Loans for Auto Repair Shops
Many consumers today are driving their vehicles longer to save money, which for auto repair shops and mechanics can create great business potential. However, dealing with being paid by insurance companies can be difficult and can create cash flow problems. If your small business is not able to take on more customers on a regular basis, utilizing a business loan may be the best strategic move you can make to grow and achieve your goals more quickly.
Auto Repair Shop Loan Uses
- Assisting with day-to-day expenses: especially if you’re faced with the occasional business lull and still need to make payroll.
- Expanding your shop
- Expanding your services
- Investing in new, more efficient equipment
- Restocking or increasing on-hand inventory
- Teaching employees new skills
- Hiring more employees
Auto Body Shop Financing Issues
Traditional lenders often prefer not to lend to facilities dedicated to special purposes like auto body or repair shops, and they will require a lengthy loan process including extensive documentation regarding credit, finances, company history, etc. On top of this, actually getting the money to take advantage of your short-term opportunity may take more time than you have.
Lenders like WCM will have you funded with far less hassle in a much shorter time frame so every opportunity can be within your reach. As well, your business won’t require an excellent credit score, or the longer business history most banks require. There are various finance strategies available depending on your business’s needs, that can get you on the path to achieving your goals.
Apply online today to see if you qualify for one of our small business financing options and start growing your auto repair shop ASAP! Or contact one of our finance professionals with any questions you have about alternative lending.