Auto Repair Loans
Auto repair loans are a very important service as anyone who own a car knows. There are many such garages that require funding for obvious reasons, such as expanding their business, inventory, equipment, working capital etc. Generally, when any small business such as a garage is looking for auto repair financing companies, they approach their bank. However, what most are unaware of is that banks are not looking to give out many loans to small businesses.
The reluctance that banks have is not due to any other reason but because they have developed criteria, over decades of experience lending. As a result of their experience and subsequent norms to protect their investments, banks have extremely stringent criteria auto repair loans. Some of these criteria are a credit score above 700, good deposits and ending balances on their monthly statements, tax returns, profit and loss statements, personal financials of the business owners and more Automobile repair shop.
No Credit Check Auto Repair Financing
The difference between banks and private funders such as Funding Easily is the fact that a private lender has far more realistic criteria. For example; we do not require high credit scores, and nor do we require personal guarantees, collateral or security, no credit check auto repair loans.
Our criteria is simple, the business should be at least 12 months old, and the minimum gross sale should be at least $15 thousand, no credit check no credit check auto repair financing. In addition to this the business owner should not be in active bankruptcy. These are simple criteria and most businesses are able to meet these, and those who meet these criteria mostly meet the rest of the smaller requirements.
Auto Repair Financing Companies
Time frames is another area where there are huge differences between the banks and private lenders. Typically, banks take 2 to 6 months to process a auto repair loans application, based on their various criteria. A private lender takes at the quickest 48 to 72 hours and at the most a month to process the application and deliver the funds into the business account.
If you are looking for no credit check auto repair financing, contact us, our funding team will provide you with information and help you fill out an application if required.
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