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Auto Repair Store Loans FAQ

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Auto Repair Store Loans FAQ

What time does it take to get loans for auto repair stores?

The time taken to process and approve a loan is dependent on a chosen lender. The average time it takes a bank to process a loan can range from ten days to a couple of months. Online lenders can approve a loan application faster and within a time frame that ranges from one day to two weeks.

Can auto repair shops with bad credit get a business loan?

Yes, it is possible to get a loan with bad credit. Some lenders provide bad credit loans to businesses with low credit scores. Another category of lenders is those that provide loans to borrowers with a wide range of credit scores.

In the majority of cases, businesses will be rejected by lenders if you have bad credit. Bad credit loans are associated with poor interest rates and terms. With good research, you are going to get access to loans for businesses with bad credit.

How big a loan can an auto repair shop get?

CSBFP loans for businesses can grant up to a maximum of $1,000,000. Other business lenders will advance similar amounts depending on the assessment of your business. Large, profitable businesses are more likely to get larger loans from lenders. Online lenders and alternative lenders will usually not lend more than $500,000 with amounts ranging from $40,000 to $150,000.