weeks. As well, even though finance is a pretty good field when it comes to pay, if I didn't have any extra income, I'd barely still be able to pay my car note, rent, and insurance every month. The cost of living has increased like crazy, and based on a report by CNBC, more than 60% of Americans are still living paycheck to paycheck. Damn, I'm not going to lie.

I'll be stressed, y'all. This means if we even want the slightest chance of being able to live comfortably, we're going to have to find other ways to create additional streams of income. Most people think going to get a second job will be a good solution. The problem there is that a second job is just another way to trade your time for a set amount of money every week. You can only make as much as the employer's willing to pay you, and it's literally that employer's job to give you just enough to keep you coming back. It's kind of like giving a dog treats to get them to do what you want them to. Realistically, the only way to have the potential to earn a higher rate of money for the same amount of time is to start your own business. There's no ceiling to the amount of money that you can get paid as a business owner. The better you run your business, the more money you have the potential to make. But usually the problem with this is people either don't know how or have the money to.

start their own business now. The how depends on what type of business you pick, but when it comes to having the money to start and grow that business, that can be solved with one thing: business credit. Business credit is simply money banks give you to grow your business operations in order to make even more money, so you can eventually pay them back with a little interest on top. The key is, business credit doesn't report on your personal credit profile, so you don't have to worry about your score dropping as you use it. Another great thing with business credit is that lenders usually lend three to five times more in business credit than they normally would with personal credit. This is because these lenders know it typically takes a lot more money to grow a business than it would for a normal person just living their life. So when you put these factors together, business credit simply becomes one of the most powerful tools that you can leverage to break free from the paycheck-to-paycheck lifestyle and finally start making the money that you need to live the life.

that you want. But even though you may understand the power of business credit, it doesn't mean anything unless you know the right lenders to get it from. The thing is, I've really been working on trying to build my business credit over the last few years, and I've been pretty successful being able to obtain over $100,000 in business credit from different lenders. But over this last couple of months, I've really been stuck trying to figure out where I could go to get my next round of business funding. I tried KeyBank a few months ago, but I ran into a roadblock because they weren't able to access my credit file even after multiple attempts and calls to the credit bureaus. To be honest, as you become more educated in the credit space, you also want to become more selective with the companies you do business with. So you want to start doing things like minimizing the amount of unnecessary inquiries you have on your credit report, because racking up too many can definitely start to have a negative effect on your credit report.

you also want to make sure you're getting the most benefits possible for your business. Things like periods of 0% APR, so you don't have to pay interest on your debt over a certain period of time. You want to consider if the lender has a decent sign-up bonus or rewards program, so you can start taking advantage of things like free flights and travel. And how easy is it to build a relationship with the lender, so that you can possibly get more lines of credit and other loan products in the future. Admittedly, this has become increasingly harder as business credit has become more popular. Companies have started putting more requirements and more restrictions on how they give money to businesses. But with so many banks, credit unions, and companies out there, I thought to myself, there must be somewhere else I can go to get more funding for my business. So I decided to do a little bit of research on the internet, and I actually found myself watching one of my old videos where I described the process of getting vehicles in my business name. This made me realize that even though I

had done multiple commercial financing deals with this Bank. I've never tried to leverage that relationship and getting business credit with them, mainly because it's a large National Bank, and they're usually the stingiest when it comes to lending to smaller businesses. You'll never get a scent out of me, but at this point, I figured it was worth a shot since I was running out of options, and the bank that I'm referring to is none other than Bank of America. Now, the great thing to know about National corporate Banks is that they're accessible to almost everyone since they have so many locations across the country. This makes it super easy to go to your local branch and start the relationship, which is exactly what we're going to do today in hopes of getting some more business funding. So now that that's out of the way, let's get into the real Source on how to secure funding with the second largest bank in the United States, Bank of America. As I said, these big corporate banks are some of the hardest to get

approved by. And unless you understand every step, I'm going to explain next, you're going to get denied like most institutions. To have the highest chance at approval here, we want to make sure we strengthen our banking relationship with the lender and ensure that we have a properly structured business entity before we go to apply. To strengthen this relationship as much as possible, I made sure to visit the branch in person and then I opened up a personal check and savings account. Then a business checking the savings account and deposited as much money as I could in each one. This wind up only being a couple hundred. Now when it comes to a properly structured business entity, there are seven things that I recommend so that your business looks as official as possible to lenders when you go to apply. You'll want to make sure you have your company certificate or organization your EIN also known as your employer identification number a separate business address and you can use a company like Regis for a virtual office for this a separate phone number. You want to make sure you also have an

official business domain for your email, your DUNS number, and a business bank account. And a bonus eighth tip is to make sure you like this video and subscribe to the channel. It's not going to exactly show up on your business profile, but it will ensure that you don't miss any future business credit gems just like this and help us all secure a bag. Now, when it comes to Bank of America business credit, they do have a few options when it comes to starting with their business credit cards, so let's take a look. So, Bank of America does have about six different business credit card options, but in getting started, I only focused on the Business Advantage Unlimited Cash Rewards Card, as well as the Customized Cash Rewards Card. The Business Advantage Unlimited Rewards Card offers a flat fee of 1.5% on all purchases and doesn't have an annual fee, while the Customized Cash Rewards Card offers you a little bit more cash back at 3%, but only for select categories of your choice like gas, office supplies, or computer services. What card is best for

you really just comes down to which category you think you'll spend the most in. Personally, I decided to go with the unlimited cash rewards card so I can get that 1.5% back on all purchases, no matter the category. Now, Bank of America doesn't have a super expansive rewards program for these cards like AAX or Chase, but they do reward you in the form of cash back that goes directly into your checking account or as credits to your balance. Plus, you get an intro bonus of $300 once you spend $33,000 in the first 3 months, which isn't terrible. When it comes to the actual application, BOA tells you everything that you need to apply right here. These are pretty standard items, including all of your business info and your annual sales numbers. Plus, you'll have to give the info for any person in your business who owns 25% or more, and the personal information for any card holders. Now, you do have the personal guarantee for this card, which will result in a hard pull from your TransUnion report. I would recommend

that you have a TransUnion score of at least 700, and that your credit utilization is under 20% before you apply, so you have the best chances at approval. This application process is pretty straightforward and should only take a few minutes to complete. BOA does allow you to apply online and in person, but if you don't have any prior relationship with Bank of America, I would recommend that you go in person and establish that relationship by opening the accounts that I mentioned previously. But in the case that you may already have these accounts with BOA, the application process is pretty convenient. I'll drop a link to my business credit card section below where you can start the process all online. Either way, the application process usually takes about 7 to 10 days, and once a decision is made, you'll get notified by either email or regular mail. I'm happy to say a few days after applying myself, I got a letter in the mail notifying me that I got approved for $7,000 with the Business Advantage Unlimited Cash Rewards Card. And if you follow these

exact steps. You can also have thousands in business credit with the second largest bank in the country. But wait, there's more. At the beginning of this video, I told you not only was I able to get thousands of dollars in business credit with BoA, but I was also able to get up to four vehicles in my business name. This process is called commercial financing, and since I run a Toro business, this was an easy play for me to expand my fleet. But vehicles in your business name are a great asset. Even if you don't run a car rental company, these cars can be used for general transportation in your business. It can be a great way to lower your debt-to-income ratio instead of keeping cars in your personal name. It can also be very advantageous when you go to file your business taxes. And now that you've developed a relationship with BoA, applying for these commercial auto loans is going to be easier than ever. Your personal and business information is already in their system, and if you do right with the business credit, they'll see that you

and your business can handle debt appropriately, and that's really the key to business funding. Develop the relationships and show that you're responsible with the money that they lend to you, and this will set you up to get more and more funding as time goes on. But back to the commercial financing play, this process is simple and can be done through your Bank of America portal as well. This specific product is called the Business Advantage Auto Loan. Once you log in, just go to the lending page and scroll down to where you see Business Advantage Auto Loan. And once again, since your business already has a relationship with BOA, most of the form will be pre-filled. All you have to do is simply answer any additional questions that they may need. But remember when I said I got up to four cars with this one play, the hack here is that you can do this application up to four times in one day, but you'll only get one hard inquiry on your personal credit profile. Now this application is going to be another personal guarantee, but this one is going

to pull from Experian, as opposed to TransUnion like the previous business credit cards. And after going through this process myself, I was able to get approved for three auto loans at one time. Then, decided to spend the block and get my forth a few months later. Plus, I didn't have to put any money down when I went to buy the cars from the dealership. But, I do recommend that you go through the list of approved boa partner dealerships and do your research on what car you're going to get and at what price before you even go to the dealership. Now, that was a bunch of game I just gave you, but it's completely useless unless you understand this one concept. And that is high-risk business industry. High-risk business Industries are specific types of businesses that will automatically get you flagged and denied when you go to try to get funding from lenders. So, if you want to learn how to avoid and navigate this situation, make sure you check out this video next where I show you multiple ways you can

still get approved for funding even if you have a business that falls into the high-risk category. Let's get it.

This Bank Will Give You Business Credit & Cars With No Income Verification

Ralphmeansbiz

Leveraging Business Credit to Break Free from the Paycheck-to-Paycheck Lifestyle

Business credit allows for the potential to earn higher income without relying on a 9 to 5 job.

It provides the money needed to start and grow a business, without impacting personal credit scores.

Lenders often offer three to five times more in business credit than in personal credit, making it a powerful tool to create additional streams of income.

Tips for Securing Business Funding from Bank of America

Building a strong business credit is crucial for obtaining funding from the right lenders.

It's important to be selective with the companies you do business with and minimize unnecessary credit inquiries.

Look for lenders that offer benefits like 0% APR periods, a good sign-up bonus, and a rewards program.

Building a relationship with a large national bank like Bank of America can provide accessibility and potential for more business funding in the future.

Building a Strong Relationship for Bank of America Business Credit

Visiting the branch in person and opening personal and business accounts can strengthen the banking relationship.

Having a properly structured business entity with essential elements like EIN, separate address and phone number is crucial for a professional image.

The Business Advantage Unlimited Cash Rewards Card and the Customized Cash Rewards Card are two main options for Bank of America business credit, offering cash back rewards and an intro bonus.

Tips for Successful Bank of America Business Credit Card and Auto Loan Applications

It's important to have a TransUnion score of at least 700 and a credit utilization under 20% before applying for the Bank of America business credit card or auto loan.

Establishing a prior relationship with BOA can increase your chances of approval, and the application process can be done either online or in person.

By being responsible with your business credit, you can set yourself up to receive more funding in the future and take advantage of the Business Advantage Auto Loan for commercial financing through BOA.

Tips for Getting Approved for Funding with a High-Risk Business

Getting approved for multiple auto loans without a down payment is possible, especially by using a specific credit bureau.

It's important to research approved partner dealerships and decide on a car and price before making a purchase.

The key concept to understand is the high-risk business industry, which can lead to automatic denial when seeking funding, but there are ways to navigate this challenge, as explained in the next video.