Our Loan Officer knew exactly how to meet our needs. We were approved for our loan in 24 hours. This short term loan allowed us to grow and we’re launching new products.
Applying for an Automotive Industry Business Capital Loan, traditional lenders make it difficult for business owners to get the funds they need. The US Treasury department reports rejection rates have been roughly above 80% over the past several years with both the SBA and banks. The application process is very cumbersome. It can take 4 to 8 weeks, including a large amount of paperwork, and then you could still get a denial. Additionally banks will reject applicants because of bad credit. If they do approve funding, they are going to want personal guarantees of collateral. The fact is most automotive businesses won’t qualify an Automotive Industry Business Capital Loan.
According to IBIS-World a lender of business intelligence, the Auto Mechanics industry has grown steadily. As the need for quality auto repair continues to grow. Automotive stores and shops need to offer new services require modern equipment to keep up with technological advancement of the industry. Your best option for a capital loan might be through a bank. Banks and SBA lenders interest rates tend to be lower than alternative lending. Our goal is to help small and mid-sized Auto Repair Shop owners by providing them with a simple and convenient alternative to traditional bank loans. We aim to help you keep your business going and growing.
The application process is different from other banks or lenders. We focus on the actual business performance that can be reviewed with a few months of bank statements. This allows us to be flexible on credit history checks and avoid the unlimited documents connected to your approval. We offer funding from $5000 to $250,000. The actual rate and term is dependent on the performance of the business. How much capital that can be borrowed depends on the monthly deposits. There is very little paperwork involved this is the main reason why the application process is so quick. There is not a single bank in the country that can approach the efficiency and speed of what an alternative lender can do for you.