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Auto Repair Shop Loans
Accessing auto repair shop loans is crucial to running an automotive business.
Unfortunately, it can be challenging to receive credit approval, which is why at Camino Financial we offer minimal requirements and an online lending process.
If you need access to capital to grow your business, Camino Financial loans are one of your best options: we can offer you from $10,000 to $50,000.
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;What Are Auto Repair Shop Loans?
Loans for auto repair businesses are valuable financial products for owners of automotive companies. If approved, they give these businesses a one-payment, lump sum of money they can spend towards the company. There are many expenses related to operating in the auto repair industry, including inventory and equipment financing, paying workers' salaries, and renting garage space. A loan can help finance all these investments and more. At Camino Financial, we offer auto repair shop loans that cater specifically to small business owners just like you.Camino Financial’s Small Business Loans For Auto Repair Shops
We have minimal loan requirements, so you can easily get the funds you need to grow your business. These are our small business loan options:
Business Loans |
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| Amount | $10,000 to $50,000 |
| Type of payment | Monthly |
| Repayment terms | 24 months |
| Type of rate | Fixed |
| Interest rates | 32% to 45% |
| Requirements |
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Learn more about our business loans
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How To Invest The LoanThere are many ways you can invest the proceeds from automotive repair business loans. Here are some ideas: |
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Invest In New TechnologyAuto repair shops rely a lot on cutting-edge technology to help them diagnose vehicle issues and keep their back-end running. An auto loan can help you finance it. |
Tools And Equipment FinancingYou can use auto repair loans to pay for new equipment. This could include everything from small tools to expensive, big machinery such as vehicle lifts. |
Repairs And MaintenanceThe tools and machinery you use for car repairs need ongoing care. You can use the funds from our auto repair shop loans to pay for the maintenance. |
Hire Additional StaffThe recruiting process can be expensive and you may not have the capital needed. Instead, you can use auto repair shop loans to hire new employees. |
Train EmployeesYour staff may need to attend training and education courses that you'll pay for. With external financing, you won’t have to worry about these expenses. |
Expand Your ServicesOffering new services can be very lucrative, but it'll also take a significant upfront investment. Use the proceeds from auto repair shop loans to pay for this expansion. |
Cover Regular ExpensesAll small businesses have ongoing rent, insurance, payroll, and utilities. You can use external financing to finance these things without hurting your cash flow. |
MarketingIf people don't know about your business, it'll be hard for you to succeed. Auto repair shop loans can help you invest in marketing to bring in new customers. |
Steps To Apply
We have made the process of applying for auto repair shop loans straightforward, so you don't face too much of a burden to apply. Here are the four steps you'll need to take to apply for a Camino Financial loan. |
1. Submit An ApplicationVisit our website to fill out an application. This is quick and completely online. We'll ask for your basic personal information about you and your business. |
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2. Share Extra DocumentationWe'll also ask you to upload supporting documentation. This could include a copy of your photo ID or some financial information about the business. |
3. Accept The Final Loan TermsOnce you're approved, we'll present you with the terms for the auto repair shop loan. Review these terms, and if you're good with them, accept them to finalize the loan. |
4. Receive The LoanWe'll deposit the funds of your auto repair business loan into your bank account. |
Why Choose Camino Financial
We're a financial institution that works hard to differentiate ourselves from other lenders. As a matter of fact, our mission of helping underbanked businesses has allowed us to become the first-ever Neo-CDFI in the country. We work hard every day for our customers and provide loan products that simply work. Here are just some of our benefits:- We don’t want you to have to wait around for days or even weeks for funding. That’s why we provide an easy online application with an instant prequalification decision.
- We offer fixed loan interest rates and automated payments so you can obtain cost certainty for your loan and never miss a payment.
- Applying for auto repair shop loans with Camino Financial doesn't include a hard credit pull, meaning it won't affect your credit.
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FAQs |
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How do auto repair business loans work?Auto repair shop loans work like other traditional small business loans. You'll apply for funding through a lender, who will ask you to submit supporting documentation about you and your business. After receiving approval, you'll receive the funds in your account in a few days and have a set period to pay the proceeds back. |
When should I consider getting an auto repair shop loan?There are many reasons why you might consider getting an auto repair shop loan. This could include:
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What financing options do auto repair shop owners have?There are many financial products you can access. The most common ones are:
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How can I get an auto repair shop loan?Look for different auto repair business loans in the market. Then, make sure to choose the one that offers the best loan repayment terms. Then, simply complete the application, complete the lending process and wait for a credit decision. |
*Terms and requirements subject to change without notice.
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