Auto Repair Store Loans FAQ
How long does it take to get a loan for an auto repair store?
This depends on where you get your loan. Banks will typically take anywhere from ten days to a couple of months to approve your loan. Online lenders are usually much faster, taking anywhere from one day to a couple of weeks.
Can I get a business loan for an auto repair shop with bad credit?
Yes, you can. There are business lenders that offer bad credit loans to any business borrowers with low credit scores. Then, there are other lenders who provide loans to business owners with a wide range of credit scores.
In any case, you can expect to be rejected by many lenders if you have bad credit. You can also expect worse terms and interest rates on any loans you take out. However, you will almost always have access to at least a few business loans.
How big of a business loan can I get for an auto shop?
CSBFP loans can grant you up to $1,000,000. You will find similar limits from many business lenders. However, the amount any lender will give you will depend on their assessment of your business. If your business is large and profitable, lenders will likely be more willing to offer you a larger loan. Alternative and online business lenders typically would lend no more than 500,000. The loan sizes are typically between 40,000 and 150,000.