freight check??

Discussion in 'Ask An Owner Operator' started by Driver's Line, Dec 25, 2008.

  1. Driver's Line

    Driver's Line Bobtail Member

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    Nov 25, 2008
    Albuquerque, NM
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    Happy holidays!!!!! Hey drivers any comments on freight check system, is it worth it, and how do they work? thank you all and always be safe.
     
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  3. Mr Win Big

    Mr Win Big Light Load Member

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    Nov 20, 2007
    DFW Texas
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  4. Driver's Line

    Driver's Line Bobtail Member

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    Nov 25, 2008
    Albuquerque, NM
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    Well I was wondering if getting there service will help to get cash for freight bills faster and safer, thats why I was trying to get advice on this before I do any move on this. thanks
     
  5. Mr Win Big

    Mr Win Big Light Load Member

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    Nov 20, 2007
    DFW Texas
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    Freight Check is a good company, i have been using them for about a year. They charge 7.9 % of the gross, but its same day funding and non recourse on the money they give you, thats my favorite part. I always advance 50% of my loads from the brokers so i only factor 50% which in essence takes my factoring rate down to 3.9%. They have a small staff which are always very helpful.

    Yes, you lose money back factoring but you have to look at time / money ratios. For me, 96% today is better than 100% 30 days from now. Some companies offer Quick Pay which will charge less of a percentage so look into that also. Once you stack up a bank roll, you can afford to float your fuel and payroll for a month or so, but if you are low on cash starting out, factoring is a good way to keep the cash flow flowing if you know what i mean,

    See you at the top!
    Win Big
     
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  6. Waterloo

    Waterloo Medium Load Member

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    Nov 16, 2008
    Grass Lake, MI
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    Try Apex, and check out their fuel card, up to .50 off a gallon at the big boys.

    Mike
     
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  7. twinturbotrans

    twinturbotrans Light Load Member

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    Feb 20, 2008
    NW
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    8% for factoring cost?? sounds like a rip off to me...Id say any factoring company is useless if u have a fleet of 10 or less trucks...besides if your credit score is good you could probably get a loan through your bank at 0% as long as you pay it off in 30days and just keep turning profit...if i loose 8% to factoring id be outta business for sure!
     
  8. harbin

    harbin Light Load Member

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    Jan 11, 2008
    bear, de
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    i used freight capitol, i believe it was only between 1-2%
     
  9. Mr Win Big

    Mr Win Big Light Load Member

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    Nov 20, 2007
    DFW Texas
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    for me it comes out to 3.9 percent so it isnt the end of the world. They provide alot of benefits for it so its worth it to me right now. Once i get the captial built up, i can float my own invoices but till then, gotta do what i gotta do to keep the wheels rolling, know what i mean vern!
     
  10. Waterloo

    Waterloo Medium Load Member

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    Nov 16, 2008
    Grass Lake, MI
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    That is just too much, 8%. I factored with Apex, and negotiated my rate to 3.6%. Well worth it in my book, seeing as most of my paper was avg. 50 days to pay. The quick pay stuff I billed normally, like CH Robinson.

    Mike
     
  11. 1pissedoffdriver

    1pissedoffdriver Account Retired at members request

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    Oct 3, 2008
    KC/NY
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    Waterloo ,I HOPE YOU HAVE YOUR D.O.T. APPROVED JOCK STRAP ON FOR THE DAY....
     
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