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How Auto Service Business Loans Can Help You

When you are running an auto service business, it is important that you have access to capital when you need it for all the extra costs that may arise. From hiring new staff to expanding your fleet of cars, there are many different costs which can add up for auto service business owners. Whether you are buying, building or simply looking to grow your auto service business, we will design a loan package that supports your business goals.

Qualifications for a Auto Service Business Loan

1. A business plan that outlines the purpose of the loan and how it will be used.

2. A detailed financial statement that shows the current financial status of the business.

3. Evidence of a solid customer base and a history of successful operations.

4. Collateral to secure the loan, such as real estate or equipment.

5. A good credit score and a history of timely payments on previous loans or credit accounts.

6. Personal guarantees from any owners or partners involved in the business, if applicable.

7. Proof of insurance coverage for the business, including liability, property damage, and workers compensation insurance policies.

Best Working Capital Loan for Auto Service Businesses

Auto Loans

Auto Loans

The best working capital auto loan will depend on the individual business's needs and credit history. Some lenders that offer auto loans for auto service businesses include Wells Fargo, Bank of America, and LightStream. It is important to shop around and compare rates and terms from different lenders to find the best loan option for your business.

Best SBA Loan Alternative for Auto Service Businesses

Merchant Cash Advance

Merchant Cash Advance

Merchant cash advances provide quick access to capital with minimal paperwork and flexible repayment terms. They are also easier to qualify for than traditional SBA loans, and the funds can be used for almost any business purpose, including purchasing new equipment, hiring staff, and expanding services.

Best Auto Service Business Loan for Supplemental Purchases

SBA Loans, Lines of Credit, and Merchant Cash Advances

SBA Loans, Lines of Credit, and Merchant Cash Advances

Each option has its own advantages and disadvantages, so it's important to do research and compare different lenders to find the best fit for your business.

Best Auto Service Business Loan for Everyday Expenses

Line of Credit, Merchant Cash Advance, or a Short-Term Loan

Line of Credit, Merchant Cash Advance, or a Short-Term Loan

Each of these options has its own advantages and disadvantages, so it is important to research each option before making a decision. Additionally, it is important to compare rates and terms from multiple lenders to ensure you are getting the best deal available.

Best Loan for Auto Service Businesses to Finance Fleet

Commercial Vehicle Loans

Commercial Vehicle Loans

These loans typically come with competitive interest rates and flexible repayment terms, making them an ideal choice for businesses of all sizes. Additionally, these loans can be used to finance both new and used vehicles, giving business owners the flexibility they need to find the right vehicles for their needs.

Best Auto Service Business Loan for Cash Flow

Working Capital Loan

Working Capital Loan

These loans are designed to provide businesses with the funds they need to cover short-term expenses, such as payroll, inventory, and other operational costs. Working capital loans typically have lower interest rates, flexible repayment terms, and can be used to bridge the gap between income and expenses.

Ready to Apply?

Filthy Rich Idea makes it easy to get a business loan for your auto service business. Apply online and we will give you a decision within minutes. One of our Loan Specialists will tailor a loan package for your business needs. As soon as we receive the application and documents, your dedicated Funding Advisor will be in touch to discuss the application and next steps. Approval typically takes 24-48 hours, and funds can be deposited into your account the following business day. It’s that simple!

FAQs

What information and documents do I need to apply for funding?

Our lending partners will need 3 months of bank statements, the government IDs of all applicants, 1 or 2 years of business tax documents, business P&L and balance sheets, business licenses and formation documents, and a business EIN.

What is APR?

APR stands for Annual Percentage Rate and is a measure of the cost of borrowing money. It is the interest rate expressed as a yearly rate, including fees and costs associated with the loan. It's a good way to gauge the overall cost of your loan and your planned repayment schedule.

How long does it take to get the money once my business is approved?

Once approved, transfer times vary depending on the lender, but it is possible to receive your capital in as little as 72 hours after approval. Lines of credit, on the other hand, may be used immediately upon receiving approval in some cases.

How do I pay back the funding amount?

Our lenders offer secure digital payment portals so that you can make your repayments on time and without penalty. You may be able to change due dates and other important information.

How To Best Prepare for a Business Loan

Determine the amount of money you will request—and do not request an excessive amount.

Although you may have the option of a small business loan, it is important to only request the amount of money that you need and can afford to pay back. This will demonstrate to your lender that you are financially responsible and increase your chances of approval.

Understand the limitations and costs of your loan.

Before committing to a loan, be sure to consider the speed, flexibility, and cost. Some loans are more or less flexible while others charge for speed. Understand the APR and other associated fees and costs so you can make an informed decision.

Avoid taking out multiple loans.

If you already have a loan, it is not advisable to take out another one. This is calledstacking loans and is generally not allowed, except in certain cases (e.g. having a business line of credit with a term loan). If you stack loans without the permission of your original lender, you could be in breach of your loan agreement and default on your first loan. Before taking on another loan, check with your lender to make sure it is allowed.

Ready to Apply?