Industries

Auto Business Loans & Financing for Auto Repair Shops

Do you own an auto repair shop or an auto parts business? We have a special loan program just for you! It’s designed to meet the unique needs of small businesses like yours.

We're a Funding Partner with a Proven Track Record

Since 2013, we’ve grown with companies we support.

BUSINESSES FUNDED
10000 +
CAPITAL PROVIDED
10 + MILLION
TRUSTPILOT REVIEW
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What Are Auto Business Loans?

An auto repair business loan or auto parts business loan is made for car industry startups. It gives money for things like buying tools, hiring people, or growing your space. These loans help you grow, manage money better, or get the things you need to serve customers well.

How Financing Works for Auto Repair Shops

Financing helps cover business costs for auto repair shops so owners do not have to carry the entire burden on their own. Basically, these auto shop loans are useful when trying to finance tools, staff, and more. Credit score, revenue, and history determine if one is eligible or not. The cash is disbursed pretty easily once you have been approved, although it attracts some interest when paid back. Term loans, lines of credit, and SBA loans are all among the most common forms of financing that any one shop can use to try and grow and otherwise invest in being able to serve customer needs.

How To Use a Auto Business Loan

Auto business loans will notably develop your car business. You will be able to purchase very important tools and machines. It also enables you to stock auto parts and tires. With the loan, skilled staff can be hired in order to add to your workforce. You can use this for renovation of the shop or to meet daily expenses. You will also be able to fund marketing campaigns to allure customers. Upgrading technology is another valuable option. This includes software for inventory management or enhancing customer service. By utilizing the loan wisely, you can improve your business, increase earnings, and facilitate growth.

Expansion

Owning an auto repair shop can be made easier with the right financing. This is one of the most important ways of using auto business financing.

Equipment

Buying equipment like a lift or specialty tools is easier with auto business loans. It's important to get the right type of lending for your business needs.

Hiring

Good mechanics are key to a great auto shop. An auto business loan can help you find the right team. This way, your business can start running smoothly.

Why Apply for an Auto Repair Business Loan?

The Ability to Invest in Website Updates

Managing a website can be expensive. But, with commercial auto financing, you can get the funds to update it.

The Opportunity to Buy Inventory

It's not just from fixing cars that the money rolls in for mechanics, but also from the sale of parts they use and other supplies. Getting a good loan helps your business acquire the inventory needed.

Make Sure the Necessary Tools are Paid For

Auto shops need tools to work. Auto repair shop loans can help fund these essential supplies.

Minimum Eligibility Requirements

Time in Business

Minimum 1 Year

Business Annual Growth Revenue

No Minimum

Business Checking Account

Yes

US Citizen/Based Company

Yes

FICO Score

500+

Other Financing

Subject to underwriting

Bankruptcies

None preferred

Better Your Business With
SVP Funding Group

Expand Business Location

Hire Skilled Workers

Buy Inventory

Purchase or Repair Auto Equipment

Invest in Website Updates

Pay for Necessary Tools

Auto Repair Shop Financing FAQ

So, before you run out and finance that car loan, it’s important to take a moment and ask yourself what really is the best for your business, overall. Yeah. Planning would be very beneficial. It will help you to use those loans in the best way possible; like you may want to hire some people, buy supplies or expand your workshop a little bit. It’s just the right idea that’s going to affect how good you’re with that kind of money.

The loaning for an auto repair shop can look like term loans, business lines of credit, working capital loans, and even cash or capital advances. Each of these loans comes with different terms and loan amounts based on qualifying factors.

Reach out to a lender to apply for auto business financing. It’s best to have all your financial information for your business including income, expenses, assets, and profits for a year or more. If you’re just starting out, lenders may look at your personal credit to make a determination.

Businesses that are profitable are more likely to get approved for lending. If you’re just getting started, work on keeping your credit score in good standing, have a thorough business plan, and have money to invest in it yourself. These will help you get lending for your auto repair shop business.