Auto Business Loans & Financing for Auto Repair Shops
Own an auto repair shop or auto parts business? We could provide your small business with a personalized auto business loan program!
What Are Auto Business Loans?
An auto business loan is a loan to help business owners develop an automotive business like an auto repair shop. They can also be used to help businesses purchase a vehicle to use for business needs. Because each business is unique, there are many different loan products to help.
How Financing Works for Auto Repair Shops
Getting auto repair business loans is important for many entrepreneurs who want to grow their businesses. The cost of a shop, tools, and inventory can all be financed using auto business loans. Once you apply and get approved, you can choose from unsecured business loans, a merchant cash advance, a business line of credit, equipment financing, and SBA loans.
How To Use a Auto Business Loan
When you get auto business financing, the type of loan will determine how you can use it. Some are multi-purpose, while others can only be used for something like inventory or buying a business vehicle.
Expansion
Expanding your auto repair shop business is easier when you have the right mechanic shop financing. It’s one of the many ways to use auto business financing.
Equipment
Buying equipment like a lift or specialty tools is made easier with auto business loans. Make sure to get the right type of lending to use for your business needs.
Hiring
Good mechanics make an auto shop great. Using an auto business loan can help you hire the right team to get your business rolling.
Why Apply for an Auto Repair Business Loan?
The Ability to Invest in Website Updates
Managing a website is a costly investment. With commercial auto financing, you can get the resources you need to update your website.
The Opportunity to Buy Inventory
Fixing cars isn’t the only way mechanics make money. They make a profit on the parts they use, and even sell other supplies. A good loan will help your business get the inventory you need.
Make Sure the Necessary Tools are Paid For
Auto shops need tools to function. Auto repair shop loans can help you fund these necessary supplies.
Minimum Eligibility Requirements
Grow your automotive business without hurting your cash flow. When you meet these minimum requirements, you may be eligible for a loan with Premier Lend Partner.
Better Your Business With Premier Lend Partner
Auto Repair Shop Financing FAQ
Before you get an auto shop loan, it’s best to have a plan in place to help you determine your most critical business needs. Doing this will ensure that you use your auto business loans to their full potential for everything from hiring new staff to buying supplies or expanding your shop.
Lending for an auto repair shop can look like term loans, business line of credit, working capital loans, and even cash or capital advances. Each of these loans come with different terms and loan amounts based on qualifying factors.
Businesses that are profitable are more likely to get approved for lending. Work on keeping your credit score in good standing, have a thorough business plan, and have money to invest in it yourself. These will help you get lending for your auto repair shop business.
Get Financing Today
Get started with your application and join Premier Lending Partner of forward-thinking businesses.
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(718) 952-7848