Financing for automotive care businesses
A shop needs bays, heavy equipment and permits that cannot move overnight. We help you explore capital to grow or financing to buy the building where you work.
GROW™ — capital for your next stage
GROW™: up to $350,000, up to 10-year terms, no prepayment penalty and no specific personal collateral required.
What owners typically invest in
- Lifts and alignment equipment
- Scanners and diagnostic software
- Tooling for hybrid and electric vehicles
- Parts and lubricant inventory
- Hiring certified technicians
- More bays or a second location
OWN™ — buy the building where you operate
Lifts anchored to the slab, air lines and alignment equipment are expensive to install and more expensive to move. Many cities limit where a shop may operate, so losing a lease can mean losing the neighborhood that knows you. Owning the property protects that investment and your location.
What lenders typically review
Lenders usually review how long the business has operated, its cash flow, the owners’ credit and the steady flow of repair orders. For GROW™, reference guidelines include three or more years in operation, a personal FICO of 650 or above, a minimum SBSS score of 165, personal and business debts current, repayment capacity with a minimum DSCR of 1.25x and no bankruptcy in the last seven years. GROW™ does not require specific personal collateral, though limited business collateral requirements may apply. To buy the property through OWN™, your business must occupy most of the building.
Frequently asked questions
Can I finance equipment and the building together?
In many cases fixed equipment can be included in the purchase structure. It depends on the transaction and lender approval.
Does zoning matter?
Yes. The lender and appraiser confirm that automotive use is permitted and that there are no open environmental issues.
How much can I request for equipment?
GROW\u2122 covers up to $350,000, with terms up to 10 years and no prepayment penalty. The amount depends on your cash flow.
Do I need personal collateral?
GROW\u2122 does not require a lien on specific personal assets. Limited business collateral requirements may apply.
Related uses of capital
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Learn more The right equipment lets you serve more customers, work faster and offer new services. With working capital you can invest in it without draining your operating account.
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Find out what your business may qualify for
Answer a few questions and an advisor will review your case, with no obligation.
All financing is subject to approval, financial analysis and lender terms.