There are many such garages that require auto repair shop loans for obvious reasons, such as expanding their business.
However, what most are unaware of is that banks are not looking to give out many loans to small businesses.
The reluctance that banks have is not due to any other reason but because they have developed criteria, over decades of experience lending.
As a result of their experience and subsequent norms to protect their investments, banks have extremely stringent criteria auto repair shop loans.
Some of these criteria are a credit score above 700, good deposits and ending balances on their monthly statements, tax returns, profit and loss statements, personal financials of the business owners and more Automobile repair shop.
Is the fact that a private lender has far more realistic criteria.