Factoring companies: which are good? What to look out for?

Discussion in 'Ask An Owner Operator' started by last load, Apr 10, 2013.

  1. last load

    last load Bobtail Member

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    Jan 28, 2013
    sheridan,il
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    which factoring company is a good one and what do you need to look at about them.thanks a new o/o flatbeder.
     
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  3. cdub304

    cdub304 Light Load Member

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    Dec 7, 2009
    Rockford,IL
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    i used d&s factors they charge a flat 5%....i have used them off and on for like 2 years.......only had one problem with them so far........btw now they charge for release letters and it use to be free....they charge like 20 bucks........u need to look out how much they charge to factor, how do you get the docs to them, if they are non recourse or not, how much do they charge to pay, factor minimums, and if you have to factor everyone......those are just some starters im sure others can add on.....i see that you are new to the site so i would suggest you do a search for factoring companies on the site......im sure you will get more info like that than posing this questions because it has been discussed numerous times already.....good luck
     
  4. last load

    last load Bobtail Member

    26
    3
    Jan 28, 2013
    sheridan,il
    0
    thank you I did a search for factoring companies,nothing popped up. I read some things on here a while back.just cant remember which place.thanks again.
     
  5. ironpony

    ironpony Road Train Member

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    Sep 23, 2007
    Ask my GPS...
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    Awfully dang expensive money.
     
  6. last load

    last load Bobtail Member

    26
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    Jan 28, 2013
    sheridan,il
    0
    I don't want to factor every thing just some for a little cash flow,10k don't buy a lot of fuel now days.
     
  7. ironpony

    ironpony Road Train Member

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    If your credit can withstand it, you'd get a better interest rate on a revolving line of credit at a bank.
     
    aiwiron Thanks this.
  8. aiwiron

    aiwiron Road Train Member

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    Aug 24, 2011
    Sunny Tampa Florida
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    Why sell it?

    Sign up with a 3PL that has quick pay and advances cash, less money out of pocket and one thing about factoring companies, if they cannot collect they come after you still.
     
    BigBadBill Thanks this.
  9. saddleup

    saddleup Light Load Member

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    Sep 30, 2011
    magnolia, ky
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    we use TBS out of Ok we really like them
     
  10. starsonwindow

    starsonwindow Medium Load Member

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    Feb 2, 2012
    Phoenix, Arizona
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    Nice, GREAT Information. Thanks.
     
  11. Truckerdude007

    Truckerdude007 Bobtail Member

    10
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    Mar 2, 2013
    North America
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    I wouldn't use factoring at all because they all lie AND STAY WAY FROM FINANCIAL CARRIER SERVICES very bad news they out north Carolina
     
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