Reviews from auto repair small business owners.
Business owners love that Lendio helps them get funding without the headaches.
Auto repair business loans, fast.
Apply for financing today to build your business, upgrade your equipment, or fund your next project.
Applying is free and won't impact your credit*
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$176 million
in small business funding facilitated in the last decade.
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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
How much can I qualify for?
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
Lendio knows the auto repair business.
Whether you’re looking to grow your auto repair shop or purchase updated machinery to work on the latest models, we have the best lenders all in one place, offering a variety of business loans.
Bridge capital during slower months
Stock essential parts, tools and equipment
Refinance existing debt
Pay your mechanics and staff
Invest in marketing
What type of commercial real estate funding is best for your business?
These are the most popular types of funding that other auto repair-based businesses qualify for through Lendio.
Business Line of Credit
Access available funds whenever you need them, and only pay interest on what you draw.
Revenue-Based Financing
Access funding based on your future revenue and repay with regular payments.
Business Term Loan
Borrow a lump-sum with a set repayment schedule, and get funding quickly with online options.
What types of business loans are available to auto repair businesses?
Revenue-based financing
Also called a business cash advance, revenue-based financing enables business owners to borrow money based on future income. The borrowed amount is then repaid in daily or weekly installments.
Term Length
1-15 months
Max Loan Amount
$1 million
Debt financing
Debt financing is a traditional loan product, as borrowers receive the full loan amount and then make regular monthly payments to repay the loan principal in full. Auto repair shop owners have two options when it comes to debt financing: term loans and SBA loans.
Term Length
6 months-25 years
Max Loan Amount
$5 million
Line of credit
A business line of credit works the same way as a credit card, but the borrowing amount and interest rates are often much better. Because the money can be used for any business expense, a line of credit is a helpful financial tool for businesses with intermittent cash flow issues.
Term Length
6-24 months
Max Loan Amount
Up to $250,000
Equipment financing
Equipment financing is a special type of financing used specifically to purchase equipment. If you opt for a leasing agreement, the equipment itself will serve as collateral for the loan.
Term Length
1-5 years
Max Loan Amount
$5 million
FAQs
Find answers to some commonly asked questions in the auto repair industry.
What can I use auto repair business loans for?
Auto repair business loans can be used for any business-related expense. They can be used for large asset purchases or general capital needs. The one exception is equipment financing, which can be used only to purchase the specified equipment.
What are the benefits of an online lending marketplace?
Not only is the application much faster and easier to complete, but borrowers have access to a multitude of lenders at once and, after choosing an offer, can receive the full loan amount in less than 24 hours.
What is an SBA loan?
An SBA loan is insured by the federal government, but is processed and funded by traditional lenders. Borrower eligibility requirements are harder to meet, and the processing time is much longer than an online loan, but rates are often lower and the loan amounts are often much higher. However, borrowers with strong credit profiles will likely be offered great loan terms, regardless of where they look.
What are the different types of SBA loans?
Business owners have three types of SBA loans they can apply for: microloans, 504 loans, and 7(a) loans. Microloans are for small capital needs between $500 and $50,000. 504 loans are intended for large asset purchases and come in amounts up to $5 million. 7(a) loans also come in amounts up to $5 million, but are intended for general capital needs.
Ready for funding?
See what you can qualify for on the Lendio Marketplace.