SBA 7(a) Loans for car washes
Car wash financing for small business owners
Experience Ready Capital’s commitment to car wash business owners and investors. We close SBA 7(a) deals that other lenders can’t, working with a range of credit scores and financing challenges.
Ready Capital provides SBA 7(a) loans for full-service, express, and flex car washes to help borrowers acquire a business, upgrade equipment, and finance everyday operations.
Why Ready Capital
- A value-add lender, closing more deals with credit flexibility
- Trust and confidence in execution
- Centralized front-end reviews, closers involved early
- #4 SBA Preferred Lender in the U.S.
Car wash financing highlights
- Loans to $5 million*
- Terms up to 25 years
- Low borrower equity required
- Flexible use of loan proceeds
- Limited/No prepayment penalties
- Closing costs may be financed
*These loans are made pursuant to the SBA 7(a) Small Balance and Express programs. Loan terms vary by loan program, borrower eligibility, loan amount, and other factors.
Car wash loan purposes
- Business acquisitions
- Real estate purchases
- New equipment purchases
- Working capital
MARKET FACTS
Source: IBISWorld, 2023
Have a question about car wash SBA 7(a) Loans?
FAQs
What is car wash financing?
Answer: Car wash financing is specifically designed for individuals or entities looking to buy and operate a car wash business. It involves loans to cover the costs associated with starting and running a car wash.
What types of financing options are available for car washes?
Answer: There are several car wash business lending options, including traditional bank loans, SBA 7(a) loans, equipment financing, and lines of credit. The choice of financing depends on the business owner’s needs and financial situation.
What is an SBA loan, and what are the key benefits for car washes?
Answer: An SBA loan is a type of loan backed by the Small Business Administration that helps small businesses, including car washes, get the financing they need.
The benefits of SBA loans for car washes include:
- Lower down payments (typically 10%)
- Longer repayment terms (up to 25 years)
- Competitive interest rates
- Flexible use of funds
- Access to expert guidance and resources from the SBA
Learn more about how SBA loans work.
What can car wash financing be used for?
Answer: Financing can typically be used for business acquisitions, real estate purchases, new equipment purchases, and working capital of full-service, express, and flex car washes.Â
Do I need to have prior business experience to qualify for a car wash loan?
Answer: While prior business experience can be beneficial, it’s not always a strict requirement.
What are the SBA requirements for car wash loans?
Answer: SBA loan requirements can vary, but in general, lenders consider these factors:
- Personal and business financial statements
- A comprehensive business plan
- Financial projections
- Business track record
- Resumes of key team members
- Personal credit history and scores
- Collateral
What collateral might be required for financing a car wash?
Answer: Collateral requirements vary from lender to lender. Common types of collateral may include personal assets like real estate, equipment, or business assets. The specific collateral requirements will be outlined in the loan agreement.
How long does it take to get approved for an SBA loan for my car wash business?
Answer: The approval timeline can vary but it typically takes anywhere from a few weeks to a few months. Delays may occur if additional documentation or information is required, so it’s essential to start the application process early.
What should I look for in a car wash lender?
Answer: When exploring lenders, consider their experience, available financing options, and their track record of successful lending to car wash businesses.Â
SBA Preferred Lenders are experienced in aligning borrowers with their business goals and guiding them through the SBA application process.
Get Started
Apply for a Ready Capital SBA 7(a) loan
Click the button to start the application process. It takes less than 3 minutes and will not affect your credit score.