Automotive Business Loan

Automotive Business Loan

Let's Get Started

Table of Contents

    Take Your Business to the Next Level with an Automotive Business Loan

    Business owners in the automotive industry often find themselves in an awkward situation: a majority of operational funding relies on customer payments, but most customers only pay the full amount when the job is done. So how do automotive businesses cover payroll and other business expenses, while working on jobs, waiting for payment?

    Sometimes, business opportunities come up – maybe multiple, or lengthy projects – that could require new and expensive car parts. Would you be willing to give up those opportunities just because you don’t have working capital available and your competition does?

    Auto shops often have to invest a substantial amount of cash to provide high-quality service – even without seeing an immediate increase in revenue. Because auto shops are usually covered by insurance companies, they often have to continue serving their customers as they wait for reimbursements.

    Car dealerships, another sector of the automotive industry, experience similar cash flow problems. Since 75% of their assets are invested in new cars and trade-ins, profits are only realized when a car is sold.

    Additionally, the car dealership business can be highly seasonal. Despite an off-season, the dealership still needs to pay dealership fees and offer competitive rates and discounts, while maintaining marketing campaigns throughout the year.

    Automotive businesses could often use the help of an automotive business loan. SMB Compass has funded different types of automotive companies throughout the United States, such as:

    • Towing
    • Car Dealership
    • Auto Repair
    • Tire and Auto Parts
    • Car Wash and Detailing

    SMB Compass understands that auto businesses need working capital to strive in a competitive market. This is why we specialize in providing personalized automotive business loans for auto businesses in the US. We will work with you to find a financing product that fits your needs and goals.

    Ready to apply for Automotive Business Loan?

    Best Ways to Use an Automotive Business Loan

    Automotive businesses are capital intensive, but with an experienced funding partner, your business will continue to thrive. Here are different ways you can use an automotive business loan:

    • Store improvements
    • Open new locations
    • Purchase parts, equipment, and inventory
    • Advertising and marketing
    • Hire new employees
    • Education and training for employees
    • Operating expenses
    • Refinance existing debt
    • Pay for unexpected business expenses

    Ready to apply for Automotive Business Loan?

    Different Loan Options for Auto Business Loans

    Automotive businesses need funds to pay for operating expenses, open new locations, purchase equipment, etc. SMB Compass believes that your business deserves the best, so we will help you find the perfect financing solution for your business. Listed below are the most common automotive business loans:

    Ready to apply for Automotive Business Loan?