Automotive Services Loans

If you are employed in the automotive services industry, you know that it can be a highly rewarding but challenging area to work in. There are a number of issues to contend with depending on the kind of services you offer, be it repair, selling parts or something else altogether. The high costs of specialist equipment and acquiring stock can really take its toll. Then there are the problems that many small businesses face, such as slower times of year, rising rents or staff turnover.

When these problems hit, it helps to put your money where your mouth is. But for many owners of automotive services businesses this is simply impossible. When money is not available, the obvious place to turn to is a loan from a bank or credit union. But again for many people this means trouble. Banks can be notoriously difficult to borrow from and if your credit is poor, it can be a wasted exercise. So if you are struggling to get a loan for your automotive services company, what can you do?

Why do you need a loan for your automotive services business?

There are a number of reasons why you might be seeking funding to give your business a boost. With automotive services, a common necessity is stock and inventory. If you are dealing in parts or providing repairs then you will need to have plenty of car parts on site to cope with demand. Delays on acquiring these parts could lead to customer complaints and even lost business, so having the right amount of stock is essential. This is where extra funds are vital.

Then there are large scale purchases to consider. What if a crucial part of your repair service is broken or in need of modernisation? What if you have a really large order to fulfil but do not lack the funds to order parts that could lead to a big windfall? What if your premises is not up to scratch and needs investment? Again, having the cash to solve these problems can be hard to come by.

There are other reasons too that are not simply restricted to automotive services. Perhaps your business has been slowing down during the winter months and you are waiting for the summer to kickstart things. Maybe you have had to deal with changes in staff or a move to a new location. You may be suffering from rival competitors and want to up your marketing game to bring in new business. All of these problems cost money, but what if you do not have it?

So why not try a traditional bank loan?

Since the financial crash of 2008, traditional financial institutions have been ever more careful with how they spend their money. Even before this time, banks could be tricky to deal with. Applying for a loan can take weeks or even months, and even if you are one of the lucky few to be accepted for a loan, it can take still longer to access your funds.

The repayment schemes for these high street bank loans are incredibly rigid. If you happen to run into further problems down the line, you could become crippled by your repayments. Banks will also run checks on your credit and personal finance history, and will also expect you to offer collateral to protect their investment. For many business owners, this is simply too much to ask.

So – you have tried to get a loan for your automotive services business from a high street bank and have been unsuccessful. Maybe you have a bad credit rating too and feel like you have run out of options. What do you do next? A Merchant Cash Advance Loans is the answer.

How can a Merchant Cash Advance Loan help my automotive services business?

If you have struggled to finance your business elsewhere, or you do not want the negatives that comes with a typical loan then a merchant cash advance loan is for you. Rather than taking you months to get an answer, the online application for a merchant cash advance loan takes minutes and will give you a response just as quickly. You can access your funds whenever you need and the repayments are ultra flexible.

How can a loan be so fast and yet so flexible?

Well for your automotive services business, a merchant cash advance loan monitors your credit card transactions. So anytime a customer pays for their car repair or a wholesaler buys engine parts, a record is kept. These transactions are used to calculate the right amount of money needed for your loan.

The repayments you make are also tied to these transactions. So if business slows down then your repayments become lower, making sure your auto business does not get forced off the road. And if you get that big parts order or have a particularly busy month, the repayments move out of second gear again so that your loan is paid off faster.

The best part of all is that even if you have bad credit or nothing to offer as collateral, you can still be accepted. A merchant cash advance is not linked to your personal history: only to the money you make through credit card sales. And the loan is free to spend on whatever your business needs, be it staff hires, new uniforms, finance a spa or even buy fluffy dice!

So do not think that bad credit or a bad experience with your high street banks means your automotive services business has to suffer. If you need the funds to make improvements to your premises, to bring in the inventory or stock that could make your business boom or to bring in the staff to help it grow, a merchant cash advance is the answer. By using the latest technology and by offering total flexibility, your automotive services business will soon be doing victory laps.