AUTO REPAIR FINANCING

Auto repair financing

Auto repair financing with an alternative lender is the fastest manner for owners to secure funds for his or her garage. The fees and term are dependent on the performance of the business. The amount of working capital that may be borrowed is dependent on the month-to-month deposits. Otherwise, there is very little paperwork involved. This is the main reason why the application process is so quick.  Click link to learn more about Alternative Financing Advantages.

Click below to see different industries, business strategies, and how to get started.

Business Loans

Auto repair financing with an alternative lender, are unrestricted business loans made to an established auto repair shop. Americans are holding onto their vehicles longer and driving them farther. The importance of a having cash on hand cannot be understated. Automotive repair and service shops need to offer new services, invest in modern equipment, and hire skilled automotive technicians to keep up with technological advancement of this industry.  The average age of vehicles on the road is near a historic high of around 10 years, according to General Motors North America president Alan Batey. That’s creating plenty of opportunities for auto repair and maintenance shops to re-invest in that could lead to better products or service.

Auto Repair Financing

Working Capital

Working capital is essential to the auto industry, generally covering labor, equipment loans, operational and repairs costs. This includes equipment upgrades, computer systems and building maintenance. Without adequate working capital, auto repair businesses cannot have cash on hand to cover expenses. Additionally, not having enough operating credit or adequate working capital is the number one reason for default and bankruptcy for auto repair owners. Our goal is to help small and mid-sized Auto Repair Shop owners by providing them with a simple and convenient alternative to traditional bank loans. We aim to help you keep your business going and growing.

Automobile Repair Business

The automobile repair business has grown steadily according to IBIS-World a lender of business intelligence. As the need for quality auto repair continues to develop. Automotive stores and shops need to offer new services require modern equipment to keep up with technological advancement of the industry. Your best option for a cash loan might be through a bank. Banks and SBA lenders interest rates tend to be lower than alternative lending.

 

Auto Repair Financing

Loans for Bad Credit

Auto Repair Financing

Auto repair financing with an alternative lender provides business loans for bad credit. Conventional lenders require a credit score above 680. According to a report published by Credit donkey, credit score statics across the country for Millennials age 22 to 35 years is 634.  Generation X adults ages 35 to 51 came in at 655. It also shows roughly 45 million adults don’t have any credit scores.  US Treasury Department reports denial rates have been roughly above 80% over the past several years with SBA lending.  The truth is most businesses owners can’t qualify for a small business loan through a bank. To learn more about credit, follow link WHAT IS CREDIT.

 

 

Business Cash Advance

A business cash advance is a type of small business financing  available for the automotive industry. It is  an unsecured business loan requiring no collateral. Consequently since creditors are taking a greater risk, unsecured business loans regularly include higher rates than a secured loan. Contrary to a long term bank loans which interest rates are amortized over years. Unsecured business loans and structure into fixed micro payments with short payment structures. Depending on the amount, unsecured business loans payback generally range from 60 to 262 days. This is one of the quickest and easiest ways to get working capital without the hassle of a traditional loan.

Auto Repair Financing

Click below to see different industries, business strategies, and how to get started.