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Snap-on Tools franchise financing options
Compare costs, fees and where to get financing for a Snap-on Tools.
Estimated initial costs
Our cost estimates are accurate as of 2021 from Franchise Direct and include opening fees and expenses only. The location you choose for your Snap-on Tools franchise may result in higher or lower fees.
Franchise feesSnap-on Tools franchise fees total around $49,500, which is more than the $37,000 average for the 200 largest franchises.
|Initial license fee||$8,000 to $16,000|
|Acquisition and development of revolving accounts||$0 to $75,000|
|Estimated total||$8,000 to $91,000|
Equipment feesEquipment fees total $96,800 for Snap-on Tools. This is less than the $180,023 average for the top 200 franchises.
|Technology package||$0 to $3,000|
|Van||$50,000 to $136,000|
|Van delivery charge||$180 to $4,100|
|Other equipment, fixtures and expenses||$150 to $170|
|Estimated total||$50,330 to $143,270|
Inventory costsInitial inventory for Snap-on Tools shakes out to $112,200. This is more expensive than the nationwide average of $53,119.
|Initial inventory||$107,000 to $117,000|
|Supplies||$0 to $400|
|Estimated total||$107,000 to $117,400|
Licenses and permits costsSnap-on Tools initial licenses and permits will set you back $1,300. This comes out to less than $18,770 — the overall nationwide average.
|Licenses and permits||Cost|
|License||$200 to $2,400|
|Estimated total||$200 to $2,400|
Insurance costsInitial insurance costs for Snap-on Tools run $1,250. This means you'll be paying less than the overall nationwide average of $6,311.
|Three months' van insurance||$625 to $1,875|
|Estimated total||$625 to $1,875|
Administrative feesSnap-on Tools administrative fees total up to $1,200 — which comes in under the overall nationwide average of $6,761.
|Computer software license fee||$1,200 to $1,200|
|Estimated total||$1,200 to $1,200|
How to financeSince the estimated total for Snap-on Tools is on the more costly side, we recommend following these steps to get fully financed:
- Go to the Snap-on Tools franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to Snap-on Tools about in-house financing for franchisees.
- If in-house financing isn't available, look for online loans, bank loans and SBA loans to help meet the $262,250 estimated opening costs.
- Compare lenders based on amounts, interest rates and what types of personal and business credit history they accept.
- Once you settle on a lender, gather all required documents, including account statements and assets.
- Apply for financing online or in person as required by the lender.
What types of financing is available?You have several options when it comes to financing a Snap-on Tools — even if the cost is on the heavier side. What assets you have available will largely determine how much you need to borrow, and which option suits you best.
- Online loan. A number of online business lenders offer amounts up to $1 million, with some extending up to $5 million.
- Bank loan. Your personal credit will typically need to at least be good — 670 or higher — when it comes to getting a bank loan large enough to cover a significant portion of Snap-on Tools opening costs.
- SBA loan. While your personal credit score doesn't need to be as good to qualify for an SBA loan, they usually cost more than standard term loans from banks or online lenders.
Compare small business lendersYou may not need financing to cover the estimated $167,355. But if you need funds for other business ventures, select the loan amount, your time in business and revenue and your personal credit score to compare a selection of lenders.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How Snap-on Tools stacks upCompare how Snap-on Tools holds up against two similarly sized franchises.
|Tim Hortons||Snap-on Tools||Anytime Fitness|
|Average Franchise fees||$32,500||$49,500||$22,825|
|Average Equipment fees||$255,000||$96,800||$108,682|
|Average Real estate fees||$817,750||NA||$117,303|
|Average Training fees||$11,000||NA||$1,582|
|Average Inventory fees||$15,500||$112,200||NA|
|Average Marketing fees||$2,750||NA||$9,991|
|Average Licenses and permits fees||$5,750||$1,300||NA|
|Average Insurance fees||$10,825||$1,250||$1,574|
|Average Admin fees||NA||$1,200||$2,475|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||$32,500||NA||$3,440|
Bottom lineSnap-on Tools franchise costs run a total of $262,250. Before you decide to become a franchisee, compare the total costs against industry averages. And to learn more about financing read our guide to franchise financing.
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