When financing a vehicle through a dealer in the name of your LLC, the lender will almost always require an Employer Identification Number (EIN). The EIN is issued by the IRS and functions as the LLC’s tax identification number.
Even if your LLC does not generate income and has no employees, lenders still need an EIN to process the loan and establish the account under the company name rather than your personal Social Security number.
During the EIN application on IRS.gov, you will be asked to describe the purpose of the LLC. A simple designation such as “consulting” is perfectly acceptable for a non-operating company. You will also be asked why you are requesting the EIN. “Other – Banking only” is the appropriate selection when the LLC will be used strictly for vehicle ownership and financing.
We do have a dealer instruction sheet as well. Once you purchase your LLC/Registration package, please request the dealer instructions.
You can apply online and obtain the EIN immediately. The IRS provides step-by-step guidance at the link below:
https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number