Truck Factoring in Vancouver, British Columbia
Nothing takes a truck off the road faster than a lack of working capital. With demand from shippers at all-time high levels, now is the time to shore up your cash flow with Factor Finders’ competitive Vancouver truck factoring programs.
Trucking factoring in Vancouver is a fast and collaborative alternative to financing your freight bills with a traditional loan. Rather than submitting stacks of financials and waiting weeks or longer for an answer, you can begin factoring in as little as 3 to 5 business days with minimal paperwork. Vancouver truck factoring companies streamline the underwriting process so they can get you funded faster.
In addition, you can qualify for Vancouver freight factoring even if you have poor business credit or are just starting up – two typical disqualifiers for conventional lending. Factors base their funding decisions on your customers’ creditworthiness, and if you have a history of financial difficulty many will also help you navigate ongoing issues to secure funding. Because factoring is not a loan, you can get the cash you need without adding new debt to your balance sheet.
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Start Vancouver Trucking Factoring Today
You can apply online for a Vancouver freight factoring program and begin factoring your freight bills in as little as 3 to 5 business days. No matter how many trucks you run, what you haul, or whether you run in Canada or across the border, Vancouver truck factoring will keep you on the road longer. Contact Factor Finders today to get started – we work with truck factoring companies in Toronto, Ottawa, Calgary, Montreal truck factors & many more. To get started, you will need:
• Articles of Incorporation & commercial registration information
• Freight bills you wish to factor
• List of current and prospective customers
• Current aging report
Perks of Freight Factoring in Vancouver, British Columbia
Truck Factoring for Vancouver Start-ups
Demand is high, making it a great time to start your own trucking company. Start-up truck companies, however, have additional difficulty qualifying for bank loans, as they have no established credit rating and often lack the revenue and collateral necessary to meet banks’ stringent criteria. Fortunately, truck factoring in Vancouver is available immediately – as soon as you have hauled your first load, you can factor the freight bill!
Credit Building
Like start-ups, truck companies with poor credit are often unable to obtain a business loan.With truck factoring companies, however, these companies can use the cash they receive to pay off existing expenses and reduce the debt on their balance sheet. As you clean out old debt, your credit rating will improve for use in future financing arrangements.
Back Office Support
Whether you are a single owner-operator or the manager of a large fleet, handling the administrative end of your trucking business can feel like a cumbersome distraction from running the loads that actually pay the bills. Your Vancouver truck factoring company can ease the burden of the back office with invoice and collections management, credit and background checks for new and current shippers, and 24/7 online reporting that will always keep you on top of your account.
Fuel management options
Without fuel, the trucking industry grinds to a halt. Without cash, however, fueling up for a long haul is impossible. Vancouver freight factoring companies are aware of the sometimes acute need for gas money, so they have developed two different options to answer the question of fuel.
Fuel Cards
Fuel cards are tied to a pre-paid account that your factor can load directly from your freight factoring advances. These cards are valid at thousands of refueling stations in Canada and the US, and many refueling companies offer additional discounts or rebates for their use. You have total control over your fuel spending with a fuel card account: request cards for each of your drivers, then use the online dashboard to monitor or limit their spending and add new funds as necessary.
Fuel Advances
Fuel advances provide immediate assistance when you don’t have the fuel to make it to your destination. If approved, your factoring company will advance you 40-50 percent of your freight bill upon load pick-up so you can refuel along the way. Then, you will receive the remainder of the advance as in a typical transaction, with applicable rebates and fees. Additional fees may apply to fuel advances; see your individual factoring agreement for details.
