An auto repair business has nearly as many moving pieces as a car’s engine: parts orders, equipment maintenance, marketing, rent, payroll, and training. While every piece of the puzzle is necessary, capital lies at the heart of it all. If funds are low because business is slow, you may need an infusion of cash to keep things going. And when your equipment suddenly stops working, you don’t have time to make enough to cover a replacement. Just like you specialize in fixing up vehicles so they work correctly, some small business lenders excel at financing auto repair shops.
When you work with a top auto repair business loan company, you can:
- Purchase high-ticket diagnostic equipment without draining your cash reserves.
- Stock up on tires, parts, and fluids to qualify for volume discounts.
- Expand your services or open a second location to meet growing demand.
- Smooth over seasonal revenue dips.
- Bridge cash flow gaps while waiting for customer payment.
Here’s a breakdown of excellent financing companies for auto shops that can help your business run like a well-oiled machine.
1. Bluevine: Streamlined Credit Line and Banking
Bluevine offers a complimentary business checking account with their lines of credit so that you can manage your loan from a single, streamlined dashboard.1 They also use your banking and revenue history to evaluate your business rather than just your credit score. It’s a straightforward financial tool for high-volume, low-margin shops.
Auto repair business owners often face cash flow gaps while customers wait to pay until you finish work on their vehicles. But you still need to cover payroll, purchase parts, pay utilities, and handle emergency jobs. With a Bluevine credit line, you can borrow up to $250,000, only pay interest on what you use, set up automatic weekly or monthly repayments, and replenish your credit line to cover future gaps.2
2. Fundbox: Lines of Credit Connected to Software
Fundbox offers lines of credit to small businesses using your business banking and accounting data to evaluate risk beyond your credit score.3 Connecting to relevant financial software allows Fundbox to approve your application within minutes and transfer funds by the next business day.
Fundbox is a favorite among auto shop owners who want transparency and speed. You can see the upfront fees on their platform when you draw on your line of credit. And they don’t charge fees for paying off your loan early.4
Maybe your shop relies on tire sales and you want to buy inventory in bulk during a seasonal discount window. With a Fundbox revolving line of credit, you secure funding in time to jump on the bargain. You boost your profit margins without draining your operating cash, and can pay off the financing on your timeline.
3. Cardiff: Personalized Equipment Financing
As one of the best lenders for small business loans, Cardiff stands out for its personalized financing and fast turnaround. You can apply in two minutes, receive approval in five minutes, and secure funding as fast as same day.5 They also offer personalized customer service by assigning you a loan representative and customizing their funding products to your industry.
Cardiff’s commercial equipment financing is especially useful for auto body repair shops. With a leasing or loan option, you can pay for necessary tools and machinery over the next 24 to 60 months.6
Let’s say a dealership partner wants to send you 30 extra cars per month for repairs, but you need a second lift and two more techs to handle the volume. With Cardiff, you can quickly finance the lift through equipment financing and cover your hiring costs with a working capital loan. The additional income covers your financing without overextending your budget.
4. Credibly: Revenue-Based Loans
Credibly offers working capital loans based on your shop’s monthly revenue.7 They design payments to match your shop’s cash flow. This financing is ideal for auto repair businesses with fluctuating incomes or less-than-perfect credit histories. Credibly can quickly fund you if your credit score is over 500 and your monthly deposits are over $15,000.7
Revenue-based financing from Credibly is a solid option for auto repair shops in growth mode.8Like when you have so many jobs that you’ve used up your stock of parts. Instead of draining your cash reserves to pay for the inventory order upfront, you can purchase the parts with Credibly’s merchant cash advance and pay it off with a percentage of your income.
5. Lendio: One Application, Multiple Offers
Lendio acts as a marketplace rather than a direct lender. For auto shop owners who aren’t sure what type of funding fits best, this is a smart way to compare loan terms, rates, and products side by side. You fill out one application, and receive personalized offers within 72 hours from a network of more than 70 lenders.9
Lendio works with the top auto repair business loan companies and offers a variety of financing products that can meet your specific needs. Their experienced customer support team can walk you through offers for debt financing, bridge capital, equipment financing, and business term loans so you can make the best choice for your business.10
Quality Service For Your Business
You build your auto repair business by offering speedy and precise service. Maybe you’re known for the fastest oil change in the city. Or all your repaired vehicles might purr like kittens as your customers drive away.
You and your shop deserve the same high-quality financing as the cars you work on. With top lending companies like Credibly, Fundbox, Cardiff, Lendio, and Bluevine, you get fast approvals and funding, responsive service, personalized terms, and practical financing.
1https://www.bluevine.com/business-loans/line-of-credit#can-i-open-a-bluevine-business-checking-account-with-my-line-of-credit
2https://support.bluevine.com/s/article/What-are-the-Bluevine-Line-of-Credit-repayment-plans-and-their-requirements
3https://fundbox.com/resources/guides/auto-repair-loans/
4https://fundbox.com/
5https://cardiff.co/learn/faq/
6https://cardiff.co/
7https://www.credibly.com/revenue-based-business-loans/
8https://www.credibly.com/industries-we-serve/
9https://www.lendio.com/
10https://www.lendio.com/industry/auto-repair