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Best Truck Factoring Companies of 2024
Researched, reviewed, and delivered here saving you time and money
Choosing the right invoice factoring company is critical for a trucking company owner, especially considering the industry’s reputation for having contracts that are particularly difficult to terminate. In an industry where maintaining steady cash flow is so critical, having a reliable financial service partner can make all the difference. With this in mind, we’ve taken it upon ourselves to review a variety of popular factoring companies, combing through their public reviews, business grades, contract terms, rates/fees, credit ratings, and assessing their overall effectiveness in helping you maintain your company’s cash flow. We aim to provide you with a comprehensive understanding and to guide you towards making the best choice for your business. Here’s what we’ve discovered in our extensive research:
Overall Top Pick
9.7
TFR Score
Company Highlights
- Previously known as OTR Capital
- DAT preferred partner
- Transparent/honest onboarding
- Best mobile app reviews on this list
- Low-risk credit profile
- BOLT Instant Funding option (24/7 funding)
- Free broker checks with DAT load board
inquire on OTR’s site
Runner-Up
9.2
TFR Score
Company Highlights
- Previously known as Factorspot
- Freedom to leave (with 30-day notice)
- No hidden fees
- Best BBB standing on this list
- Great online reputation
- Professional customer service
- Generous referral program ($500/referral)
inquire on bobtail’s site
8.8
TFR Score
Company Highlights
- Previously known as Triumph Business Cap.
- 2nd oldest IFA member on this list
- Lowest risk credit profile on this list
- Same-day funding
- No reserves - 100% advance rates
- No minimums
- Access to insurance programs
inquire on triumph’s site
7.6
TFR Score
Company Highlights
- Most searched for company on this list
- Lowest risk credit profile on this list
- Discounts for U.S. Veterans
- Same-day funding
- No hidden fees
- Highest no. of public reviews on this list
- Worst BBB standing on this list
on RTS’s website
6.4
TFR Score
Company Highlights
- Oldest IFA member on this list
- 2nd most searched for co. on this list
- Oldest company on this list
- Same-day funding
- Fast set up (as fast as 24 hrs)
- Worst online reputation on this list
- Highest credit risk on this list
on TBS’s website
More About Our Top Pick
9.7
TFR Score
Reputation Summary
Overall, reviews for OTR Solutions is overwhelmingly positive across all testimonials. Customers consistently praise the company for its professionalism, efficiency, and reliability in handling factoring services for truckers and small business owners. They highlight the ease of use of OTR’s app, the peace of mind regarding timely payments, and the attentive customer service provided by the team. OTR’s proactive approach to addressing issues and the convenience of additional services like the Bolt same-day option and the blue check mark on the DAT board further enhance customer satisfaction. The testimonials collectively convey a strong endorsement of OTR Solutions, emphasizing its pivotal role in alleviating financial concerns and allowing customers to focus on their core business operations with confidence.
Category Ratings
- Reputation: 5/5
- Business Grade: 4/5
- Flexibility: 4/5
- Rates & Fees: 5/5
- Financial Stability: 4/5
- Discretionary: 5% bonus for BOLT funding and 5% bonus for superior mobile app
inquire on OTR’s site
More About Our Runner-Up
9.2
TFR Score
Reputation Summary
Bobtail’s factoring service receives overwhelmingly positive reviews, with customers praising their welcoming approach, fast payments, lack of binding contracts, and exceptional team support. They are commended for resolving challenges effectively and revolutionizing business operations, earning trust through transparency and prompt invoice payments. Overall, Bobtail is strongly recommended by satisfied customers for its professionalism and commitment to client satisfaction.
Category Ratings
- Reputation: 4/5
- Business Grade: 5/5
- Flexibility: 5/5
- Rates & Fees: 5/5
- Financial Stability: 4/5
inquire on bobtail’s site
A Great Factoring Company
- Will answer your questions quickly and honestly while treating you with respect
- Will address any issues directly and professionally to ensure all parties are satisfied
- Will work with you and your business’ needs, helping you run things your way
- Will value your business and charge reasonable rates and fees
- Will strive to be a responsible and efficient business to better serve yours
Why You Should Trust Us
Truck Factoring Reviews (TFR) is committed to offering carriers unbiased and comprehensive reviews of five of the most popular truck factoring companies, as determined by search volume. We rate these companies using data collected from public reviews, memberships, business grades, complaints, funding options, volume requirements, selective factoring, rates, fees, credit data, and more. We then verify the information through interviews and company websites. Finally, we apply a rating from 1 to 5 on the following criteria: reputation, business grade, flexibility, rates/fees, and financial stability. This process helps us achieve our ultimate goal of assisting carriers in making informed decisions regarding their factoring needs.
Our Considerations
This category is determined by public reviews and membership to the International Factoring Association (IFA).
This category is derived from a business analysis conducted by the go-to-site for official business complaints.
This category considers contract length, the availability of same-day funding options, minimum volume requirements, and whether carriers have the choice to select the invoices they want to factor.
This category evaluates the competitiveness of rates and any additional fees charged by each company, beyond the factoring rate.
This category relies on credit reports sourced from a corporation that exclusively provides business credit reports, not consumer ones.