Broken equipment, lack of help, expansion to a new site are all reasons for auto repair shop financing. Easier said than done considering the bank’s credit freeze. Banks may claim they’re lending again but the fact is they are not. The only auto repair shops able to get bank financing are those that don’t need it.
Auto repair shop financing from alternative lenders is the best option to receive hassle free financing fast. They primarily provide funding for businesses that are not “bankable.” Meaning their credit is bad, they have been in business for less than 3 years or they do not require much in financing (if a bank has to underwrite a loan for under $50,000 they most likely lose money). Also, if a “bankable” auto repair shop needs money in under 10 days a bank cannot provide them capital. Only an alternative lender like Small Business Funding can get cash in the hands of a business that quick, sometimes in just 3 days.
Equipment, like a portable exhaust extraction system, in an auto repair shop takes a beating day to day. There is constant maintenance that has to be done. This takes time and money. Fast financing provides fuel to keep this machine going. A repair shop owner does not have the time to worry about finding money to fix equipment or to hire a new skilled mechanic. Alternative lenders will underwrite in just 24 hours. They will understand the nuances of your business as the try and keep people on staff with genuine business experience that help in the underwriting process. The overhead in an auto repair shop is pretty constant. It usually only goes up during busy periods when supplies and parts are needed. But when times are slow the overhead won’t drop proportionally. Times like these auto repair shop financing comes in handy to help with working capital just to make payroll.
To see how much auto repair shop financing you can be approved for click here.