411 on Financing LLC-Owned Vehicles
If you intend to finance your RV, boat, or classic car purchase, there are a few important things you need to know before starting the process. Banks and finance companies need to be notified in advance of your purchase that the vehicle is going to be owned by a Montana Limited Liability Company (LLC). For some lien holders, this isn’t concern; for others it complicates the process. You can make this process easier by choosing a lending institution experienced in loans and liens to Limited Liability Companies (LLCs).
Lien holders, for the most part, are going to require you to have both a borrowing resolution and an operating agreement for your LLC. We are able to assist you in drafting both. An operating agreement lays out how your LLC will be managed with regard to operating procedures and the duties and responsibilities of the members. A borrowing resolution authorizes members of an LLC to borrow money on behalf of the LLC from a financial institution.
Your financial institution will also require an Employer Identification Number (EIN) from the IRS. We will assist you in obtaining an EIN. An EIN helps substantiate the legitimacy of your business.
Please also study our guide to vehicle titles and financing using a Montana LLC.
We encourage you to check first with your local bank--the bank you have a rapport with. Many banks will be happy to help you with financing, but, if not, we have worked with the following RV, Boat, and auto financing companies in the past:
If you are in the Carnival or Amusement Park industry, you can contact:
Firestone Financial - Samantha Keller
Phone: 800-851-1001 ext 238