Business Loans for auto repair shops are popular because lenders provide extremely cheap interest rates. Still, with strict credit criteria, extensive paperwork, profit requirements, and a minimum gross sales requirement that most small businesses lack, obtaining funding through traditional means can be difficult. Generally, the repayment duration is usually 3 to 5 years, however it can be extended to 10 years.
AUTO REPAIR SHOP BUSINESS LOANS INFO:
- Lending Rates: Rates start at 7%.
- Loan Term: length of loan ranging from 3 years to 5 years.
- Payment Type: Affordable monthly payments.
- Origination Fee: The fee is 1% to 3%.
- Credit Score: Credit ratings ranging from good to exceptional.