Business Loans for Auto Repair Shops

Find the Best Small Business Loan Options for Auto Repair Shops at Advancepoint Capital. Shop, Compare, Choose, and Save.

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Best Business Loan Options for Auto Repair Shops

Small businesses in the auto repair industry face a highly competitive and challenging environment. The demands of running a successful auto repair business for small business owners can be complex and is more than just car repairs.

A lot needs to be addressed in an auto repair shop’s operation, including facility and location maintenance, equipment to meet the needs of repairs, proper advertising for customer acquisition and retention, and a skilled labor force with continued education and training. Auto repair shop loans are necessary to tackle all of these needs, gain an edge above the competition, and reach your business’s full potential. Finding the right small business loans for auto repair shops is a must.

Auto repair business owners will face challenges when dealing with traditional loan outlets for a bank loan. AdvancePoint Capital has the experience and history of acquiring small business loans for auto repair shops across the United States. We can provide the small business loans that auto repair shop owners require to meet their needs compared to a bank loan or other traditional lenders. Are lenders marketplace is second to none. Try out our financing options today!

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The 7 Best Small Business Loans for Auto Repair Shops:

What are my Small Business Loan Options?

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Long Term Auto Repair Shop Loans

Long terms business loans are a great option when an auto shop business owner needs a long term commercial loan to finance a large expansion to the auto shop at an affordable interest rate and loan payments that are mangeable.

Short-Term Business Loan for a California Small Business icon

Short Term Business Loans for Auto Repair Shops

Short term small business Loans provide a great option for an auto repair shop loan. Easier credit approval, no detailed business plan required, fair interest rates and limited financial documentation needed for small businesses. Requires only a 1-page application and bank statements for approval.

Business Line of Credit

Business Line of Credit for Auto Repair Shops

Auto repair business credit line is a great financing option when you need funds quickly. A line of credit requires good credit history with good personal credit. A great option for working capital to support cash flow , support business operations and increase sales. This product is a revolving line of credit and not a loan.

SBA Loan

Small Business Administration (SBA) Loans for Auto Repair Shops

Auto repair business loans that the Small Business Administration offer's are a great solution for auto repair businesses who have who have large expanison needs. The Small Business Administration (SBA) offers a long term business loan that business lines or short term loans don't offer. The loan application process can be difficult as well as the approval process so be forewarned when dealing with SBA approved lenders.

Small Business Cash Advance for a California Small Business

Business Cash Advance

Business cash advance offer's a lump sum of funding to the auto repair industry in cases where credit is impaired or financial statements may not be up to snuff with more traditional financial institution. Quick application process with a fast credit decision. Great working capital solution. Found through an online lender and not traditional lenders. Business cash advance is not a loan, but an advance as repayment terms are off of future receivables.

Merchant Cash Advance for a California Small Business

Business Credit Cards

An auto shop requires capital on a regular basis and credit cards are an essential tool in the toolbox to purchase inventory or new equipment, pay bills and maintain enough cash and extra funds in your business bank account. Credits cards are not a lont, but a revolving line of credit popular with many businesses.

Equipment Financing for a California Small Business

Equipment Financing

Obviously a great option to purchase new equipment through either an equipment lease or loan. Equipment financing requires limited paperwork and a perfect solution for the automotive business seeking a loan for equipment at an affordable interest rate.

Small Business Owner Benefits of Auto Repair Shop Loans

Running an Auto Repair shop can have a unique set of cash flow issues. Payroll, advertising, pay for inventory, equipment maintenance, and purchases — as well as property maintenance and improvements, can really cut into cash flows. This makes it essential to have loan options to balance your revenue and have the proper reserves to handle anything that may come up, such as pay capital expenses.

Auto Repair Shop Equipment

An equipment loan or lease for auto repair shops may be necessary because machinery for auto repair shops can get pricey, often into the tens of thousands of dollars. Equipment such as lifts, air compressors, computer auto evaluation tools, tow trucks, and a variety of specialty equipment tools most of the time will require loans to purchase. Equipment loans will keep your cash in your bank account instead of draining your working capital cash flow.

Employment

We think it can be easily said that the mechanics working on automobiles are the lifeblood of a repair shop. Hiring new employees and maintaining continuing education is a must and can be costly, especially if you’re trying to maintain high qualification and certification standards. Sometimes signing bonuses are needed to acquire the talent and maintain a high standard of knowledge and education. Financing may be necessary to fill the gaps and keep cash flows strong.

Supplies

You may be the type of Auto Repair Shop that needs to maintain a certain amount of supplies/parts on hand to improve the speed and efficiency of your auto repair shop. Acquiring items in bulk may require a loan to get special deals or save on money.

Renovations/Capital Improvements

The real estate that the auto repair shop is located on will need to be maintained. Expansion of customers may translate into facility enhancements and require business funding to finance additional work bays, customer service desks, and seating areas for people waiting for their car to be repaired or other structural needs. A loan will be needed as cashflow alone won't cut it.

Advertising

Advertising, now more than ever, is a part getting new customers, maintaing your customer base and being a successful Auto Repair Shop. The success and growth of an auto repair shop require attention to the internet. You’re not in business unless you’re showing up on the first page of a Google search; it’s the Yellow pages of the 21st Century.

There are many options out there for a customer to repair their cars, and more customers use internet search engines to find a solution. The cost to build a website and the search engine optimization needed month over month will cost thousands of dollars but will be well worth it.

Auto repair business loans may be required because the money needed for these services adds up fast. The cost and fees to have a proper website built and optimized for search engine optimization can reach above $10,000, let alone the monthly data optimization work, which takes time, effort, and money paid to web developers who specialize in search engine optimization.

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advancepoint auto repair loans

Types of Auto Repair Shop Owners We Serve:

  • Auto Repair Shops
  • Tire Stores
  • Transmission Repair Shops
  • Car Detailing and Car Wash
  • Auto Parts Stores
  • Towing Services
  • Truck Repair Shops
  • Auto Body Shops

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