Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

So I might have truck soon and have options

Discussion in 'Ask An Owner Operator' started by peabody747, Aug 1, 2022.

Page 1 of 3
  1. Aug 1, 2022 #1
    peabody747

    peabody747 Light Load Member

    231
    253
    Jan 1, 2022
    0
    So as title might have own truck real soon just trying to square away financing. My options to run is to bring it on to current company which they have easy dedicated good paying freight. My buddy has his own authority and seems excited to start it out with a factoring company basically cause they only charge 3 percent. Current company would charge 15 percent.

    I'm curious I know on here most seem to be against factoring companies and I'm wondering why that is?
    I would also maybe consider something like cloud trucking as well but I'm not sure how difficult it is to file a trailer currently .
    thxs for any shared info
     
    peabody747, Aug 1, 2022
    peabody747, Aug 1, 2022
    #1
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Aug 1, 2022 #2
    Siinman

    Siinman Road Train Member

    5,436
    13,974
    Mar 5, 2017
    Kansas City, MO.
    0
    Did
    Did you see that Factoring company that just went under and took all the money? Just one of many reasons to not use them. You can get 1.5 or free quick pay most of the time. Not worth it at all in my eyes.
     
    Siinman, Aug 1, 2022
    Siinman, Aug 1, 2022
    #2
    singlescrewshaker, Dino soar and Midwest Trucker Thank this.
  4. Aug 1, 2022 #3
    Oxbow

    Oxbow Road Train Member

    13,317
    137,946
    Nov 24, 2015
    Idaho
    0
    Educate me please.

    3% saves 30 days on average, true? Isn't that like paying 36% APR? If cash flow is necessary, wouldn't you just be better off borrowing one month of operating expenses at 5 or 6 % from your local bank?

    I just don't get it.
     
    Oxbow, Aug 1, 2022
    Oxbow, Aug 1, 2022
    #3
    ProfessionalNoticer, D.Tibbitt, blairandgretchen and 8 others Thank this.
  5. Aug 1, 2022 #4
    bzinger

    bzinger Road Train Member

    16,635
    66,093
    Dec 10, 2014
    omaha , ne
    0
    The freight market is headed into a downturn and unless this truck is dirt cheap I'd not buy a truck now .
     
    bzinger, Aug 1, 2022
    bzinger, Aug 1, 2022
    #4
    ProfessionalNoticer, D.Tibbitt, singlescrewshaker and 7 others Thank this.
  7. Aug 1, 2022 #5
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,912
    21,382
    Aug 31, 2018
    0
    Factoring is like a drug. Easy to start, hard to stop.

    As far as “easy dedicated good paying” freight. Those four words almost never go together. FYI.
     
    Midwest Trucker, Aug 1, 2022
    Midwest Trucker, Aug 1, 2022
    #5
    Short Fuse EOD, onetime42, D.Tibbitt and 9 others Thank this.
  8. Aug 2, 2022 #6
    peabody747

    peabody747 Light Load Member

    231
    253
    Jan 1, 2022
    0
    spot market is moving back to contract freight, im with a company that has good contracts. The market always fluctuates and probably in your opinion there nevever a good time to buy a truck. I'm out here doing this crap for 25 percent why should I not go for 85 percent or better. And yes its a fair price for the truck
     
    peabody747, Aug 2, 2022
    peabody747, Aug 2, 2022
    #6
    NorthEastTrucker and bzinger Thank this.
  9. Aug 2, 2022 #7
    bzinger

    bzinger Road Train Member

    16,635
    66,093
    Dec 10, 2014
    omaha , ne
    0
    Good luck .
     
    bzinger, Aug 2, 2022
    bzinger, Aug 2, 2022
    #7
    peabody747, Crude Truckin', Midwest Trucker and 2 others Thank this.
  10. Aug 2, 2022 #8
    Ridgeline

    Ridgeline Road Train Member

    22,613
    120,203
    Dec 18, 2011
    Michigan
    0
    If you are not capitalized in full for 60 days of operating expenses, you don’t need to be an owner. It isn’t difficult nor costly to save to get to that point to avoid the use of a factoring company.
     
    Ridgeline, Aug 2, 2022
    Ridgeline, Aug 2, 2022
    #8
    Vampire, fishonron, singlescrewshaker and 1 other person Thank this.
  11. Aug 2, 2022 #9
    Oxbow

    Oxbow Road Train Member

    13,317
    137,946
    Nov 24, 2015
    Idaho
    0
    Understood, but doesn't address my question.
     
    Oxbow, Aug 2, 2022
    Oxbow, Aug 2, 2022
    #9
    singlescrewshaker, Bean Jr. and Dirk Diggler Thank this.
  12. Aug 2, 2022 #10
    skallagrime

    skallagrime Road Train Member

    3,853
    9,925
    Apr 10, 2012
    Indiana
    0
    That would be better than factoring, but still has you not actually capitalized, easier to climb out of, but no real cash in the bank means youll owe someone money instead of pulling from reserves.
     
    skallagrime, Aug 2, 2022
    skallagrime, Aug 2, 2022
    #10
    singlescrewshaker and Oxbow Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

    • Page 1 of 3