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Presto! Turn Your Commercial Fleet into a Turo Fleet

September 28, 2021
Turo Credit Suite

Is it Magic? No, it’s Turo!

One of the inevitable side effects of having a fleet of vehicles is they do nothing for you if they’re idle. In fact, you lose money on them, as you need to pay for parking. Plus, of course, they’re depreciating every single day. Turo is a company that can help you turn idle vehicles into cash cows – no magic wand necessary.

But first, you need to get the vehicles – and here’s how you do ALL that.

Building Your Commercial Fleet While You Build Your Business and Its Credit

Your business doesn’t start off with good business credit already built. In much the same way, you probably didn’t start with any vehicles. Or, at least, not with business vehicles you wanted to keep. And even if you bought your business fully created, you can still build it to greater heights. For all three goals, it pays to work in an orderly fashion. Step by step, it all works together.

Building business credit means getting vendor accounts. Starting with vendor credit accounts is a proven way to start building business credit. But we don’t include vendors just because they report to the business CRAs. We include them because they have quality products you can use, and great customer service. They are more than a means to an end!

Building Business Credit the Right Way with Vendor Credit Cards

Vendor credit cards will kick off business credit building for your business. Once you’ve added payment experiences from three vendors, and they have sent reports to business CRAs like Dun & Bradstreet, you can start qualifying for fleet credit. Make sure business credit cards don’t report on your personal credit.

Every step and every credit provider is designed to help your business. It’s meant to help you qualify for business credit cards you will actually use. This isn’t building for the sake of building, and it isn’t just to increase a number. These credit providers are going to have what your business needs to succeed.

Business Credit

Keep in mind, business credit is independent of personal. Applying for it often won’t harm your personal credit scores, although it can if you offer a PG and then fail to pay. An inquiry will also impact personal credit. Too many inquires can hurt your ability to get an approval. Building this asset can only help your business. You can help your future business right now.

Vendor Credit Benefits

You need 3 or more vendor accounts reporting to move onto more credit with higher limits and better terms.  More reporting accounts are even better. It will take 30 – 90 days for those accounts to report—about 60 days on average. Do NOT apply for tier 2 credit without having 3 or more accounts first.

Get Credit Line Hybrid Financing from Credit Suite

Get Credit Line Hybrid Financing from Credit Suite

Building Business Credit – Using Business Credit Vendors

Check out three of our favorite starter vendors:

  • Wex Fleet
  • Marathon
  • 76

All three come from Wex.

Wex Fleet

They report to Experian and D&B. They offer universal fleet cards, heavy truck cards, and universally accepted business fleet cards. Their cards have features supporting a small business. This includes a rewards program. Before applying for several accounts with WEX Fleet cards, leave enough time between applying so they don’t red flag your account for fraud.

If you don’t get an approval based on business credit history, or been in business for at least a year, then a $500 deposit is necessary or a PG. Apply online or over the phone. Terms:  Net 15 (Wex Fleet Card), Net 22, or revolving (Wex FlexCard).
To qualify, you need:

  • A Fundability Foundation™
  • Business phone number with a listing on 411


marathon petroleum company Credit Suite Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the US. Their product line supports commercial, industrial, and retail operations. This card reports to Dun & Bradstreet and Experian.

Remember: before applying for several accounts with WEX Fleet cards, leave enough time between applying so they don’t red-flag your account for fraud.

To qualify, you need:

  • A Fundability Foundation
  • Business phone number with a listing on 411

Your SSN is necessary for informational purposes. If concerned they will pull your personal credit talk to their credit department before applying. You can provide a $500 deposit instead of using a PG if you’ve been in business less than a year. Apply online or over the phone. Terms are Net 15.


Phillips 66 Company owns 76. It has more than 1,800 retail fuel sites in the United States. This card reports to: D&B and Experian. Keep in mind: before applying for several accounts with WEX Fleet cards. make sure to leave enough time between applying so they don’t red flag your account for fraud.

To qualify, you need the following:

  • A Fundability Foundation
  • Business phone number with a listing on 411

Your SSN is necessary for informational purposes. If concerned they will pull your personal credit talk to their credit department before applying. You can give a $500 deposit instead of using a personal guarantee.  if you’ve been in business less than a year. Apply online or over the phone. Terms are Net 15. You can used this card at any P66, 76, or Conoco fueling location. Let’s move onto fleet credit.

Get Credit Line Hybrid Financing from Credit Suite

Get Credit Line Hybrid Financing from Credit Suite

Fleet Credit

Fleet credit comes after starter vendors. It comes from places like Gulf and Exxon. You use it to:

  • Buy fuel
  • Maintain vehicles of all sorts
  • Repair vehicles

Even businesses which don’t have big fleets can still benefit. These are usually gas credit cards.

You may need to have a minimal time in business. If your business doesn’t have enough time in business, you may be able to instead offer a personal guarantee or give a deposit to secure the credit. Now that you’ve got a bunch of cards to support your fleet, it’s time to look at vehicle financing to buy the fleet!

Vehicle Financing

Chances are you didn’t buy personal vehicles outright. In the same way, financing is a great way to get a vehicle now, without having to wait until you can pay cash and drive it off the lot. With a fleet car, your choices are usually buying or leasing. Providers include banks like Bank of America or the financing arm of the manufacturer, like Chrysler Capital.

Using Business Credit for Vehicle Financing

Finance a Vehicle or Lease Credit SuiteYou can even finance a vehicle purchase or lease through our Business Credit Builder. These offers are in Tier 4. So they have certain requirements that business credit neophytes won’t be able to meet. Lenders will want to see you have the income to support the purchase.

Consider Ford Commercial Vehicle Financing.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial vehicle financing options. These include loans, lines, and leases to actual business entities. This is not for sole proprietorships. You can get a loan or a lease.

Ford may ask for a personal guarantee if you do not get an approval on the merit of your application. Apply at the dealership. Ford will report to D&B, Experian, and Equifax.

To qualify, you need:

  • A Fundability Foundation™
  • Strong business credit history
  • Must have a good Experian business credit score

Ally Car Financing Through Credit Suite

Ally provides personal financing. But they will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only. Ally will report to D&B, Experian, and Equifax.

Ally Car Financing: Ally Commercial Line of Credit

To qualify, you need:

  • A Fundability Foundation
  • Bank reference
  • Fleet financing references

If you use a PG, Ally will not report to the personal credit bureaus unless the account defaults.

Ally Car Financing: Ally Commercial Vehicle Financing

Get a lease or a loan. To qualify, you need the same things as you need for an Ally Commercial Line of Credit. This is except for a bank reference and fleet financing references. There is no time in business requirement. Apply in person only. The dealer will say if you get approval or must provide a PG. Now that you’ve got the cars and the cards, let’s explore Turo.

Get Credit Line Hybrid Financing from Credit Suite

Get Credit Line Hybrid Financing from Credit Suite

What’s Turo, Anyway?

Turo is a peer-to-peer car sharing marketplace. You can book any car you want, wherever you want it, from a community of trusted hosts across the US, Canada, and the UK. Guests choose from a unique selection of nearby cars. Hosts earn extra cash to offset the costs of car ownership.

How Do Turo, Business Credit, and Business Ownership Work Together?

There are going to be times when some of the vehicles your fleet aren’t in use. This could happen if there’s a personnel change, or if an employee with an older vehicle gets an upgrade to a newer one. This could be a perk accompanying a promotion. Or an employee with a vehicle could be out for parental leave. But no matter how or why any vehicles are idle. you can be making money from them.

Turning the Idle Vehicles in Your Fleet into Moneymakers

Turo says you can make an average of $620 per month per vehicle. This comes from 2019 stats for hosts with twelve or more trips and “at least average quality metrics”. You can set your own price and availability dates. Make 70% of the price, or 80% if you can prove you have your own insurance and waive Turo’s coverage.

Turo offers an array of coverage options with different percentages and deductibles. So you can choose what appeals most to you. Liability insurance comes from a policy issued to Turo by Liberty Surplus Insurance Corporation. They’re a member of the Liberty Mutual Group.

Bringing Out the Best in Your Vehicles to Make the Most Money

There are ways to make more money and get your vehicle out there to more riders, more often. Turo offers tips on taking better photographs of your car and listing your car’s options.  as riders may be searching for things like all-wheel drive or air conditioning, etc.

Working with Turo

Turo will provide guidance on how to write better descriptions,  and otherwise make a vehicle more appealing to riders. There is even a section on writing a business plan. Also – earnings go through Turo so you will get a 1099. And even making a few hundred per month per vehicle is a VAST improvement over letting a vehicle idle while you pay for parking and it depreciates!

To end, let’s touch on personal guarantees for financing.

Vehicle Financing

With commercial vehicle financing, business owners may need to personally guarantee vehicle loans.  If you are a co-borrower the loan will most likely report to your personal credit report. Starting off by giving a personal guarantee means you can get money, and start building your commercial fleet now instead of later.

PG (Personal Guarantee) Financing

According to Investopedia, a personal guarantee is:

“an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance. Personal guarantees provide an extra level of protection to credit issuers who want to make sure they will be repaid.”

When you provide a PG, you are adding your Social Security number to the application. You should expect a hard inquiry. You’re also adding the details of your personal income to the application.

No PG Financing

With no PG financing, you can get higher limits and better terms. Continue to build exceptional business credit and pay your bills on time. In general, the following you won’t need to provide a personal guarantee for this type of financing if you have:

  • good business credit
  • a decent amount of time in business or
  • good personal credit

Much like with any other kind of business borrowing, the more assurances you can give the lender, the better.

Turo, Business Credit, and Growing Your Business: Takeaways

Use business credit to buy everything you need to run a fleet, from fuel to service. And use auto financing to buy the vehicles. Plus, you can make money with the idle vehicles in your fleet! Turn your fleet into a regular, reliable moneymaker – without having to pull any rabbits out of your hat. Let’s get together and talk about getting started.

About the author 

Janet Gershen-Siegel

Janet Gershen-Siegel is the Head Finance Writer and Content Manager at Credit Suite. She has been admitted to practice law for over 30 years, with a focus on litigation, and is a published author, with writing credits at Entrepreneur, FedSmith.com and BusinessingMag.com.

She has a BA in Philosophy from Boston University, a JD from the Delaware Law School of Widener University, and a MS in Interactive Media (Social Media) from Quinnipiac University.

She regularly writes for Credit Suite, which helps businesses improve Fundability™, build credit, and get approved for loans and credit lines.

Her specialties: business credit, business credit cards, business funding, crowdfunding, and law

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