Auto Repair Shop Loans: Costs, Terms & Where to Find

Auto repair shop loans can provide mechanics and shop owners with cash to offer new services, buyout another shop, or expand the current facility to increase revenue. The best auto body shop financing options are short-term loans or business lines of credit because of their minimum qualifications, low fees, and quick funding speed.

OnDeck, which sponsored this article, offers auto repair shop loans up to $500,000. You can qualify if you’ve been in business for at least one year, have a 600 or higher credit score, and have $100,000 or more in annual business revenue. The online application takes 10 minutes to complete, with funding available in as little as one business day.

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Best Auto Repair Shop Loans

Finding the right financing option is critical for your small business. To help you get up to speed on all your auto body shop financing options, we’ve put together this free webinar where we discuss key features and qualifications of the most common auto repair shop loans.

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How Auto Repair Shop Loans Work

Auto repair shop loans offer businesses financing to purchase equipment, fund operations, and supplement working capital for payroll and inventory. These loans differ in the amount of funding they offer from $100,000 to $5 million depending on the size of your business, creditworthiness, and annual revenue.

Who Needs an Auto Repair Shop Loan

Auto repair shops need financing at all stages of development, from startup to expansions. Most auto repair shop loans are best for a specific purpose, whether your business is replacing aging or broken equipment, hiring additional staff, or financing parts for a particular repair.

Scenarios when business owners consider auto repair shop loans include:

• Opening a new auto repair shop
• Replacing aging or broken equipment
• Hiring additional staff to serve customers
• Paying for regular expenses like utilities or fuel
• Financing inventory of parts that aren’t used very often

The options you have to finance your auto repair shop can be broken up into specialized and non-specialized financing. Specialized financing is for a specific purpose like purchasing equipment or buying commercial real estate. Non-specialized financing or working capital funding can be used for most business expenses and has added flexibility.

How We Determined the Best Auto Repair Shop Loans

Auto repair shops continue to see an increase in the amount of work available because the average vehicle fleet age is now 17 years and the average car on the road is almost 12 years old. Auto repair shops need financing to meet inventory demands and to grow their business, which were the main considerations for this article.

The criteria we analyzed when choosing the best auto repair shop loans include:

• Auto repair shop needs: Whether you are opening a new repair shop, outfitting a new location, hiring additional staff, or buying uncommon parts, there is a financing option that works best.
• Loan amounts: The amount of funding your auto body shop can receive for working capital, new equipment, or commercial real estate.
• Repayment terms: The frequency with which you need to make payments on your loan and the total term to repay the loan.
• Costs: Any interest and fees lenders charge for the financing, which is important to consider if you plan on investing in new equipment.
• Speed of funding: How quickly your business can get access to funds from the time you apply to when you write the first check. We selected the fastest business loans available to ensure timely funding and short application times.
• Minimum requirements: The personal credit score, operational history, and annual revenue you need to qualify for each of the auto repair shop loans.

Auto repair shops can grow by increasing their marketing efforts, expanding their facility and service capabilities, or by buying out the competition. This means you’ll likely need more than $50,000 in financing. The best options will give you an immediate capital boost and give you the breathing room necessary to repay the loan as you grow your business.

Auto repair shops often find it difficult to qualify for a traditional loan because of the unpredictability of the industry, and you’ll likely need the money quickly. These reasons combined with the maximum amount you can borrow are why we chose the short-term loan as the best financing option. With a short-term loan from OnDeck, you can borrow up to $500,000 and get funding in as little as one day.

Short-Term Auto Repair Shop Loans

Short-term small business loans for auto repair shops offer a lump sum up to $500,000 you can get access to within one to three days. These loans can carry higher interest rates and require daily or weekly payments due until you pay off the loan. You often must repay a set dollar amount regardless of how long you’re in repayment, but there aren’t any expensive origination or hidden fees.

A short-term loan can be a good choice if you need a fixed amount of working capital to grow your auto shop and repair business. These loans are a great fit to spend on necessary expenses that will improve your overall sales or gross margins. For example, you can use the lump sum payment to lease out a second location due to the growth in your oil change business.

Short-Term Loan Interest Rates & Fees

Short-term loan interest rates and fees include:

• Average expected APR: 30% to 50% (Can be as low as 9.99% for prime borrowers)
• Prepayment penalty: None
• Origination fee: 0% to 5%

While many traditional lenders will charge you interest for the time you’re in repayment, these short-term lenders charge you a fixed dollar amount when you borrow. This means that even if you pay off the auto shop financing early, you’ll repay the same dollar amount, but there are no prepayment penalties.

Short-Term Loan Terms

Short-term loan terms include:

• Loan amount: Up to $500,000
• Repayment term: Three to 36 months
• Repayment cycle: Weekly
• Time to funding: One to three days

Business owners typically repay short-term auto repair shop loans within one year, but these loans can last as long as three years. This means that compared to longer funding options the individual payments are larger, but the interest expense is lower because you repay the auto body shop financing sooner. Like lines of credit, this is also one of the few options available for funding within a few days.

Short-Term Loan Qualifications

Short-term loan qualifications include:

• Personal credit score: At least 600
• Time in business: At least one year
• Annual business revenue: At least $100,000

Because of the shorter repayment terms, a short-term loan is usually easier to qualify for than auto body shop financing from a traditional lender. The lower requirements are also available for lines of credit, leaving auto repair shops with the option of applying for one or both funding solutions.

What a Short-Term Loan Is Missing

Short-term auto repair shop loans are great for growth capital, but they can be expensive if you need long-term financing to fund large purchases like new facilities. These loans also come in a lump sum you must reapply every time you require additional funds. Lines of credit are a great OnDeck alternative if you need auto shop financing for recurring expenses.

Where to Find Short-Term Loans

OnDeck offers short-term auto repair shop loans of up to $500,000 and can fund your shop in as little as one business day. You can apply online in minutes and receive an approval decision in a few hours for terms up to three years and starting rates of 9% for prime borrowers.

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Business Line of Credit for Auto Repair Shops

A business line of credit (LOC) is a revolving line you can repay and use repeatedly to fund expenses like payroll for your auto repair shop. With a line of credit, you won’t have to reapply every time you need additional financing and you’ll only be charged interest for the amount you borrow.

A business line of credit is useful for ordering unique and expensive parts that you might not have on hand. For example, while you might have brake pads and motor oil in the back room, you might not have one-off needs like a drive shaft one of your customers broke in an accident. An LOC allows you to pay for expensive parts while you complete the work and wait to get paid.

Business Line of Credit Interest Rates & Fees

Business line of credit rates and fees include:

• Expected average APR: 20% to 40% (Can be as low as 13.99% for prime borrowers)
• Prepayment penalty: None

With a line of credit you only pay interest on the amount of the credit line you use, so if you don’t have a need right away it doesn’t cost you anything. This flexibility comes at the price of a slightly higher starting APR than a small business loan for an auto repair shop offers. However, you can avoid borrowing more than you need, which can help you control costs.

Business Line of Credit Terms

Business line of credit terms include:

• Loan amount: Up to $100,000
• Repayment term: Up to 12 months
• Repayment cycle: Weekly or monthly
• Time to funding: One to three days

A business line of credit offers your auto shop the opportunity to draw on funds repeatedly once an initial draw has been repaid. The drawback is that this revolving feature reduces the maximum loan amount to a fraction of what is available for a term loan. The initial funding speed is also the same as short-term auto repair shop loans, however, making a draw on an existing line can even cover same day expenses.

Small Business Line of Credit Qualifications

Business line of credit qualifications include:

• Personal credit score: At least 600
• Time in business: At least one year
• Annual business revenue: At least $100,000

The minimum qualifications for a business line of credit are the same as a short-term loan. This makes both options more accessible to auto shops when compared to financing options offered by traditional lenders. If a traditional lender has turned you down for auto body shop financing, you may still be able to qualify for a line of credit from an online lender.

What a Business Line of Credit Is Missing

A business line of credit is good for auto repair shops because you don’t have to keep inventory on hand and can be prepared for the unexpected. However, you’ll rarely be approved for more than $100,000 and it can be hard to get good rates if you’re not a prime borrower. If you need a revolving credit line but don’t need as much funding, consider weighing business credit cards vs LOC’s for funding.

Where to Find a Small Business Line of Credit

OnDeck offers a business line of credit for auto body shop financing up to $100,000 that can get you funded in as little as one business day. Prime borrowers can qualify for rates as low as 13.99% and you can start the process by filling out an online application, which takes about 10 minutes.

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Business Credit Cards for Auto Repair Shops

Small business credit cards can help with auto body shop financing needs and should be a part of every business’s financial plan. These cards are fairly easy to qualify for and most businesses can receive a credit line up to $30,000. Plus, many business credit cards carry rewards that can help you earn cash back or points on purchases.

Business credit cards are used as auto shop financing to buy known and inexpensive inventory parts or fluids you regularly keep in stock or to buy retail items you’re trying to sell to your customers. Credit cards are great for ongoing expenses like office supplies, garage insurance, and utilities because you can often earn rewards for these routine purchases.

Business Credit Card Interest Rates & Fees

Business credit card interest rates and fees include:

• Interest rate: 15% to 29%;
• Introductory offers: Some credit cards offer 0% financing for up to 18 months
• Annual fee: Up to $350

Business credit cards have similar APR’s to lines of credit. This makes the two options interchangeable for funding, except for the potential annual fee that a credit card may charge regardless of if you use it. Another benefit of a business credit card is no interest until the balance is outstanding for 30 days, granting you the opportunity to repay the balance and avoid interest charges altogether.

Business Credit Card Terms

Business credit card terms include:

• Loan amounts: Up to $100,000 but typically less than $30,000 for most businesses
• Repayment terms: 30 days interest-free
• Time to funding: Up to two weeks (the time to receive your card)
• Initial rewards: Introductory APR of 0% for up to 18 months, and a cash bonus (or points bonus) if you spend a certain amount within the first two to six months
• Ongoing rewards: Cashback or rewards points

Most rewards are tailored to travel or office expenses so a repair shop is best off by getting as much cash back as possible. Credit cards with cash back allow auto shop owners to stretch every dollar and earn additional rewards on regular expenses like inventory and utilities. Although your business can potentially get up to $100,000, it’s more common for funding amounts to be below $30,000.

Business Credit Card Qualifications

Business credit card qualifications include:

• Credit score: At least 680 for best offers

Your annual business revenue is also factored into your approval but there aren’t any published specific requirements you must meet. Instead, your revenue will help determine your approval amount and as your business revenue increases, your credit line will also get larger. The simplicity of the minimum qualifications for a business credit card makes it a great option for any auto shop, regardless of other financing options.

What a Business Credit Card Is Missing

Business credit cards are a good fit for any auto repair shop, but keep in mind that these cards carry small limits typically below $30,000. Carrying a balance on your business credit card can also be expensive unless you’ve qualified for one of the lowest rates. An alternative with a set repayment term and larger funding limits to consider is a business line of credit.

Where to Find Business Credit Cards

Large credit card companies and banks offer business credit cards. The best small business credit cards can offer your auto body shop funding with 0% introductory interest rates or large cash back rewards. If your business is new, there are also business credit cards for startups that can provide a source of liquidity long before you can qualify for other financing options.

Equipment Financing for Auto Body Shops

Equipment financing comes in the form of an equipment loan or lease used to purchase large pieces of equipment with a long shelf life. Typically, the lender uses the equipment you’re purchasing as collateral for the loan. These auto repair shop loans for equipment carry low interest rates and repayment terms of two to seven years.

Equipment financing is great for auto repair shops needing to purchase new equipment like a hydraulic unit or replace old equipment like a car lift. Equipment loans won’t be able to help your shop with most of your financing needs because you can only use the funds to buy equipment and not for growth capital.

Equipment Financing Interest Rates & Fees

Equipment financing interest rates and fees include:

• Interest rates: 6% to 9%
• Fees: Varies by lender, but there is typically an origination fee

Equipment financing has some of the lowest rates we evaluated because you pledge the equipment you finance as collateral for the loan. This reduces the risk for the lender and makes the overall cost of financing lower. However, you can’t use the proceeds of the equipment auto repair shop loan for working capital, installation, and other expenses required for the new equipment.

Equipment Financing Terms

Equipment financing terms include

• Financing amount: $10,000 to $500,000 (up to 95% of equipment costs)
• Repayment term: Two to seven years, based on the expected useful life of the equipment
• Payment frequency: Monthly
• Funding speed: Two to five business days

Equipment financing offers the same amount of funding as a short-term auto repair shop loan, but lacks the flexibility of funding other working capital expenses. However, the repayment terms are much longer and if your shop is new, it can take some time to build up repeat customers. It can get you funds in two days and have the equipment in your shop by the end of the week.

Equipment Financing Qualifications

Equipment financing qualifications include:

• Credit score: At least 600
• Collateral: Equipment being financed
• Down payment: At least 5%
• Other requirements: No bankruptcies, foreclosures, or repossessions on your credit report

The minimum personal credit score needed to qualify for equipment financing is the same as short-term auto repair shop loans. The major difference is that your business will need to provide collateral and a down payment like an SBA loan. This can make it difficult if you are replacing broken equipment and don’t have the funds for an immediate down payment.

What Equipment Financing Is Missing

Equipment financing is a great fit to buy large equipment but it can’t help you with any of your other financing needs. Most auto repair shops are financing growth or short-term cash flow gaps so equipment financing isn’t always a good fit. You can qualify to borrow up to the same amount of funding with a short-term auto body shop loan with the added flexibility of paying for working capital expenses.

Where to Find Equipment Financing

Traditional lenders and equipment dealers are the best source for equipment loans and equipment leases. These lenders are experienced with the equipment and often have expertise in the auto body shop industry to draw on. The application is more complex than it is for a short-term loan, leading to a longer funding time of two to five days, which can get drawn out if you finance used equipment.

SBA Loans for Auto Body Shop Financing

SBA loans are partially guaranteed by the Small Business Administration (SBA) and offer the lowest rates and longest repayment terms of any auto repair shop funding options. However, these loans take a long time to get funded and require a lot of documentation. With an SBA loan, you can borrow up to $5 million and make payments on the loan for up to 10 years.

These auto repair shop loans carry added fees so they’re typically not a good fit for short-term borrowing. For auto repair shops, SBA loans will probably only be the right choice if you are buying an auto repair shop or building a new facility for your shop. For example, if you’re expanding to a second location an SBA loan offers enough to cover all the expenses.

SBA Loan Interest Rates & Fees

SBA loan interest rates and fees include:

• Interest rate: 8% to 11%
• Prepayment penalty: None
• Origination fee: 0.5% to 3.5%
• Loan packaging fee: $2,000 to $4,000
• SBA guarantee fee: 2% to 3.5%

An SBA loan offers low interest rates to borrowers needing long-term funding for their auto repair shops. The upfront costs include an origination fee, loan packaging fees, and an SBA guarantee fee which substantially increases the cost of borrowing in the short run.

SBA Loan Terms

SBA loan terms include:

• Loan amount: Up to $5 million
• Repayment terms: Up to 10 years (25 years for real estate)
• Repayment cycle: Monthly
• Time to funding: At least 30 to 90 days

SBA loans take 30 to 90 days or more to get funded because of the underwriting requirements and documentation involved. Applying for an SBA loan can feel like a second job, requiring multiple visits to the lender, extensive paperwork, and back and forth about application details. However, for many the work is worth it because of the large funding amounts and long repayment terms an SBA loan can offer.

SBA Loan Qualifications

SBA loan qualifications include:

• Minimum credit score: 680
• Collateral: Typically required
• Down payment: At least 10% to 20%
• Time in business: No restrictions

Getting an SBA startup loan is difficult, but it is possible if you can show extensive experience in the industry. The minimum credit score requirement is higher than other financing options and collateral is typically required for the loan. However, there isn’t a set annual revenue or time in business requirement, with exact requirements varying from one lender to another.

What an SBA Loan Is Missing

SBA loans are great for buying an auto repair shop or getting a new facility ready for customers but they can take a long time to get funded. Due to the time these auto repair shop loans take to get funded an SBA loan will only work if you plan for the expense long in advance. If you need auto body shop financing quickly, consider getting a short-term loan or line of credit instead.

Where to Find SBA Loans

Traditional lenders typically offer SBA loans and can help you complete the entire application process. The top 100 SBA lenders originated over 40,000 loans in 2018, making them the most experienced SBA lenders in the country. Selecting the right lender is worth the time investment because it can affect your approval chances and the time to get funded.

Merchant Cash Advances for Auto Repair Shops

Getting a merchant cash advance (MCA) for your auto repair business is typically a last resort. This is because of the high overall costs compared to other financing options. However, it has lower personal credit score requirements than other auto shop financing options making it accessible to business owners unable to get funding elsewhere.

Merchant Cash Advance Costs

Merchant cash advance costs include:

• Expected average APR: 50% to 120%
• Factor rate: 1.1 to 1.5 times the loan amount
• Holdback percentage: 8% to 30%
• Prepayment penalty: None

The expected APR of a merchant cash advance can be more than twice as expensive as a short-term loan for your auto repair business. It’s calculated as a fee that is multiplied by the loan amount, called the factor rate, and repaid with daily holdbacks of your credit card receivables. The holdback percentage is taken out before other expenses, which might leave you with less money than expected if financing parts for a job.

Merchant Cash Advance Terms

Merchant cash advance terms include:

• Loan amount: Up to $500,000
• Repayment term: Up to 18 Months
• Repayment cycle: Daily (between 8% and 30% of daily credit/debit sales)
• Time to funding: Two to five days

The funding you can receive with a merchant cash advance matches a short-term loan, which means many of the same expenses can be financed this way. Unlike a short-term loan, you won’t control the size of individual payments or the time to repay the auto body shop financing. This can make it more difficult to estimate the total cost and whether your business can earn a return on the financing.

Merchant Cash Advance Qualifications

Merchant cash advance qualifications include:

• Personal credit score: No minimum requirement to at least 500
• Credit card receivables history: At least two years
• Annual credit card sales: At least $50,000

A merchant cash advance is the easiest auto repair shop loan to qualify for. This is because of its often low minimum personal credit score an annual revenue requirement. Shop owners with low personal credit scores that have difficulty qualifying for other forms of financing can benefit from the quick funding that a merchant cash advance offers.

What a Merchant Cash Advance Is Missing

A merchant cash advance is a last resort financing option that business owners with low personal credit scores can qualify for. But it is expensive and requires daily payments, which can put stress on your business’s cash flow. If you can qualify for another funding option, this is always best, otherwise consider improving your credit score before applying.

Where to Find a Merchant Cash Advance

Merchant cash advances are available from alternative lenders and credit card payment processing providers. To qualify you must show that your business generates sufficient credit card revenue to repay the loan. Most merchant cash advance providers can get your business funded in a few days with limited delays.

How to Choose an Auto Repair Shop Loan

There are many considerations when selecting auto repair shop loans and doing your research is an important first step before applying. As a business owner, you should also consider how you plan on using the funding, what minimum qualifications you can meet, and how quickly you need the money. Every financing option is different and selecting the right one will set your business up for success.

The three factors auto repair shop owners should consider when selecting a loan are:

1. How the Funds Will Be Used

There are many types of financing available to auto repair shops, but the most common include those for equipment, working capital, and large projects. Equipment financing is best for equipment, short-term loans can address working capital, and large projects are best left to SBA loans. Consider it like selecting the right tool for the job, every financing need has a specific lending product that’s best.

2. What the Minimum Qualifications Are

Regardless of the financing you need, there are minimum qualifications needing to be met. Smaller auto shops are best served by short-term funding and larger shops may need an SBA loan. If your personal credit score is preventing you from qualifying for certain options, then a merchant cash advance may be the only alternative. Applying for a loan you can qualify for saves you time and gets you funded faster.

3. How Quickly Are the Funds Needed

If a lift breaks down or the roof is leaking and you can’t run your business, you don’t have weeks to get access to financing. If you are planning on buying out a competitor in your area or expanding to a new location, you have months to shop around for the lowest rates. Make sure that the loan you apply for is available quickly enough to avoid making a bad problem worse.

Common Mistakes When Applying for an Auto Repair Shop Loan

The lending process with most online lenders has been simplified, however, as the loan amounts get larger and the terms get longer you may find it getting complicated. You can reduce the time to get a loan and improve the experience overall by avoiding asking for the wrong amount of funding, reviewing your loan offer, and responding to any follow-up questions your lender may have.

The three common mistakes that applicants when applying for an auto repair shop loan include:

1. Requesting the Wrong Amount

Whenever you apply for a loan, you will need to request a funding amount. This is the case regardless of the loan you get. Rather than requesting the maximum you think your business can qualify for, it’s worth selecting an amount that your business can afford based on earnings. By supporting this decision with the expected return from your investment, you’ll convince the lender you are a responsible borrower.

2. Not Reading the Loan Terms

Loans are simple on the surface but can be complicated in the details. Understanding what the lender requires from you including timely payments, adequate insurance coverage, and any other specifics will reduce the headache of learning it later on. It will also give you the opportunity to discuss these details with the lender before a potential violation of the terms has occurred.

3. Being Unresponsive to Follow-up Questions

Many online lenders can get your application processed with the paperwork you submit the first time. However, SBA loans and other traditional lenders have follow-up questions about funding amounts, tax returns, and other details needed to qualify you. By being responsive you can ensure that the process keeps moving and that your business gets the funding it needs.

Keys to Getting Approved for an Auto Repair Shop Loan

Many auto repair shops don’t have predictable income because so many of their services rely on vehicles breaking down or needing parts replaced. Even predictable services like oil changes can be difficult to predict because of the amount of competition. It’s important to know how to put your best foot forward in your loan application to maximize your chances at getting approved.

The three keys to getting an auto repair shop business loan are:

1. Show Growth in Sales & Margin

Lenders will want to see you’re growing your business. Being able to show six months or more of continual sales growth is a great way to show a lender that your business plan is growing and that you could use the capital to grow faster. Auto repair shops should focus on improving sales in the service areas of your business that make more money, like diagnosing and repairing engine problems.

You can use new or more effective garage marketing efforts to increase your overall sales or you can look at upselling your current clients when they come in for products or services you don’t make a lot of money from.

2. Improve Your Personal Credit

The higher your personal credit is the higher your likelihood of getting approved for a business loan. Getting your personal credit score to meet the minimum qualifications of the loan you’re applying for is the first step. To get the financing amount you want, chances are you must surpass the minimum requirements.

You can improve your personal credit score by doing these three things:

1. Verify the accuracy of information on your credit report
2. Make all of your credit payments early
3. Spend much less than your maximum approved credit

Having bad credit isn’t a deal breaker with alternative financing like short-term business loans. However, if your credit score needs some repair, there are great credit repair companies that can work with you to increase your personal credit score.

3. Improve Your Margins

Many shops struggle because their gross profit isn’t high enough. This can be because of ineffective operations or inaccurate diagnosis of vehicles. Parts only generate a 20% to 25% margin, while services that involve labor can rake up margins as high as 65%. You need to maximize your gross profit before you apply for a loan.

According to Ty Kiisel, Editor for OnDeck,

“Thin margins can be problematic if the business can’t demonstrate the ability to repay the loan. Any lender will want to confirm the ability of the borrower to make each and every periodic payment throughout the term of the loan. If you can demonstrate an ability to do that, you will improve the odds of success.”

Poorly operated shops can see profit margins dip below 10% for the entire business. It’s difficult for any auto repair business to stay afloat if you can’t improve how much you’re making to more industry standard levels. Showing the strength of your business’s margin will help the lender feel comfortable with your loan.

Auto Repair Shop Loans Frequently Asked Questions (FAQs)

In this article, we covered the financing options available to an auto repair shop. Every auto repair shop is different, whether you specialize in routine maintenance, auto body modifications, or antique car restoration will bring up questions we may not have answered. Below, we’ve answered the most frequently asked questions.

How much does it cost to start an auto repair shop?

Starting an auto repair shop is a great way to break into small business and costs $47,000 on average according to the Advanced Technology Institute. This cost includes the equipment, insurance, and rent but does not cover payroll or commercial property. Financing these initial costs requires a solid business plan and extensive industry experience.

How profitable is an auto repair shop?

Auto repair shops can be profitable, with margins on parts typically around 20% and margins on labor of 50% or higher. However, according to SCORE, a nonprofit that helps small businesses, you can boost your profitability by charging flat rates, encouraging customer loyalty, and staying conscious of labor costs.

How do I run a successful auto repair shop?

Running a successful auto repair shop starts before the business opens. Conducting a thorough analysis of the area, understanding your customers, knowing the prices and business of competitors are all important steps. Once the auto shop is running, working closely with customers, charging competitive rates, and delivering results will all increase chances of success.

Bottom Line

Getting approved for an auto repair shop loan can be difficult if your profit margins are low for your industry or if you have seen no significant recent sales growth. The right loan for you will depend on how you plan on spending the money. Short-term loans are the best option for the largest amount of auto repair shops because of their loan amounts, minimum qualification requirements, and quick funding capabilities.

You can get a short-term auto repair shop loan of up to $500,000 from OnDeck. To qualify you must be in business for at least one year, have a 600 or higher credit score, and at least $100,000 in annual business revenue. You can apply online in about 10 minutes and get pre-qualified for a loan that could fund in as quick as one business day.

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