Specialized Financing For Your Auto Repair Business
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy application and approval process.
Funding specialist support from start to finish.
Tailored financing options for your business.
Get funded within 24 hours from loan approval.
AUTOMOTIVE REPAIR SMALL BUSINESS LOANS OVERVIEW
What Is an Automotive Repair Business Loan?
The automotive repair industry plays a crucial role in keeping vehicles on the road and ensuring the safety of drivers. Whether it's fixing engine problems, replacing parts, or performing routine maintenance, automotive repair shops require a steady flow of capital to cover expenses. However, many repair shops are small businesses with limited financial resources, making it challenging to fund necessary repairs and upgrades.
To overcome these challenges, small business loans can provide quick and easy access to the financing needed to keep the shop running smoothly. At Steer Financial, we work with over 45 top lenders to match your automotive repair shop with the best funding solutions. To qualify for an automotive repair loan, you'll typically need to provide proof of revenue and a solid business plan. Our partnered lenders will also consider your credit score, time in business, and any collateral you can provide.
Auto Repair Small Business Loan Topics:
With Steer Financial, we can help you navigate the loan application process and find the best financing options for your business.
Automotive repair shops require constant financial support to keep up with the demand for repairs and maintenance. Small business loans provide a valuable solution for funding these expenses, and Steer Financial can help you find the best financing options for your business. With our support and resources, you can take your automotive repair shop to the next level and achieve long-term success.
Below you will find important information regarding the various types of automotive repair loans available, what they can be used for, how to qualify for them, how to obtain them, and why Steer Financial is an excellent option for your small automotive repair business.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Auto Repair Small Business Loans
Small business loans can be a valuable source of financing for auto repair shops looking to expand, purchase new equipment, or cover unexpected expenses. Here are three different types of auto repair small business loans that may be available to you:
Equipment financing or leasing are loans specifically designed to help purchase new or used equipment for your auto repair shop. The equipment you purchase serves as collateral for the loan, and the loan term is typically tied to the expected useful life of the equipment. This type of loans can be a great option if you need to upgrade or replace compressors, lifts, diagnostic tools, power tools, or tire machinery.
Working Capital Loans
Working capital loans provide a lump sum of cash that can be used for any business expense, from paying bills and buying inventory to hiring additional staff. These loans can be useful for auto repair shops that need to cover unexpected expenses or want to invest in growth opportunities.
Business Line of Credit
A business line of credit provides a revolving line of credit that can be drawn upon as needed. This type of loan provides flexibility for auto repair shops that may have unpredictable cash flow or need to cover unexpected expenses. With a business line of credit, you can borrow as much or as little as you need up to your credit limit, and you only pay interest on the amount you borrow.
What Can Automotive Repair Loans Be Used For?
Automotive repair small business loans can be used for a variety of purposes related to running an auto repair shop. Here are a couple of points that automotive repair loans can be used for:
Automotive repair loans can be used to purchase new or used equipment for your repair shop, such as lifts, diagnostic tools, tire changers, and alignment machines. Having access to up-to-date equipment can help your shop provide better service and increase efficiency.
Labor costs and hiring staff
If you need to hire additional staff or provide training for your existing staff, an automotive repair loan can help cover the costs. This can include hiring a new mechanic, providing training on new equipment or software, or investing in management training.
Renovations or expansions
If you're looking to renovate or expand your auto repair shop, an automotive repair loan can help cover the costs. This can include renovating your existing shop to accommodate more vehicles or expanding your shop to include additional bays or services.
How To Qualify for an Automotive Repair Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure an automotive repair small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
At least 6 months in business.
At least $15,000 per month in deposits.
Minimum of 600+ personal credit score.
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure an Auto Repair Small Business Loan
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.