Auto Repair Shop Loans

Camino Financial09 Nov 2023
Accessing auto repair shop loans is crucial to running an automotive business. Unfortunately, it can be challenging to receive credit approval, which is why at Camino Financial we offer minimal requirements and a fast lending process. If you need access to capital to grow your business, Camino Financial loans are one of your best options: we can offer you from $5,100 and up to $25,000. Apply now!

What Are Auto Repair Shop Loans?

Loans for auto repair businesses are valuable financial products for owners of automotive companies. If approved, they give these businesses a one-payment, lump sum of money they can spend towards the company. There are many expenses related to operating in the auto repair industry, including inventory and equipment financing, paying workers' salaries, and renting garage space. A loan can help finance all these investments and more. At Camino Financial, we offer auto repair shop loans that cater specifically to small business owners just like you.

Camino Financial’s Small Business Loans For Auto Repair Shops

We have minimal loan requirements, so you can easily get the funds you need to grow your business. We can approve your loan even if you don’t have a previous credit history, and you can apply with either an ITIN or an SSN. These are our small business loan options:

Microloans
Amount $5,100 to $25,000
Type of payment Monthly
Repayment terms 24 months
Type of rate Fixed
Origination fee 6.99% of the amount
Requirements
  • monthly revenue of or $2,500 (or $30,000 per year)
  • have an active and registered business for at least 12 months

Learn more about our microloans

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How To Invest The Loan

There are many ways you can invest the proceeds from automotive repair business loans. Here are some ideas:
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Invest In New Technology

Auto repair shops rely a lot on cutting-edge technology to help them diagnose vehicle issues and keep their back-end running.

An auto loan can help you finance it.

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Tools And Equipment Financing

You can use auto repair loans to pay for new equipment.

This could include everything from small tools to expensive, big machinery such as vehicle lifts.
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Repairs And Maintenance

The tools and machinery you use for car repairs need ongoing care.

You can use the funds from our auto repair shop loans to pay for the maintenance.

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Hire Additional Staff

The recruiting process can be expensive and you may not have the capital needed.

Instead, you can use auto repair shop loans to hire new employees.
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Train Employees

Your staff may need to attend training and education courses that you'll pay for.

With external financing, you won’t have to worry about these expenses.

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Expand Your Services

Offering new services can be very lucrative, but it'll also take a significant upfront investment.

Use the proceeds from auto repair shop loans to pay for this expansion.
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Cover Regular Expenses

All small businesses have ongoing rent, insurance, payroll, and utilities.

You can use external financing to finance these things without hurting your cash flow.

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Marketing

If people don't know about your business, it'll be hard for you to succeed.

Auto repair shop loans can help you invest in marketing to bring in new customers.
Apply today!

Steps To Apply

We have made the process of applying for auto repair shop loans straightforward, so you don't face too much of a burden to apply. Here are the four steps you'll need to take to apply for a Camino Financial loan.
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1. Submit An Application

Visit our website to fill out an application. This is quick and completely online. We'll ask for your basic personal information about you and your business.

2. Share Extra Documentation

We'll also ask you to upload supporting documentation. This could include a copy of your photo ID or some financial information about the business.

3. Accept The Final Loan Terms

Once you're approved, we'll present you with the terms for the auto repair shop loan. Review these terms, and if you're good with them, accept them to finalize the loan.

4. Receive The Loan

We'll deposit the funds of your auto repair business loan into your bank account.

*The process may differ depending on which loan you qualify for.

Why Choose Camino Financial

We're a financial institution that works hard to differentiate ourselves from other lenders. As a matter of fact, our mission of helping underbanked businesses has allowed us to become the first-ever Neo-CDFI in the country. We work hard every day for our customers and provide loan products that simply work. Here are just some of our benefits:
  • We don’t want you to have to wait around for days or even weeks for funding. That’s why we provide an easy online application with an instant credit decision.
  • You can receive the capital in just 2 days.
  • We offer fixed loan interest rates and automated payments so you can obtain cost certainty for your loan and never miss a payment.
  • At Camino Financial, we want to make our loans available to many more people. That’s why we accept an ITIN if you don’t have a Social Security Number.
  • Applying for auto repair shop loans with Camino Financial doesn't include a hard credit pull, meaning it won't affect your credit.
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FAQs

How do auto repair business loans work?

Auto repair shop loans work like other traditional small business loans.  You'll apply for funding through a lender, who will ask you to submit supporting documentation about you and your business.  After receiving approval, you'll receive the funds in your account in a few days and have a set period to pay the proceeds back.

When should I consider getting an auto repair shop loan?

There are many reasons why you might consider getting an auto repair shop loan.  This could include: 
  • improving your cash flow to fund payroll or regular ongoing bills
  • expanding your business
  • increasing your marketing
  • purchasing or repairing tools and equipment
  • buying supplies for car repairs

What financing options do auto repair shop owners have?

There are many financial products you can access. The most common ones are:
  • small business loan
  • startup loan or personal loan
  • merchant cash advance
  • business line of credit
  • small business administration loan

How can I get an auto repair shop loan?

Look for different auto repair business loans in the market. Then, make sure to choose the one that offers the best loan repayment terms. Then, simply complete the application, complete the lending process and wait for a credit decision.

*Terms and requirements subject to change without notice.

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