The auto industry is a diverse mix of mega-titans like the car manufacturers, along with all of the smaller businesses that help keep our cars on the road.
From auto body shops, repair shops, detailing to accessory stores, tire repair and replacement, gas stations, tow truck firms, and more, there are over 7 million direct and indirect jobs as a result of auto manufacturing in the US alone – nearly 4% of private-sector employment, according to the Alliance of Automobile Manufacturers.
Loans for the Auto Industry
Like many industries, businesses in the auto industry can benefit from access to funds in the form of loans and lines of credit. From merchant cash advances, which offer immediate funds repaid with future credit card sales, to traditional unsecured small business loans, there are a myriad of funding options available.
Depending on the size of your auto-related business, how long you’ve been in business, your business credit score, loan needs, and other factors, you can gain access to hundreds of thousands or even millions of dollars in new capital.
And, unlike traditional bank loans, you can qualify quickly and easily, apply online, and get funded in just a few days – even within 1 business day in many cases.
Typical Uses of Auto Industry Loans
Every business is different, and their capital needs are likewise different. However, within the auto industry sector of businesses, there are some common themes as to how business leaders use loans and other funding products to enhance their business.
Three of the most common uses are:
Gas stations, auto garages, towing businesses, and many other auto-related service businesses need expensive, custom equipment in order to do their work – equipment that won’t pay for itself for months or years in many cases. Loans allow you to purchase the equipment you need, and pay it off over time, as it generates funds for you.
Many of the more mechanical-intensive jobs in the auto industry require extensive certifications and training for employees. These may include safety courses, equipment-related training, and manufacturer certifications for technicians and the business as a whole.
These can be quite costly, with no immediate financial return on the investment. Again, loans are a perfect option to pay for these kinds of expenses, which pay back your business over time, and allow you to repay the loan over time as well.
Growing any business takes some marketing skill and expense. You can have the best business in your class in the world, but if no one has heard of it, and no customers walk through the door, you won’t be successful. Strategic marketing can be expensive, especially through traditional routes like print media, billboards, television, or direct mail.
A loan or line of credit product from BizFly Funding can help you run one or more targeted or broad-spectrum media campaigns to grow awareness of your business, and increase the number of customers coming through your doors.
Benefits of Choosing BizFly Funding for Your Loan
BizFly Funding exclusively deals in funding for small businesses. We work with businesses to select and deploy the best products to meet their needs – even if they have poor credit or a limited credit history.
We know that access to capital can make all the difference in whether or not your business succeeds, grows, and ultimately reaches its full potential.
We’re proud to partner with small businesses in the auto industry, and hope you’ll consider BizFly Funding for all of your auto industry-related business financing needs. We’ll help keep you on the road to success!