How long does it take to hear back after filling out an application?

Getting your business loans for auto repair shops approved can take anywhere from a few minutes to a few weeks, depending on the type of financing and the lender. Traditional banks and long-term loans tend to take longer to be approved, whereas something like a merchant cash advance may result in much faster approval.

How long do applications take to fill out?

Applications can take anywhere from a few minutes to a few hours to complete. Timing largely depends on the type of loan you're seeking and the lender you're applying with. If you have the necessary documents and information on hand, the application process will run much more smoothly and quickly.

Can I get a business loan with a low credit score?

Yes, you'll find lenders that consider applicants with less-than-perfect credit. The loan terms offered, however, can be less than ideal, with much higher interest rates than for those with good credit.

Will a lender check my personal credit or business credit?

It depends on the lender and the type of financing you're applying for. If you have business credit, a lender might look at that. However, lenders also tend to be interested in looking at your personal credit.

What can you do with business loans for auto repair shops?

Lenders may have specific requirements for what you can use your business loan for, but generally, you can use it to: Renovate or expand your auto repair shop Obtain necessary licences and permits Purchase equipment, software and inventory Hire and train employees Invest in marketing Manage cash flow and payroll, especially during seasonal fluctuations