Build Fleet Business Credit For Your Trucking Or Transportation Business

Ask for the list of shelf companies at assetprofile@gmail.com

Request a list of shelf corporations here or call

When built correctly, a company establishes its business credit under its own name and EIN, independent of the owner’s personal credit.

There are three types of business credit:

  • Vendor credit is available even without any established business credit, typically offered on net 30 terms.
  • Store credit operates on a revolving basis and may require some business history. Many major retailers offer this type of credit.
  • Service providers like Visa, MasterCard, and American Express provide cash credit.

However, securing cash credit is more challenging, often requiring a longer business history and additional documentation for approval.

  • Fleet credit shares characteristics with both vendor and store credit. It offers terms that can be either net 30 or revolving. Businesses use fleet credit to purchase fuel and handle maintenance and repairs for all types of vehicles.
  • Companies need to manage vehicles such as taxis, trucks, buses, and company cars. They use these vehicles for logistics and for transporting goods and passengers.

Typical High-Risk Industries

While many businesses use vehicles, some rely solely on them to deliver their services. Risk is classified using SIC (Standard Industrial Classification) and NAICS (North American Industry Classification System) standards. High-risk businesses often share several characteristics. They might face a high likelihood of workplace injuries, or an industry might handle significant amounts of cash. This classification remains true regardless of a company’s safety record and transaction history. Industries like trucking and other vehicle-intensive sectors fall into the high-risk category.

NAICS Codes for Vehicle-Based Businesses

The trucking, transportation, and taxicab sectors are classified as high-risk industries.

The Benefits of Business Gas Cards

The economy doesn’t impact small business credit. However, as situations evolve, certain conditions might change. Always check sources directly to ensure you’re accessing the most recent information. The SBA states that the limits for business credit cards are significantly higher, ranging from 10-100 times that of personal credit cards. Small business credit allows you to access substantial funds without needing equity, cash flow, or financials. Company Credit Builder offers a plethora of excellent business credit cards, including gas cards. They list gas cards as starter vendors, useful for newcomers to business credit building and those who have been at it for a while.

Fundbox offers a business line of credit up to $100,000. They don’t require a personal credit score, but you need to use online accounting software that can link to Fundbox. For further details, check their website creditsuite.com/fundbox and https://fundbox.com/truck-loans.

Truckers can secure loans from Kabbage up to $250,000. They require a minimum of one year in business and annual sales exceeding $50,000. To apply
at www.kabbage.com/truck-driver-loans.

Marathon Petroleum Company offers automotive fuels, asphalt, and niche products across the United States. They leverage their diverse product range to support manufacturing, agricultural, and retail operations. This card reports to Dun & Bradstreet, Experian, and Equifax. If you’re considering multiple applications with WEX Fleet Cards, ensure you space them out to avoid any fraud suspicions. To qualify, your business should be in good standing with the Secretary of State, have an EIN from the IRS, an SSN, a consistent business address, a DUNS number, a business license, a business bank account, a dedicated business phone number, and a listing in 411. If Marathon is interested, they’ll request your personal credit records for their credit department. A $500 deposit can replace a personal guarantee for fewer than a year old businesses. Marathon offers a net of 15 terms.Apply online at marathonbrand.com

Phillips 66 Company owns 76, which operates over 1,800 gas stations throughout the United States. This card reports to Dun & Bradstreet, Experian, and Equifax. You can use this card at any p66, 76, or Conoco gas station. To qualify, ensure your business is in good standing with the Secretary of State, have an EIN from the IRS, an SSN, a consistent business address, a DUNS number, a business license, a business bank account, a dedicated business phone number, and a listing in 411. If 76 expresses interest, they’ll request your personal credit records. Businesses operating less than a year allow a $500 deposit instead of a personal guarantee. 76 provides a net of 15 terms. Apply online at 76fleet.com.

WEX Fleet Card

Wrights Express (WEX Card) offers wide acceptance of universal, heavy truck, and enterprise fleet cards. These cards come with benefits for small businesses, like a loyalty program. If you’re applying for multiple WEX Fleet Cards accounts space out your applications to avoid suspicions of fraud. This card reports to Dun & Bradstreet, Experian, and Equifax. To qualify, ensure your business is in good standing with the Secretary of State, possess an EIN from the IRS, have an SSN, maintain a consistent business address, hold a DUNS number, a business license, a business bank account, a business-specific phone number, and a listing in 411. If WEX expresses interest, they’ll request your personal credit information. Businesses operating less than a year can opt for a $500 deposit over a personal guarantee. WEX offers Net 15 terms for their Fleet Card, Net 26 terms, and revolving terms for their Flex Card. Apply online at wexinc.com

Business credit largely hinges on your payment history. Thus, both forms of business credit can boost your business credit scores. Fleet credit can help your business secure funding, like loans and other financing options.

Big banks turn down more than 89% of business applications. High-risk industries face stricter underwriting standards. While securing loans from traditional lenders can be challenging, alternative lenders often present the best solution. Here are some top funding choices.

You can obtain equipment finance for commercial truck leasing and financing with national aid. Loans in the amount of $150,000 are eligible. Six months of TIB is needed, as well as a vendor quote for equipment and a personal credit score of at least 575. Apply online at www.nationalfunding.com/industries/loans/trucking-business. Leasing is another choice for auto repair financing. Six months of TIB is needed, as well as a vendor quote for equipment and a personal credit score of at least 620. Apply online at nationalfunding.com/industries/leasing-financing/automotive-repair-equipment.

Crossroads Equipment offers financing for freight equipment. They grant loans up to $750,000. They don’t consider poor credit a hindrance and can approve loans as quickly as 24 hours. Apply online at https://crlease.com/.

Credit Line Hybrid

“If you possess good personal credit, consider a hybrid credit line. This option can provide up to $150,000 in funding for new businesses. To qualify, you need a personal credit score above 685. Having no liens, judgments, bankruptcies, or late payments would be best. Additionally, you should have made five or fewer credit inquiries in the past six months and maintain a balance below 45% on all business and personal credit cards. It’s also worth noting that acquiring a shelf company can be a strategic step in further solidifying your business profile. Ideally, you should have established both personal and business credit. For more details on hybrid credit lines, visit creditsuite.com/business-loans.