This is nothing more challenging than owning a transportation company than having to deal with unexpected repairs. Not only are you stuck with a truck that isn’t working but you’re stuck with an expensive repair bill as well.
If you have the money you need to make necessary repairs, this is only a minor inconvenience. However, if you don’t have the funds to pay for repairs, this can spell trouble because you won’t be generating important income until you can pay for the repairs. That’s why Integrity Factoring would like to provide you with the following information on how to pay for unexpected repairs with trucking factoring.
Traditional Financing
When you have repairs, you need to get them done quickly. One way to pay for repairs is to use traditional financing. Banks and other financing companies often loan you money or finance your repairs and secure these debts using your truck and equipment as collateral. This can work if you own your own equipment or if you have enough equity to cover the repair bill. However, without these options, you’ll be out of luck.
Paying For Repairs
The problem with paying for unexpected repairs is that they always come at the worst time — when you are waiting for your clients to pay their invoices and you are low on money. Since it takes most clients 30-60 days to pay, you may have to wait before you have enough money to pay a repair shop. This can not only be frustrating but challenging as well. However, it can be solved relatively easily with the trucking factoring services provided by Integrity Factoring.
Trucking Factoring
Trucking factoring is a financial tool that helps to turn your slow paying invoices into immediate cash you can use by financing them. Depending on your individual needs, an invoice factoring company like Integrity Factoring gives you a percentage of your clients invoice upfront. Once your invoice has been paid in full, you will receive the remaining percentage minus a small factoring fee. This provides you with the necessary cash to pay for repairs, equipment, payroll, and other important business expenses.
Improved Cash Flow
The number one advantage of using a trucking factoring plan is that it will immediately improve your cash flow. This ensures you always have the money you need for unexpected repairs and other important expenses. Most trucking companies factor a portion of their receivables on a continued basis, which makes it possible to always have cash on hand.
Easy To Obtain
Getting approved for a trucking factoring plan is relatively easy. Since your credit isn’t reviewed, it’s important to make sure you only work with credit worthy clients since their invoices back these transactions. Getting funded can take as little as 48 hours, especially if you have all the required information to set up your account.
Integrity Factoring
One of the main advantages of using trucking factoring is that you will improve important cash flow for your business. It can also help your company grow as you take on more clients. This makes it the ideal solution for trucking companies that need to pay for unexpected repairs. If you want a steady cash flow to help maintain your trucking company, contact Integrity Factoring today by filling out our online form or give us a call at 1.866.834.2746.
