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.

Considering an SBA 7(a) car wash loan?
Connect with a Business Development Officer â–º

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.

Learn more about SBA 7(a) loans â–º

Car wash loan purposes

  • Business acquisitions
  • Real estate purchases
  • New equipment purchases
  • Working capital

MARKET FACTS

The U.S. market size (by revenue) of the car wash and auto detailing industry was $14.4B in 2022. Demand for car washing services positively correlates with growth in the number of U.S. motor vehicles—the number of motor vehicle registrations will increase in 2023, representing a potential opportunity for this industry.

Source: IBISWorld, 2023

Have a question about car wash SBA 7(a) Loans?

FAQs

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.

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.

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.

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. 

Answer: While prior business experience can be beneficial, it’s not always a strict requirement.

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

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.

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.

Answer: When exploring lenders, consider their experience, available financing options, and their track record of successful  lending to car wash businesses. 

SBA Preferred Lenders are experienced in aligning borrowers with their business goals and guiding them through the SBA application process.

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