Sponsored by BeefSpotter
BeefSpotter

IS FACTORING LOADS A GOOD IDEA?
Posted Mon, May 10 2010 12:38 AM CST
DONALD GALICIA
Posts: 6
I am just starting out with one truck and can't wait for two or three week to get paid on load. There are a few expenses I have to pay weekly. I checked into it and I am aware of the fees for factoring. I appreciate any advice. Thanks. REPLY REPLY WITH QUOTE
Posted Mon, May 10 2010 02:22 AM CST
SEAN N
Posts: 21

I think if you could use one to just get ahead, then it might not be bad.  I think though that once they got you hooked, you would have a hard time weaning yourself from them, unless you are disiplined enough to save some of that money. 

I would be more inclined to let the shipper, or broker, keep a small percentage to pay either in one week, 24 hrs., or even cod until you had enough capital to wait two weeks to a month.  I wish they would all pay at delivery, or within a day, or even a week.  Last I checked we have to pay for fuel, tires, repairs, and almost everything right on the spot.  Why can't they?

REPLY REPLY WITH QUOTE
Posted Tue, May 11 2010 01:47 AM CST
ROBERT MCHARGUE
MCHARGUE RANCH
GRANGEVILLE, ID
208-507-0417

Posts: 4

boy aint that the truth

REPLY REPLY WITH QUOTE
Posted Tue, Jun 08 2010 04:45 AM CST
NEIL SUTHERLAND
Posts: 8

well if you have to be paid that fast u have to haul for the ones that pay quick if not u need fuel,tires,and repairs on 30day basis thats the way i do it and the loads we haul pay much better usally 40 to 50 cents a mile more bin in your situation years ago and its tough so good luck

REPLY REPLY WITH QUOTE
Posted Tue, Jun 22 2010 08:06 AM CST
JEREMY WANGLER
Posts: 7

If you use a factoring company, you cannot pick and choose which  invoices to factor.  You can however, pick which companies you want to factor.  If necessary you may factor a few companies to be able to run until you can get caught up.  I have used a factoring company in the past and the fees actually add up VERY quickly.  I would check first and see if there is any way around using one.  Good luck to you.

REPLY REPLY WITH QUOTE
Posted Sat, Jun 26 2010 01:28 AM CST
GREG PREUSSNER
Posts: 5

NO. Just fiqure out the intrest rate you would be paying. It would be better to secure a variable business loan. With this if you will be alittle short you can advance the amount you need untill you receive payments on your loads. than pay it back.

REPLY REPLY WITH QUOTE
Posted Fri, Jul 02 2010 10:12 AM CST
BOBO BOBO
Posts: 10

if you needthe money right away then go for it

 

REPLY REPLY WITH QUOTE