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.
freight check??
Discussion in 'Ask An Owner Operator' started by Driver's Line, Dec 25, 2008.
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Are you referring to the factoring company Freight Check?
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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
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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 BigDriver's Line and panhandlepat Thank this. -
Try Apex, and check out their fuel card, up to .50 off a gallon at the big boys.
MikeDriver's Line Thanks this. -
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i used freight capitol, i believe it was only between 1-2%
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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!
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Mike -
Waterloo ,I HOPE YOU HAVE YOUR D.O.T. APPROVED JOCK STRAP ON FOR THE DAY....
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