While all businesses will have different needs, overall, having the best fuel card for trucking businesses is essential. Fuel cards link you to a massive network of fuelling stations, and a stellar average discount rate, which serves fleets of all sizes, making it an excellent choice for any fleet. However, having no credit score doesn’t mean you can’t get a fuel card, especially for new companies. Although there could be a couple of hurdles to jump over, you can get your fuel card with the proper steps. With an essential guide to help you find the right no-credit-check fuel for truckers, keep reading to understand how advanced purchasing can help you.
Fuel cards work like credit cards, but with the sole purpose of buying fuel— it advances you a line of credit for all your company’s business fuel. But for new companies with no credit rating, there’s nothing to worry about since the company does not have a record of paying your invoices on time, which could take up to 18 months before you have to produce your first set of accounts. In such cases, Fuel cards with a refundable deposit are one of the practical solutions to keep your drivers refilling.
Fuel cards with a refundable deposit
Fuel card supplier offers you a chance to open this fuel card account in an event when you’ve applied for fuel cards for your business, but your business has no credit record and is to make a refundable deposit. The best thing about this card is that it allows you to work your way back to improving your company’s standing with your fuel card provider.
How do fuel cards with a refundable deposit work?
When you apply for fuel cards with a refundable deposit, you’ll be asked how much fuel your company buys each week as the card provider works out your weekly fuel spend. If you don’t have a credit rating, you’ll be asked to make a refundable deposit between 20% and 100% of your usual fuel spending. With the promise made, the provider will let you buy your fuel on credit to allow your drivers to use their fuel cards usually.
When does your deposit get refunded?
After making the refundable deposit, there are conditions with the fuel provider you must fill out before refunding all or part of the deposit. It assumes no changes in your overall circumstances when your account is reviewed, which means your account should have maintained a “clean trade history” period.
Advantages of using fuel card with a refundable deposit
- You can see where the money is going in real time, which helps you to analyze your cash flows.
- It allows you to work towards a credit line and therefore have the opportunity to improve your credit rating.
- It may provide less up-front cash than you would with an advance purchase fuel card, which varies on the percentage deposit you made
Since you can reap a lot of potential cost savings from owner-operators by adding fuel cards and their built-in tools to their financial plans, you don’t have to stress a lot if you tend to have no credit history. It’s pretty simple; you must apply for fuel cards with a refundable deposit. No credit checks fuel cards for truckers performed mean ‘know your business. It’s used to tell whether or not you are a registered company.