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Business Loans for Auto Repair

Business Loans for Auto Repair

Best Business Loans for the Auto Repair Industry

A+ Rated First Financial Rewards Hard-Working Auto Repair Professionals

Those working within the automobile repair industry will never be at a loss for work. Americans love their cars, as evidenced by their rejection of public transportation. Cars need constant maintenance, and reliable modes of transportation are necessary for our current existence. First Financial aims to join forces with this viable profession by providing great business loans for insurance costs, upgraded technology, cash flow, and everything in between. Read on to find out more about our business loans, or simply apply here now!

Request More Information

It all starts with your information request. Since every situation is unique, we make sure to directly focus on and understand our customer’s individual needs. After submitting your request, within 24 hours we will reach out to you to discuss your business loan options. Since 1996, our loans have helped more than 50,000 businesses stay current with what they want from a business lender.

This First Financial business loan is available to businesses that have demonstrated consistent earnings and reliable management. Join 50,000+ of business owners just like you who enjoy generous terms and low rates through a First Financial business loan.

A+ Rated First Financial’s Business Loan Advantages for Auto Repair Industry

  • Low interest rates and generous terms the best borrowers deserve.
  • Rates vary by applicant details, but term loan rates start at 5.99% annual interest rate (AIR).
  • Lines of credit start at an 13.99% annual percentage rate (APR
  • Quick application process: 7 minutes to completion is our applicant average.
  • Some applications approved instantly.
  • Loan advisors can also take your application over the phone.
  • Money arrives your account in one business day.
  • Build business credit with consistent payments.
  • You’ll need to submit just basic business information and three months of bank statements.

Private and Secure transactions are guaranteed with a First Financial loan, as we utilize the strongest encryption the U.S. treasury Department allows.

 Does Your Business Meet These Qualifications?

 Our best rates and terms must be limited to businesses that have shown consistent cash flow and reliable management. We take into account cash flow as much as business credit score.

  • Business must be based in US, Canada or Australia
  • At least one or more years in business (average customer has owned for 6 years)
  • At least $100k in gross annual revenue (average customer does $500k)
  • Minimum FICO score of 500 (average customer is 680)
  • No bankruptcy in last 2 years
  • Some industries prohibited. Review a complete list of the restricted industries LINK for which First Financial cannot provide business loans.

Auto Repair Industry Outlook

The auto repair industry has seen considerable steady growth over the years. IBISWorld’s most recent Auto Mechanics Market Research Report stated that this industry’s annual growth from 2012-2017 has been 2.5%.[i] The same report mentioned that the auto repair segment had its revenue increase over the past five years due to increased disposable income levels encouraging more consumers to pay for professional repair services than in previous recessionary period years.

More positive news about the growth of the auto repair market was published on Firstresearch.com’s industry research report. It stated that the global automotive repair/maintenance services industry is expected to grow. In the U.S. alone, the automotive repair industry has a combined annual revenue of approximately $105 billion, with annual revenue up 30% between 2010 and 2015.[ii]

To keep your automotive repair business running smoothly, open a business loan with First Financial. Once your loan is approved, you can begin to take advantage of all of the perks available to you, such as low credit rates, a quick and easy application process, and 24/7 loan advisors on hand to help you every step of the way. Apply today!

[i] https://www.ibisworld.com/industry-trends/market-research-reports/other-services-except-public-administration/repair-maintenance/auto-mechanics.html

[ii] http://www.futuremarketinsights.com/reports/automotive-repair-and-maintenance-services-market


First Financial

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