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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: 20

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?

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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

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Posted Tue, Jun 08 2010 04:45 AM CST
NEIL
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

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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.

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Posted Sat, Jun 26 2010 01:28 AM CST
GREG PREUSSNER
Posts: 4

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.

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

if you needthe money right away then go for it

 

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