Business Loans for Auto Parts Shop
For any auto parts shop looking to expand, or advertise, or purchase more inventory, or advertise for which they need additional working capital, the most obvious solution is to apply for a business loan. However obtaining business loans for auto parts shop is not the easiest thing in the world from a bank.
Banks have many criteria which do not work in favor of small and medium sized businesses. The reason for this is because banks have over the decades built a long list of criteria which help them protect their investments. The criteria is to prevent bad investments and losses while loaning out money. However, these criteria are not always very suitable toward small businesses looking for business loans.
Private lenders on the other hand such as Funding Easily, have a very different set of criteria when approving or rejecting business loan applications. Unlike banks private lenders do not care very much about the credit score, while a bank requires the credit score to be 700 at least to entertain the application, a private lender such as Funding Easily does not. A credit score in the mid-500s will do.
Other criteria as required and not required by us is as mentioned here. The business needs to be at least 12 months old, it should have a gross monthly sale of at least $15 thousand, the business owner should not be in active bankruptcy at the time. Unlike banks we do not require any form of collateral, security or personal guarantees. These very reasonable criteria make it very possible for most small and medium sized businesses to apply and get approved for the funding they require.
Time frames is another region where our funding makes a lot of sense. We are able to deliver the funds into the applicants account in record time, within 48 to 72 hours at the earliest, and a month by the latest. For a bank the normal processing time frames are 2 to 6 months based on the various criteria and the status of the application.
You can contact us for more information regarding the funding and loan application process, our funding team will also assist you with the loan application form if required.
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