What is Automotive Business Financing?
Automotive dealers extend loans to prospective car buyers or lessees on a daily basis. But who can dealerships turn to when they need additional working capital or automotive business financing? And what about the local repair shop that must upgrade their diagnostic equipment every time emission testing regulations dictate? Or find the funds to be financially liquid when a vendor offers them a great deal on tires, mufflers or synthetic lubricants? Where do these business owners turn to for automotive business financing and sound funding advice? Their solution is to call National Business Capital.
These Automotive dealers are local and sometimes small businesses who contribute greatly to their local economies. Yet remaining solvent themselves takes a financial partner who is both knowledgeable about alternative funding sources and is not afraid to work hard and find the monies auto businesses require.
The Business Consultants at National Business Capital understand the specialized funding requirements automotive businesses face and strive to locate financial opportunities for them. We approve over 90% of the loan applications we receive. In fact, more than 70% of our clients have been previously turned down for financing by their banks. We take everything into consideration when it comes to making loan decisions. For example, having an open tax lien is not an automatic disqualification. In business, building solid relationships is key to achieving success. By looking at the big picture and not just focusing on credit reports, we are able to get to know each of our clients personally and establish ongoing business relationships beyond initial funding.
How to Find the Right Automotive Business Loan for You
This is not our first rodeo: automotive dealers, auto repair, auto body shops and lube centers have all turned to National Business Capital to assist them to keep their businesses up and running so they can keep their customers’ vehicles doing the same. When we say we have experience locating funding for your specialized industry, we mean it. With the proven track record as an alternative lender, National Business Capital has successfully funded many automotive businesses just like yours. We have obtained millions of dollars for businesses across the country. We are in the business of helping you obtain the financing your business needs to grow.
Some of the reasons your bank may have turned you down had nothing to do with your credit score or years in business. Automotive businesses are considered special purpose facilities. To banks, this means that should these businesses cease operations during the life of their loan, that the facility cannot be easily converted to a profitable enterprise in another industry.
Additionally, due to what banks consider a high level of loan defaults by business owners of these facilities, it is especially difficult, if not impossible to obtain funding from a traditional lender. Banks look to extend credit to businesses that they perceive as being ideal loan risks. Special purpose facilities including business owners seeking automotive business loans do not fall into this category.
However, due to the fluctuating economy, many individuals are keeping their cars as long as possible, while large corporations are leasing increasing numbers of new cars for their company car fleets. National Business Capital understands that the outlook for the automotive-based businesses is bright. It is this attention to the economic pulse across every industry, among other factors, that sets us apart from the alternative lender pack. Get to know us. It could be the start of a great financial relationship that allows your business to perform its business with the working capital it requires. Call National Business Capital to consult us about auto business financing at (888) 888-9124 or fill out our form today!