Can a lease purchase be utilized to establish business credit?

Discussion in 'Lease Purchase Trucking Forum' started by MOEcAAsh trucker, Feb 1, 2021.

  1. MOEcAAsh trucker

    MOEcAAsh trucker Bobtail Member

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    Can a lease purchase be utilized to establish business credit?
     
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  3. roadgoddess

    roadgoddess Light Load Member

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    I don't know of any lease purchase that reports to any credit agencies.
     
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  4. MysticHZ

    MysticHZ Road Train Member

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    Not generally ... But he can put other expenses in the business name ... Such as phone. Get a fuel card under the business name. Line of credit from a bank. Credit card ... etc.
     
  5. roadgoddess

    roadgoddess Light Load Member

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    Yep. I got a NAPA auto parts account in my business name to buy my filters. Helps the business credit.
     
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  6. Bossladyflatbed

    Bossladyflatbed Bobtail Member

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    What is the difference when you apply for a business line of credit somewhere? Do you need anything special to do that? Do we first need to be an llc? TY
     
  7. Pepper24

    Pepper24 Road Train Member

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    There are several things you need for true business credit.Nobody here is given you true information.Buying filters at a store or fuel what there doing is using a credit card which probably has there business name on it but there personal information is tied to it.To get true business credit (1) Your business has to have an address that can receive delivery’s that’s not your home.(2) A place your business can be researched like a web address.(3)A business phone that 411 has information on.These are just the first 3 you also need a structured business president or co safety manager more then just one person making al decisions they look at.A lease purchase driver will never get true business credit your name will always be linked to any loans you get.
     
  8. roadgoddess

    roadgoddess Light Load Member

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    The smart thing is just to Google "how to establish business credit."
     
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  9. Oakland Raiders Forever

    Oakland Raiders Forever Medium Load Member

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  10. visionarygvp

    visionarygvp Bobtail Member

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    You seem to possibly know the answer to my question.

    I decided to continue working as a company driver to keep saving my money to purchase a truck vs. leasing one. Although it could have possibly assisted in building my business credit, it just wasn’t financially conducive to what I’m attempting to do.

    Eventually I want to purchase my own truck but lease it to a carrier and run for them as a O/O.

    With that said, my question is this. Can I establish business credit by getting things in my LLC name and then use my LLC name to purchase my truck when the time comes?
     
  11. Pepper24

    Pepper24 Road Train Member

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    Nope not with out your credit history being involved why is your focus seem to be on business credit anyway?
     
    Last edited: Feb 18, 2021
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