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How to Leverage the Benefits of Freight Factoring

Posted by on Sep 11, 2016 in Business/Transportation | Comments Off on How to Leverage the Benefits of Freight Factoring

Freight Factoring 101

freight factoring vs bank loansTruckers should know that there is more to freight factoring than just receiving same day funds. Factoring your freight bills helps trucking companies save time as well as money. From load factoring to fuel advances and free credit checks to discounts, you can enjoy several benefits through freight factoring.

Irrespective of your company’s size or even its credit score, fright factoring will provide robust support to all your operations in several ways. The availability of flexible options will help you to avail working capital and at the same time control costs. However, all this is possible without even going through the hassles of obtaining a bank loan. Thus, your freight bill can serve as immediate cash without leading to new debts on the balance sheet.

Several freight factoring companies offer high quality services to trucking companies in the US. Even the start ups and companies with weak financial history can qualify for freight factoring. These companies generally take into account your customer’s credit history. Thus, if you are working with reputed and financially strong companies, your chances of freight factoring approval go up by quite a few notches.

You can get a quick quote and the approval does not take more than five business days.

Let us look at the benefits of freight factoring:

Funding at lightning quick speed – The factoring companies verify the completed delivery bills and provide you an advance of up to 95% of the bill value within a day.

Superfast approval – Since the underwriting process is streamlines so the process can be completed within three to five days after you submit the application. Very few documents are needed for the approval process and this cuts down the processing time.

Fuel Benefits – The factoring of fuel cards and fuel advances helps the companies avail heavy discounts. They also do not have to go through the tedious process of load factoring, which is often a tough task.

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Finance Your Next Semi Purchase

Posted by on Aug 9, 2016 in Business/Transportation | Comments Off on Finance Your Next Semi Purchase

lumber-truck-2Getting finance for a dump truck is similar to getting finance for anything else. You have to undergo the same steps to find the right program to suit your needs. Whichever type of truck, dump truck, semi truck or heavy-duty truck you want to buy- there is a loan program for each. There are many other options available for financing.

The first place one would normally checkout is the local bank. Mostly the criteria would be to have a good credit score at the personal level and other documentation required. The previous year’ s income tax returns may be needed along with the current financial statements. Such businesses are considered high-risk areas and the companies should be able to meet the higher lending standards. Most of these banks as well as the financial organizations offer loan programs for the purchase of or lease of financing for a semi truck.

When the company that requires finance for the purchase of semi truck financing takes up a loan program, the ownership title is transferred at the end of the loan repayment period. However, the documentation required initially to acquire a loan is a lot and hence, many companies drop the idea. When opting for the loan option, the organization has to be careful and enquire whether the loans extended are only for new trucks or also converted trucks. Most often there is lot of paperwork involved in this. However, now such companies are trying to design a system which would involve only using the applications to provide loans. The semi truck financing would be the collateral in this case for the loan.

One alternative is opting for the partial finance, where part of the amount is given as loan and you put down part of the amount and finance it accordingly. These loans are easier to avail of and you may get better rates and terms of payments.

Another option that these companies have is the dealer’s financing and inventory program. The lending company displays an inventory he has and the financing agreements. This kind of financing is useful for the large as well as the new start up companies. This provides an excellent opportunity to the companies to access great deals to the buy the appropriate semi truck financing, as per their specific requirements.

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