Auto Repair Shop Funding

The automotive repair industry is expected to grow at an annual rate of 3.5% over the next five years. Provide your customers with the best auto repair service and help grow and maintain a successful auto repair shop with up to $500,0000 in funding from Greenbox Capital® as fast as 24 hours.
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Fast Auto Repair Shop Funding You Can Trust

Auto repair shops are a vital part of the automotive industry. With a shortage of cars on dealer lots and with auto plants operating at reduced capacity due to pandemic and supply chain issues, consumers are holding  off on buying new vehicles and auto repair shops are busier than ever.

Despite being declared essential to the automotive safety infrastructure by the National Highway Traffic Safety Administration (NHTSA), traditional lenders like banks often consider auto repair shops a high-risk industry due to the fact that auto repair shops often have a higher rate of default on their loans. While you’re waiting for funding, your customers may suffer and valuable opportunities for growth can be lost.

As an alternative lender, Greenbox Capital® can approve more auto repair shop funding than traditional lenders, and we can approve funding faster, with funds deposited in as little as one business day. We provide multiple types of auto repair shop funding to help grow your business, with funding from as low as $3,000 up to $500,000 and no restrictions on how you can use your funds. We fund all auto repair shops, including auto body repair shops, collision repair, garages, and car care centers.

Auto Repair Shop Funding Rates

Auto repair shop funding rates depend on the type of alternative small business funding you receive. Most alternative auto repair shop funding options use a factor rate instead of a traditional interest rate. Factor rates are simple decimal figures that show how much “extra” you will owe on the original amount of the loan. Your factor rate is determined based on your risk assessment, so the stronger your business’s financial history, the lower your rate should be.

Auto Repair Shop Funding Solutions

Our friendly, expert Funding Advisors will work with you to determine which funding option will help you achieve your goals without compromising your auto repair shop's cash flow.

How To Use Auto Repair Shop Funding

There are no restrictions in place on how you can use your funds. Auto repair shop funding is ideal for supporting your company’s revenue, furthering your commitment to your clients, and helping more people. Use your funding to:

  • Renovate or expand your shop space to accommodate for growing demand
  • Purchase necessary equipment and inventory
  • Hire and train mechanics to provide high-quality repairs
  • Purchase software that assists automotive technicians with car repair procedures and office tasks
  • Hire new employees, such as service advisors, lead mechanics, or customer service representatives
  • Obtain proper state licenses and permits
  • Develop an online booking system for your services that can be accessed at any time
  • Invest in marketing and advertising to bring in more customers

Sometimes, auto repair shops need a quick infusion of working capital to help meet the unique challenges of their field, such as:

  • Coverage for unexpected expenses from supply chain delays
  • Managing cash flow and payroll
  • Seasonal fluctuations
  • High cost of automotive equipment

How Auto Repair Shop Funding Works

  • 1
    Apply

    Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.

  • 2
    Choose Funding

    A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.

  • 3
    Get Funded

    Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.

  • 4
    Set Repayment

    Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.

Will You Qualify for Auto Repair Shop Funding?

Exact qualification requirements depend on the type of auto repair shop funding you are seeking. Approval for auto repair shop funding from Greenbox Capital isn’t based solely on your credit score or financial history. We focus on the overall health of your business, including:

  • Business revenue
  • Cash flow
  • Vendor payment history
  • Years in business
  • Public records

Auto Repair Shop Funding Q&A

My auto repair shop relies on outdated technology, which can make it difficult to keep up with the latest advancements in automotive technology. Could I use my funds to upgrade my technology?

Upgrading your technology in your auto repair shop is a great way to utilize your funding. Upgrading technology can help you become more efficient and productive, such as purchasing new equipment or software that will help you diagnose and fix problems faster and easier. You may also want to consider upgrading your shop’s security system to make sure your tools and equipment are safe.

Why should I consider an alternative lender for my auto repair shop?

Traditional lenders can take weeks or months to review and approve your loan application. If you’re looking for a way to streamline your cash flow, as an alternative lender, we have different approval requirements and can approve funding for an auto repair shop. We can provide you with the funds you need to cover project expenses, operating costs, and more, often in less than 24 hours.

What are the typical uses of funding for an auto repair shop?

There are many ways you could use your funding. Some uses of funding for an auto repair shop could be used to cover the costs of inventory, payroll, and other expenses that are incurred on a day-to-day basis. Auto body repair shop funding could also be used to maintain the operations of the business and that can include items such as marketing initiatives, software licenses, and rent. Ultimately, how the funding is used will depend on the specific needs and goals of the shop. Make sure to consult with one of our Funding Advisors to ensure you are using your funding in the most efficient and effective way possible.

How can I get funding for an auto repair shop?

You can get funding for an auto repair shop from traditional lenders like the SBA or a bank, as well as from alternative lenders like Greenbox Capital. Alternative lenders have more flexible approval requirements that consider the overall health and potential of your business—not just your credit score—and offer revenue-based financing options that are more ideal for businesses with lower credit scores, such as merchant cash advances for low credit. Contact one of our Funding Advisors to learn more.

Are there any restrictions on how the funds can be used?

There are no restrictions on how your funds can be used. We have a very simple application process, with same-day funding available. To get started, fill out our one-page application form or speak with a Funding Advisor.

Why should I consider a merchant cash advance for my auto repair shop?

A merchant cash advance is a form of unsecured funding that small business owners can use to finance their businesses. An MCA is different from a traditional loan because it is not based on the business’s credit history or assets. Instead, a merchant cash advance provider like Greenbox Capital evaluates a business’s future sales potential. This makes it a great option for small business owners who may not have excellent credit or who do not have enough assets to secure a loan. We recommend you speak with one of our knowledgeable Funding Advisors—they can help you explore all of the available funding solutions for your business.