Factoring/New Authority

Theres factoring vultures out there.

I held out until i hooked up with Loves.

Simple & to the point.

No regrets so far.

 

If your starting out and you need to factor your pay.
(Generic statement to follow)

Just maybe you started a little early.
Your bank roll could have been a bit bigger.
Factoring and quick pay cost a lot of money.
I wish all you truck owners the best of luck.

 

I really don't understand how anybody thinks giving up 5% of your check to have your money a week or two sooner makes sense, that 5% could be the easiest money you made hell I'd let them hang onto it an extra week if they'd send 5% more.

 

I do have another truck leased onto a carrier and working, both trucks are 2011 and paid cash for them. I own a flatbed too. I don’t have mortgage or car payment. I have money in the bank to run for a while plus the money that the other truck is making. I am just asking for advice from anybodys personal experience, I know it doesn’t make much sense to factor if you can wait but not everybody is in that position; I am right now but that can change in a heartbeat. Now, I am pretty confident that I will be ok, but what if......... I am trying to see what options are out there in order to be informed in case a have a major breakdown or god forbid a major accident and I need money fast.

I appreciate everyone’s insight as I believe one can never know too much in this business, the voice of the experienced is very valuable to me.

 

Own a property? Get line of credit against it and use that if needed. Never factor your receivables.

 

More like never risk your house for a business, especially a new business.

 

I agree.

 

Not sure how it would be risking your house if your paid for trucks can be sold for more than the immediate cash need, should it get to that.

Or did you miss the "if needed" part ?

 

Well, if the truck breaks down it won’t be worth much, so I couldn’t count on that... If it gets to that I guess I have bigger problems than finding factoring

 

So, I read i this thread that she me poeple send the broker along with the required documents the payment terms. 30 days, add 5% every 30 days after that. Is that make a difference? Anybody had to file against a brokers bond?