PRIMERA, INC.

BUILD FLEET BUSINESS CREDIT FOR YOUR TRUCKING OR TRANSPORTAION BUSINESS

Business Credit

Business credit is built under the name of the company and its EIN. It has no connection to an owner’s personal credit when developed correctly. If you are in trucking or transport business then it’s vital to build fleet business credit.

Types of Business Credit

Business credit can be classified into three types. 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. On the other hand, store credit is available on a revolving basis, which may necessitate some time in business. Most big retailers have store 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.

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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

Trucking, transportation and taxicabs are considered a high-risk industries.
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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 extremely 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.

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

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.

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. To be qualified, you must have an agency in good faith with the Secretary of State, an EIN with the IRS, an SSN, a business address that matches everywhere, a DUNS number, a business license, a business bank account, a business phone number, and a 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
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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. To apply, you must have an agency in good faith with the Secretary of State, an EIN with the IRS, an SSN, a business address that matches everywhere, a DUNS number, a business license, a business bank account, a business phone number, and a 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. To apply, you must have an agency in good faith with the Secretary of State, an EIN with the IRS, an SSN, a business address that matches everywhere, a DUNS number, a business license, a business bank account, a business phone number, and a 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

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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. Here are some excellent funding options.

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. Apply online at nationalfunding.com/industries/leasing-financing/automotive-repair-equipment.
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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. Apply online at https://crlease.com/.

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. For more information, visit creditsuite.com/business-loans

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