Auto Repair Shop Loans
Auto repair are a very important service as anyone who own a car knows. There are many such garages that require auto repair shop loans for obvious reasons, such as expanding their business. Generally, when any small business such as a garage is looking for auto repair shop loans, 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 shop 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.
Business Loans for Auto Repair Shop
Our criteria is simple, the business should be at least 12 months old. And the minimum gross sale should be at least $15 thousand auto repair shop loans. 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.
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 business loans for auto repair shop application, based on their various criteria. A private lender takes at the quickest 48 to 72 hours and deliver the funds into the business account.
If you are looking for business loans for auto repair shop. Contact us, our funding team will provide you with information and help you fill out an application if required.
Want to know more?
Auto Repair shops are our Favourite. Check out your options now