Big Wheels Keep Turning with Trucking Factoring Companies

Trucks are big business, yet financing loads for eighteen-wheelers can be tricky whether you run a transportation business or are an owner operator. That’s why many in the freight, trucking, and transportation industry rely on freight factoring to keep their businesses firing on all cylinders. In fact, transportation factoring made up 36.4% of all factored invoices in 2016. Invoice factoring is far and away the most popular financial solution for owner operators.

Fat expenses and slim profits dominate the trucking and freight industry where cash is routinely in short supply. With trucking factoring, businesses can get the cash they need to haul their loads and meet delivery times. The process is easy when you work with the right trucking factoring company. Once you apply, they will likely ask for your invoice, a bill of lading or a proof of delivery and rate sheet. Many of the trucking companies in our list allow online or mobile uploads of documents to make it easy to finance your next load while you’re on the road.

Look below to find freight factoring companies that fit your needs, fill out a quote request for fast service, or to learn more about how trucking factoring companies can help keep your wheels on the road.

Trucking factoring enables owner operators:

Fast – Get cash in as few as 48 hours or less in certain circumstances by selling your most current invoices to a freight factoring company. Factoring for trucking allows your business to keep its wheels turning, bid on new jobs, and never miss out on new opportunities.

Meet Payroll Obligations – With freight factoring services, you can make sure your truck drivers are paid on time. Payroll costs can be high for a trucking company but drivers need to be paid on time nonetheless. Freight bill factoring can keep cash flow moving so payroll obligations don’t become compromised.

Cover Cash Flow – Maintaining strong cash flow can be problematic for many businesses particularly those with high expenses and low profits like trucking and transportation. That’s why so many turn to trucking factoring companies to get the fast capital they need.

Good Credit Score Not Needed – Freight factoring is not a loan so you do not need to have good credit to qualify for it. While good credit may be good for other things, it doesn’t matter for trucking factoring. As long as your invoices are solid and the companies you do business with have good credit, then you are an excellent candidate for freight bill factoring.

Fund Your Fuel – High gas prices put a dent in truck drivers’ pockets but paying fuel expenses is a necessary cost of doing business for those in transportation. Covering high, on-going fuel expenses remains problematic. Trucking factoring can help you cover these expenses so they don’t have to worry about how they’ll make their next fill up. For the sake of convenience, some freight factoring companies will deposit the money from factoring directly onto drivers’ fuel cards.

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