Are you an auto repair shop business owner looking for fast working capital and can’t wait for the banks? We offer up to $25,000 the same business day. Read more about our same day auto repair shop business loans below.
There are over 240,000 auto repair shops in the U.S., generating over $65 Billion in revenue. Although the auto repair industry is huge, there’s a lot of overhead in keeping the shop open.
Auto repair shop equipment is very expensive, and if you don’t have extra working capital laying around you are left with faulty equipment. Also, there is a huge employee shortage right now, and companies are paying top-dollar just to lure new hires.
With same day auto repair shop business loans you can get money today for anything you need for your business. The requirements are simple and easy to qualify for (much easier than banks who only approve 13% of business loans):
Must be in business for 6 months, have a credit score of 450, and generate a minimum of $5,000 per month in revenue. That is only $167 per day – most businesses easily make that.
What are Same Day Auto Repair Shop Business Loans
Same day working capital loans are actually business cash advances. You won’t get a traditional bank loan in 24 to 48 hours like you can with a merchant cash advance and a business cash advance.
What are MCAs and BCAs? Merchant cash advances are short term advances, usually less than a year in length, that are paid back through your business’ future credit card transactions.
Business cash advances are a little more lenient, as they are paid back with your general business revenue, not through credit card transactions – which makes it a lot easier for businesses who seldom accept cards or not at all.
The best advantages of business cash advances are:
- Get funds the same day or next day.
- No collateral is needed.
- Bad Credit Ok.
- Paid off daily or weekly through ACH.
- Do what you want with the money.
- Can Reapply for more money over and over.
How Same Day Auto Repair Shop Loans Work
Whether you are a business owner in the auto industry wanting a mechanic merchant cash advance or an auto body repair shop owner wanting a business advance, we have you covered.
Filling out the application takes 5 minutes. If pre-approved, you will see a screen with the terms and loan amounts you can get. If the terms and amounts are suitable for you, you will click the button that says “Accept”.
You will then go to the second step where you connect your business checking account. You need a business checking account to get a BCA or a MCA – no exceptions. The underwriters will then look at your business revenue and go from there.
If the numbers look right, you will get a contract emailed to you. You will also get a text. If you need to get back into your loan, do not apply again. Simply find the email from your first loan. It might be in spam, so check there.
If your bank statements are in order and everything looks good, chances are you can get money in your business account the same day. Your chance of getting the money the same day is improved the earlier you apply. If you apply before 10 AM EST, chances are very good that by the end of the day your funds will be in your bank!
Why Apply for Same Day Auto Repair Shop Loans
Last year destroyed a lot of businesses. Nearly 10% of all small businesses closed last year, temporarily or permanently. We don’t ever want to see that again. We take every closure personally because we are business owners as well.
Simply click apply here beneath this article to fill out the application. It won’t hurt your credit score and you can see if you qualify for the same day auto repair shop business loans – this could save your business!