Business Loans for Auto Repair Shops & Body Shops

🗸 SBA Loans for Auto Repair Shops

🗸 Business Lines Of Credit

🗸Equipment Loans for Auto Repair Shops

🗸 Fast Funding with Merchant Cash Advances

🗸 Startup Loans for New Auto Repair Shops

🗸 Finance or Lease your New Equipment

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Business Loans for Auto Repair & Body Shops

Our Financing Options at Neal Business Funding

  • We are the experts in small business financing for Auto Repair and Body Shops, so you will get personal service from the application process right through to funding your loan. Our lenders at Neal Business Funding can get funding from $5K to several million dollars, with both short term funding and longer-term loans. When you contact us, you’ll get full, comprehensive details about what our loans contains and what they can do for you. For any aspiring mechanic who wishes to begin working for themselves or an existing shop that wants to buy new equipment to replace old or expand the business, these auto repair shop loans will be able to take care of all the financial details and help you begin your entrepreneurial dream.

Merchant Cash Advance Loans – Our cash advances don’t require you to have excellent credit but you will need to cash flow over $10k per month. Our cash advance program focuses on approving your business loan, which can be funding within 2-3 days and up to $500K. You don’t need tax returns for up to $100K, making it great for emergencies, bulk purchases, and the seasonal ups and downs of cash flow when starting a business.

A business line of credit – With a revolving line of credit, you can become a competitor in your industry. Our credit lines help businesses with an established financial history have access to money. Existing companies can have credit up to $500K . Our interest rates range from 0 to 10%, depending on the line of credit, and no collateral is needed. For start-up businesses, they can receive lines of up to $150K, depending on your financial history.

Equipment Loans – For the significant pieces such as the hydraulic lifts and air compressors, our equipment loans will be able to give you tax advantages, help preserve your credit, help you keep up with new technology, and free your allowance for other parts of your business plan. Some of the equipment we finance includes frame machines, scanning tools, alignment machines, and lifts. We require almost no down payment for our loans, and our base loan prices begin at $25K. With these loans, we offer multiple programs to choose from, including:

    • Federal programs: Police stations, fire departments, and school libraries often qualify for our leasing programs. These programs are pretty much guaranteed approval because they’re municipal organizations.
    • Sale & Lease-Back programs: Companies with less than strong credit histories that need equipment, we offer sale & leaseback programs, allowing you to make payments until the total auto body shop loans are repaid, thus enabling you to have full ownership of the equipment.
    • B, C, and D programs: Companies struggling can also benefit from our B, C, and D programs, which allow you to obtain the equipment you need and make low, ongoing payments on the equipment without the intention of ownership.

SBA Loans – As our most popular option, SBA loans provide more money at longer-term rates, which work great for business expansions and start-up businesses. These loans typically have lower interest rates and can be used for purchasing heavy equipment and machine tools or even real estate. Auto repair shop financing gives you a new way to establish your business. SBA Loans can approve up to $5 million, and are an excellent, secure way to begin or expand any business, no matter if you need auto repair financing or auto body shop loans.

Commercial Real Estate Loans – When beginning or expanding a business, purchasing a piece of property can be daunting. Our commercial real estate loans can help finance or refinance your business. They can be combined with other investments to encompass the full spectrum of what you need to begin your auto repair shop or auto body shop. These loans are also available as an SBA loan.

What You Need to Qualify for a Business Loan

  • Because we offer financing for small businesses and real estate investors, our lenders need to attain security in their investments. At Neal Business Funding, we require information related to you and your business to qualify. Some loan requirements we may need include:
  • Credit Scores – Depending on the loan, our lenders at Neal Business Funding may require your credit score and your business credit score to apply for auto repair shop loans.
  • Age of your business – Some SBA loans will require you to inform our lenders of how old your business is. If your company has been around for at least a year, then you’ll be able to qualify depending on which loan you apply for.R
  • Revenue and Income – For businesses already in production, lenders will require annual revenues between $50,000 and $150,000 for the company and your operational income to be higher than your expenses. For those starting, however, our lenders at Neal Business Funding will most likely need personal revenues and income instead of corporate profit.
  • Assets and Collateral –  If applying for one of our secured business loans, then you’ll need to mark any identifying assets, such as equipment, real estate, and inventory, to back against the loan. Unsecured business loans won’t require collateral.
  • Intent –  Other information our lenders may need will be the intent of how you plan to use the money. Our lenders for auto repair shop financing may need to place limits on what you can spend as part of the terms and agreements.

When you apply you will need the following as a minimum, but some loans will require more:

  • Three months bank statements
  • Corporate Entity Papers
  • Completed Application
  • Government Issued ID / Drivers License

How to Finance A New Auto Repair Shop

So, now that you’ve learned of our financing options, how to prepare for loan repayments, and what kind of business you think you’d want, then it’s time to learn how to begin. Through this, you’ll be able to see what you need to start your dream of opening an auto repair shop or auto body shop.

Create a business plan. Outline what services you offer, your business mission statement, and predict your financial projections for the year. See if you need to hire some staff, some employees, and take the time to research what your competing business is using as an advantage. Take an in-depth look into finances and accounting, because at the heart of every business is the person who manages your funds. The parts of your business plan that you should consider:

  • Hire employees and mechanics
  • Forming relationships with your suppliers
  • Purchasing equipment
  • Advertising

Secure funding. Auto repair shop financing involves finding the right funding and obtaining the correct loans for your business. Your business plan should include what financing options you plan to have once you find your business, and contact us for guidance for which financing options are right for you.

Find a location.  If you require purchasing, building, or leasing a shop, our financial options might be able to provide the tools to get started.

Starting an auto repair shop can be a risky challenge because the notion of the idea revolves around it is your own business. You don’t have the security blanket of working for a collision center or an auto repair shop owned by Jiffy lube, or Pep Boys for that matter. With an entire career of mechanics under your belt, taking a drive towards starting your own business can be a confusing, nerve-racking expenditure of your time and money. If you have the gumption to start, having capital will be your best friend. How do you get capital? Turn to a lender and get auto repair shop financing.

Neal Business Funding

Auto Repair Shop Financing Experts

What We Do At Neal Business Funding

  • When it comes to auto repair shop loans and body shop financing, anything is possible if you have the right mindset for your business. At Neal Business Funding, we build and establish entrepreneurs towards their dreams by providing the funding. We specialize in giving small business owners, and real estate investors access to capital by working tirelessly towards approving the loans they need to succeed. Founded by CEO Dave Charron, Neal Business Funding focuses on hard work, building clients overtime through reliable business solutions. By offering the most affordable plans at the lowest interest rates, we make auto repair shop financing easy by providing loan applications that guarantee prosperity for any start-up business. If you want to learn more, then contact us today!

We are the Auto Repair Shop Lending Experts! Call Now or Fill Out The Pre-Approval Form !

Apply for Financing for your Auto Repair Shop Now!

When you're looking for financing for your Auto Repair or Body Shop it is best to apply for your financial loan with Neal Business Funding. We're the premier Auto Repair Shop loan provider in the US.

Call us today at 315-699-4703 or fill out our contact form to begin.

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