Auto Repair Business Loans

Help drivers get back on the road with auto shop financing

 
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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

  
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.

Types of Auto Repair Business Loans

Small Business Loans

Small Business Loans


Use small business loans for auto repair shop expenses like rent or employee payroll.

$5,000 to $500,000

Learn More

Equipment Financing and Leasing

Equipment Financing
and Leasing

Purchase or lease equipment for your auto repair business.

Up to $150,000

Learn More

How Auto Repair Business Loans Can Help You

In order to keep cars running and drivers on the road, your auto repair shop needs to have equipment and tools that are in good working order. You’ll also need knowledgeable staff with extensive safety training to help keep your day-to-day operations running. To grow your auto repair business or address unexpected expenses, you may need extra funds. An auto shop business loan can help you get the cash you need to stay on budget.

Pay for Employee Training

  • Train new hires across different machines and tools used in your auto repair shop
  • Implement a safety training program to maintain compliance with OSHA standards

Invest in New Technology

  • Purchase inventory and customer management software to make administrative tasks more efficient
  • Upgrade to the computer systems needed for diagnosing modern vehicles

Replace Worn Equipment

  • Business loans and equipment leasing allow you to get newer machinery faster
  • Make your shop more efficient with new equipment, tools and machines

Cover Regular Expenses

  • Auto shop financing gives you the working capital you need to cover monthly rent of your repair bays
  • Use a business loan to pay for tax or payroll expenses

How to Apply

How does an auto shop business loan work? Applying for an auto repair industry loan has never been easier.

How to Apply

How to Apply

"Very nice, compassionate people. Any questions you have about anything they answer promptly. I enjoy working with this company. Payments are very affordable and fit great with my income/budget. Would recommend to anyone looking for a business loan”
– Weidman Automotive, LLC

Why National Funding?

With two decades of experience helping auto repair shop owners secure the funds they need, National Funding can help you get financing for your shop. While traditional lenders often require a lengthy application process for auto shop financing, we have a simple online application. The quick application means it’s possible for you to get the loan you need quickly and get back to helping drivers repair their vehicles.

We Know Auto Repair Businesses

Experience supporting auto repair business owners

Trusted by Businesses Like Yours

Over $2 billion in funding to more than 40,000 businesses nationwide

Personalized Experience

Lending solutions and payment options tailored to your specific needs

Fast & Easy Application Process

No-cost, no-obligation application with funding in as few as 24 hours1

Loan Specialists Who Care

Experienced Loan Specialists help you make the right decision

Worry-Free Lending

No collateral requirements, plus simple, automatic payments

Auto Repair Business Resources

Knowing more about your auto repair shop’s financial health can help you make smart decisions with your business finances. These resources will help you get a better understanding on how you can reduce costs, run your auto shop more efficiently and ultimately earn bigger profits.

5 Elements of a Successful Employee Training Program

5 Elements of a Successful Employee Training Program

Auto repair shops require highly skilled employees who can diagnose mechanical issues and make necessary car repairs. Check out these tips for putting together a successful employee training program for your mechanics and laborers.

Read More

How to Turn Your Hobby into a Business

How to Turn Your Hobby into a Business

If you love working on cars, running your auto repair shop may seem like the perfect job. However, you know that sometimes your hobby can be a lot of work. Check out this post to gain insight into whether or not the setup of your shop has the ability to be successful for a long time.

Read More

What a Federal Minimum Wage Increase Would Mean for Small Businesses

What a Federal Minimum Wage Increase Would Mean for Small Businesses

Your auto repair shop probably employs several entry-level employees such as porters or repair technician trainees. With the possibility of an increase minimum wage, your business finances may take a hit. Find out what you can do to be ready for mandatory wage increases, including using auto repair shop loans to cover payroll.

Read More

Ratings & Reviews

We are very proud of what our customers are saying on TrustPilot.

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.