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Auto Repair Shop Funding
Over the next five years, the automotive repair industry is anticipated to grow at an annual rate of 3.5%. BIZ LOANS CAN APPROACH $500,0000 IN FUNDING TO SUPPORT THE GROWTH AND MAINTENANCE OF A SUCCESSFUL AUTO REPAIR SHOP IN AS LITTLE AS 24 HOURS.
Fast Auto Repair Shop Funding You Can Trust
An essential component of the automotive sector is vehicle repair shops. Consumers are delaying purchasing new cars, and auto repair shops are busier than ever. This is due to a dearth of cars on dealer lots, auto facilities running at lower capacity owing to pandemic and supply chain concerns, and other factors.
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Auto repair shops are regarded as a high-risk industry by traditional lenders such as banks, even though the National Highway Traffic Safety Administration (NHTSA) has declared them essential to the automotive safety infrastructure due to their higher loan default rate. Your consumers can suffer and you might miss out on important growth possibilities as you wait for finance.
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Compared to traditional lenders, Biz Loans is an alternative lender, is able to approve funding for auto repair shops more quickly and with a deposit of money as soon as one business day. We provide a variety of finance options for auto repair shops to support the expansion of your enterprise. finance ranges from $3,000 to $500,000, with no limitations on the use of the money. All vehicle Repair shops, including Collision repair, Auto body shops, Garages, and Automobile care facilities, are funded by us.
Auto Repair Shop Funding Rates
The financing rates for auto repair shops vary depending on the kind of alternative small business finance you are awarded. Instead of using a standard interest rate, the majority of alternative financing alternatives for auto repair shops employ a factor rate. Factor rates, which are derived from your risk assessment, are straightforward decimal numbers that indicate how much "extra" you will owe on the initial loan amount.
Auto Repair Shop Funding Solutions
OUR CLIENT-FRIENDLY, EXPERT FUNDING ADVISORS WILL COLLABORATE WITH YOU TO SELECT THE BEST FUNDING OPTION THAT WILL SUPPORT YOUR GOALS WITHOUT IMPAIRING THE CASH FLOW OF YOUR AUTO REPAIR SHOP.
How To Use Auto Repair Shop Funding
There are no limitations on how you can utilize your money. Funding for auto repair shops is the best way to boost sales, deepen your dedication to your customers, and assist more individuals. Make use of your funds for:
Remodel or increase the size of your store to meet the increasing demand.
Invest in the merchandise and equipment you need.
Employ and educate mechanics to perform superior repairs
Invest in software that helps auto mechanics with office work and vehicle repairs.
Hire new staff members to work as lead mechanics, customer service agents, or service advisers.
Acquire the necessary state licenses and permits.
Create a system that allows customers to book your services online whenever they want.
Invest in promotion and marketing to attract new clients.
Auto repair shops can require a rapid injection of working capital to help them overcome the particular difficulties in their industry, such as:
Protection against unforeseen costs resulting from supply chain delays
Handling payroll and cash flow
Variations in season
Exorbitant price of vehicle equipment
How Auto Repair Shop Funding Works
1
Apply
Collect three months' worth of bank statements and other documentation. Give us secure access to the transactional data from your bank account so we can approve it more quickly.
2
Choose Funding
Within an hour (during regular business hours), a financing advisor will get in touch with you to finish your application and go over your funding alternatives.
3
Get Funded
Your money can be authorized and deposited within 24 hours after you and your funding advisor decide which funding option is best for your company.
4
Set Repayment
Your company's debit and credit card sales on a daily or weekly basis will be automatically subtracted to cover payment. The amount of your payment will depend on your sales.
Will You Qualify for Auto Repair Shop Funding?
The specific qualifications required vary according on the kind of finance you're looking for for an auto repair shop. Biz Loans does not grant financing for auto repair shops exclusively based on your credit score or financial history. We concentrate on your company's general well-being, which includes:
Revenue for businesses
Money movement
Payment history of the vendor
Years of operation
Public documentation