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New Equipment Today. Full Write-off This Year.
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How Auto Shop Financing Loans Can Work for You
Whether you’re running a family-owned body shop, a franchise of a national auto repair company or a local car dealership, people rely on your business to keep them on the road. With the constant evolution of vehicle technology, it’s important that your shop keeps up with the latest equipment. Auto shop funding like equipment leases and machinery loans allow you to get the equipment you need to stay competitive and provide the best service.
Stay up to Date
- Get equipment so you can run diagnostics on new cars as new technology is released
- Have the machines you need to repair new vehicle systems
Save at Tax Time
- You could be eligible for significant tax savings through the Section 179 deduction
- Potentially deduct the cost of your equipment from your taxes while paying the lease over time
Free Up Cash Flow
- Keep cash on hand to pay for inventory, rent and payroll
- Maintain working capital to invest in marketing and growing your business
Stress-Free Upgrades
- Automotive repair equipment financing gives you the chance to upgrade your equipment without buying new
- Outfit your shop with the latest equipment so you stay ahead of the competition
Automotive Repair Equipment Financing Details
We offer auto shop financing and leasing programs designed to help you get the tools and equipment you need. Our programs help you avoid disrupting your cash flow while giving you access to the latest technology. Lease programs are available for both new and pre-owned equipment.
Buying automotive equipment is typically a one and done deal, but leasing can give you the flexibility to upgrade and add to your equipment to suit your needs. This way, you’ll always be on the cutting edge of automotive repair.
Qualifications for Equipment Financing and Leasing
6 months
in business
FICO score
over 575
Equipment quote
from a vendor
How to Apply
The auto shop financing application process is simple and easy. Fill out an application in only a few minutes so you can start planning for your new repair equipment and tools. We’ll contact you to find out exactly what you need and how a lease program can help.
Why National Funding?
There are plenty of machines you need to run a successful auto repair shop. However, the machinery isn’t the only equipment you need to help drivers stay on the road. At National Funding, we’ve worked with auto repair shops in the past, so we understand the other tools you need in addition to repair machinery. Our automotive equipment leasing programs can be structured to include the tools you need as well as maintenance service for your machinery.
We Know Auto Repair Businesses
Experience supporting auto repair shop business ownersTrusted by Businesses Like Yours
Over $3 billion in funding to more than 50,000 businesses nationwidePersonalized Experience
Equipment financing solutions and payment options tailored to your specific needsFast & Easy Application Process
No-cost, no-obligation easy application processLoan Specialists Who Care
Experienced Loan Specialists help you make the right decisionPreserve Cash
Hold on to more of your hard-earned cash for use in other parts of the businessRatings & Reviews
We’ve helped thousands of business owners like you get equipment to keep their businesses competitive.
Disclosures
Legal Disclosures
True to our mission, we encourage you to read the following policies and learn how they affect you as a client.
(1) 24 hours:
Fast approvals and 24 hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
(2) Early payoff discounts:
National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Equipment Finance customers who pay off the total remaining balance early, at any point during the contract, will automatically receive a 6% discount off the total remaining balance. Working Capital customers who pay off the total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
(3) Automatic payments:
Loan payments are withdrawn via Automatic Clearing House (ACH) Monday through Friday excluding bank holidays.
(4) Wide variety of payment options:
- Equipment Financing: payments are remitted monthly with terms of 2-5 years
- Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months
(5) Potential Tax Savings:
The Section 179 Tax Deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Meaning, if you buy (or lease) a piece of qualifying equipment, you can deduct 100% of the purchase price from your gross income. You can secure the equipment, tools, and technology you need, while also taking advantage of significant tax deductions - up to $1,000,000. Consult your tax professional for more details.
(6) Guaranteed lowest payment:
Pursuant to the terms and conditions specified in these Rules and Restrictions of the Guaranteed Lowest Payment, National Funding guarantees to provide the lowest payment on equipment leased through National Funding, for lease terms from 24 to 60 months, or to pay $1000 towards qualifying executed leases. Lease payment comparisons must be based on a lease in excess of $10,000, for approved equipment, and with the same terms and conditions as those offered by National Funding within seven days that the National Funding terms are issued. To be eligible, customers must provide a competitive lease quote without contingencies, and vendor invoice, and in the name of the lessee within seven calendar days of the date National Funding issues its terms. Guarantee only valid on competitive equipment leases. Equipment finance agreements do not qualify.
In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.
The Guaranteed Lowest Payment is available to both new and established customers of National Funding. This offer is valid for new lease applications only. The Guaranteed Lowest Payment is not retroactive — a previously funded equipment lease with National Funding is not eligible for the Guaranteed Lowest Payment. Only non-contingent offers of lease terms and payment are eligible. Offers made to lessee that include subsidization by manufacturers and/or vendors will not be considered in comparing competing offers.
The Guaranteed Lowest Payment may be discontinued at any time without notice.
To participate in the Guaranteed Lowest Payment program, if you have a lease agreement and vendor quote which you believe will qualify for the program, contact your National Funding Lease Manager.
(7) Terms and Conditions apply:
This is not a guaranteed offer of credit. Loans subject to lender approval. Approval amount is based on eligibility determined by information obtained from Dun & Bradstreet. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average bank balances, personal credit and other variables deemed relevant by the lender.