BUILD FLEET CREDIT AS PART OF YOUR BUSINESS CREDIT
Request a list of shelf corporations here or call 307.237.2580
BUILD FLEET BUSINESS CREDIT FOR YOUR TRUCKING OR TRANSPORTAION BUSINESS
Business Credit
Business credit
Business credit is built on the name of a company.
personal credit
It has no connection to an owner's personal credit when designed correctly.
Types of Business Credit
Business credit can be classified into three types:
Vendor Credit
- You can get vendor credit even if you have not established any other business credit.
- Vendor credit is often given on a net 30 basis.
Store Credit
- Store credit is available on a revolving basis, which may necessitate some time in business.
- Most big retailers have store credit.
Cash credit
- Cash Credit is widely available from service providers such as Visa, MasterCard, and American Express.
- Cash credit is more difficult to obtain and can necessitate more time in the company and more paperwork before certification.
Fleet Credit
- Fleet credit has many similarities with vendor and store credit.
- Terms can be either net 30 or revolving.
- Fleet credit is used to buy fuel, repair, and maintain vehicles of any type.
Fleet Credit Vehicles
- Taxis, trucks, buses, and company cars are examples of vehicles that a company may need to manage.
- These vehicles may be used for logistics as well as transportation of goods and passengers.
Typical High-Risk Industries
- While any enterprise may use cars, certain companies depend entirely on them to provide their services.
- SIC (Standard Industrial Classification) and NAICS (North American Industry Classification System) standards are used to classify risk.
- High-risk businesses typically have several aspects in common.
- There may be a high chance of injuries on the job, or an industry may deal with a lot of cash.
- This is so regardless of a company's protection and transaction history.
- Trucking and many other vehicle-intensive sectors are classified as high-risk industries.
NAICS Codes for Vehicle-Based Businesses
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Trucking is considered a high-risk industry:
referenceforbusiness.com/ industries/Transportation- Communications- Utilities/ Trucking-Except-Local. html -
So is local transportation:
referenceforbusiness.com /industries/Transportation -Communications-Utilities /Local-Passenger -Transportation- Elsewhere-Classified. html -
And so are taxicabs:
https://www.referenceforbusiness.com /industries/Transportation -Communications-Utilities /Taxicabs.html
The Benefits of Business Gas Cards
- Small business credit is not affected by the economy.
- However, you should be mindful that some of the conditions should change as the situation progresses.
- Often search the connections directly to ensure that you are using the most up-to-date material directly from the source.
- According to the SBA, business card thresholds are very high.
- They are 10-100 times more expensive than personal credit cards.
- With small business credit, you can get a lot of money.
- Therefore, you would not be required to have equity, cash flow, or financials to obtain business credit.
- Company Credit Builder is brimming with fantastic business credit cards, including petrol cards.
- Gas cards are included as starter vendors. It is beneficial to use these cards if you are new to business credit building or have been doing so for a long time.
Marathon
- Marathon Petroleum Company is a company that sells automotive fuels, asphalt, and niche goods throughout the United States.
- Their extensive product portfolio is used to finance manufacturing, agricultural, and retail activities.
- This card provides information to Dun & Bradstreet, Experian, and Equifax.
- Before applying for several accounts with WEX Fleet Cards, allow ample time between applications so that the account is not flagged as fraudulent.
- Qualifications:
- Agency is in good faith with the Secretary of State
- EIN with the IRS
- SSN
- Business address matches everywhere
- DUNS number
- Business license
- Business bank account
- Business phone number
- 411 listing.
- Marathon will forward your personal credit records to their credit department if they are interested.
- If you have been in business for less than a year, you can use a $500 deposit instead of a personal pledge.
- Marathon has net 15 terms available.
- Apply online at marathonbrand.com
76
- 76 is owned by Phillips 6 Company.
- They have over 1800 gas station locations across the United States.
- This card provides information to Dun & Bradstreet, Experian, and Equifax.
- This card is valid at any p66, 76, or Conoco gas station.
- Qualifications:
- Agency is in good faith with the Secretary of State
- EIN with the IRS
- SSN
- Business address matches everywhere
- DUNS number
- Business license
- Business bank account
- Business phone number
- 411 listing.
- If they are interested, 76 will submit your personal credit details to their credit department.
- If you have been in company for less than a year, you can use a $500 deposit instead of a personal pledge.
- 76 offers net 15 terms.
- Apply online at 76fleet.com.
WEX Fleet Card
- Wrights Express (WEX Card) has universal fleet cards, heavy truck cards, and enterprise fleet cards that are widely accepted.
- These cards have features that benefit small companies, such as a loyalty scheme.
- Until applying for several WEX Fleet Cards accounts, make sure you have ample time between applications.
- This way, they won't tag your account as fraudulent.
- This card provides information to Dun & Bradstreet, Experian, and Equifax.
- Qualifications:
- Agency is in good faith with the Secretary of State
- EIN with the IRS
- SSN
- Business address matches everywhere
- DUNS number
- Business license
- Business bank account
- Business phone number
- 411 listing.
- If they are interested, 76 will submit your personal credit details to their credit department.
- If you have been in company for less than a year, you can use a $500 deposit instead of a personal pledge.
- Net 15 (WEX Fleet Card), Net 26, and rotating terms are available (WEX Flex Card).
- Apply online at wexinc.com/solutions/fleet-management.
Fleet Credit Can Help With More Than Fuel and Maintenance
- Since business credit is mostly dependent on your payment background, both types of business credit will help you create positive business credit scores.
- As a result, fleet credit will assist the company in obtaining finance, such as loans and other types of financing.
Conventional Banks are Not the Best Place to Fund High-Risk Industries
- Big banks reject over 89 percent of company applications.
- Underwriting requirements for high-risk sectors are more stringent.
- It is possible to obtain loans from traditional lenders, although it is difficult.
- Alternative lenders are often your best option.
National Funding
- With national aid, you can obtain equipment finance for commercial truck leasing and financing.
- 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.
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Apply online at
nationalfunding.com/ industries/leasing -financing/automotive -repair-equipment.
Kabbage
- Truckers can apply for loans via Kabbage.
- Loans of up to $250,000 are eligible.
- One year or more of TIB and more than $50,000 in annual sales are needed.
- Apply online at www.kabbage.com/truck-driver-loans.
Crossroads Equipment Lease & Finance, LLC
- Crossroads Equipment provides funding for freight equipment.
- Loans of up to $750,000 are eligible.
- Poor credit is not an issue.
- Approval can be obtained in as little as 24 hours.
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Apply online at
https://crlease.com/transportation-equipment-financing.
Fundbox
- You can get a company line of credit from Fundbox.
- Loans of up to $100,000 are available.
- There is no requirement for a personal credit score.
- You must use online accounting software that is capable of connecting to Fundbox.
- For more information, visit creditsuite.com/fundbox and https://fundbox.com/truck-loans.
Credit Line Hybrid
- If you have decent personal credit, a hybrid credit line might be the ideal option for you.
- If your company is new, you will receive up to $150,000 in funding.
- To be eligible, your personal credit score must be greater than 685.
- Liens, convictions, bankruptcies, or late fees are not permitted.
- You should have had five or fewer credit requests in the last six months, and you should have less than a 45 percent balance on both business and personal credit cards.
- It is preferable if you have developed both business and personal credit.
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For more information, visit
creditsuite.com/business-loans.
Recap
- Business credit is credit given in the name of a company.
- Businesses use fleet credit to purchase diesel as well as repair and operate a range of cars.
- Fleet credit will assist you in establishing company credit and qualifying for loans and other sources of financing.
- Alternative loans are one way, but if you already have good personal credit, Credit Suite's Credit Line Hybrid is a safer choice.
