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operating capital

Discussion in 'Ask An Owner Operator' started by tonher, Mar 29, 2011.

Page 1 of 2
  1. Mar 29, 2011 #1
    tonher

    tonher Bobtail Member

    38
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    Jul 30, 2008
    Phoenix, AZ
    0
    Hi all,
    Hope someone can help me with my question.
    I'm a new independent trucker with own authority, I have spent most of my money in purchasing equipment(tractor and trailer) and getting set up with all required paperwork, permits, insurance etc. I'm now ready to start hauling but I'm low on cash. I cannot wait for the 20 or 30 days it takes to get paid after you deliver a load.
    Can anyone give me advise on how I can get paid quick after I deliver a load so I have money to keep operating my small 1 truck company.

    I heard there are load that have quick pay options?

    Also I have heard about factoring but some people told me that this is not good?
    Also thinking is using load boards to get started, can someone tell me wich load boards are the most popular or better?

    Please any advise or recomendations will be deeple appreciated.
    thank you in advance for any advise.
     
    tonher, Mar 29, 2011
    tonher, Mar 29, 2011
    #1
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  3. Mar 29, 2011 #2
    REDD

    REDD The Legend

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    Jun 29, 2009
    Dueling Banjoville
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    Haven't you heard of factoring?
     
    REDD, Mar 29, 2011
    REDD, Mar 29, 2011
    #2
  4. Mar 29, 2011 #3
    Bigray

    Bigray Road Train Member

    1,135
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    Nov 23, 2007
    Tampa, Florida
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    you can haul for some of the larger brokers and take the quick pay option.
     
    Bigray, Mar 29, 2011
    Bigray, Mar 29, 2011
    #3
  5. Mar 29, 2011 #4
    rickybobby

    rickybobby Road Train Member

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    greensboro, nc
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    I would factor at this point.. No matter what people tell you, factoring is not that bad. Its a start, you dont have to factor all bills. It will get you going for a while. I got my own authority 8/10 and i am still in the game. lol
     
    rickybobby, Mar 29, 2011
    rickybobby, Mar 29, 2011
    #4
    1989 Pete Thanks this.
  7. Mar 29, 2011 #5
    Big John

    Big John Road Train Member

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    Oct 7, 2006
    Oklahoma
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    This is just amazing!
     
    Big John, Mar 29, 2011
    Big John, Mar 29, 2011
    #5
    SL3406 Thanks this.
  8. Mar 29, 2011 #6
    WMGUY

    WMGUY Road Train Member

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    Jan 1, 2011
    Nine Mile Falls, WA
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    it sounds like someone didn't do enough homework here...:biggrin_2554:

    you can factor the loads and get paid faster. if you are using brokers you can get advances on the loads and or take one of the quick pay options as this will cost you some money on the load but i guess you do what you have to do.. umm i

    i don't want to say hopeless but really now not enough homework done:biggrin_25524:
     
    WMGUY, Mar 29, 2011
    WMGUY, Mar 29, 2011
    #6
  9. Mar 29, 2011 #7
    Big John

    Big John Road Train Member

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    Oct 7, 2006
    Oklahoma
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    Big John, Mar 29, 2011
    Big John, Mar 29, 2011
    #7
    Strider Thanks this.
  10. Mar 29, 2011 #8
    tonher

    tonher Bobtail Member

    38
    16
    Jul 30, 2008
    Phoenix, AZ
    0
    yes I did pay cash for the equipment. I have no truck payment or trailer payment. Just my normal operating payments like insurance, permits, etc..

    I guess I'm against the wall here and will have to look into factoring.

    Just wanted to ask if any of you guys know a fair and honest factoring firm to work with?

    I appreciate all the feedback from all of you. Yes might me true that I have not done all research necessary, but I have faith that I'm gonna make it, there is no turning back now.
    God bless and be Safe.
     
    tonher, Mar 29, 2011
    tonher, Mar 29, 2011
    #8
    Strider Thanks this.
  11. Mar 29, 2011 #9
    WMGUY

    WMGUY Road Train Member

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    Jan 1, 2011
    Nine Mile Falls, WA
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    what are you using for fuel??? credit card, cash this could be some where to save some green
     
    WMGUY, Mar 29, 2011
    WMGUY, Mar 29, 2011
    #9
  12. Mar 30, 2011 #10
    BigBadBill

    BigBadBill Bullishly Optimistic

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    Oct 2, 2010
    Chattanooga, TN
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    Oh wow, I think we all come into this O/O thing feeling we missed about a thousand questions then all I have to do is read and feel a little better about myself.

    CH Robinson, while not always the best rates, will take you with no experience and you can get quick pay into your account for 1.5%.

    You can also use Landstar, much much better rates and get quick pay onto a fuel card for 1.5% and transfer the funds to checking account if needed. Plus the card lets you get better than cash price on fuel. Not sure how long you have to wait before they will take you. Not long as I was approved in the last couple of months.

    I have several people that started like you, leased on with carrier and saved up. With no payment you should be able to get enough for opporating expenses.
     
    BigBadBill, Mar 30, 2011
    BigBadBill, Mar 30, 2011
    #10
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