The car wash and auto detailing industry is home to more than 66,000 businesses. According to International Carwash Association, there are more than 150,000 retail car wash locations around the world. And due to rising employment, an increase in disposable income and cheaper oil prices, the industry is continuing to grow. Conveyer car wash sales are forecasted to make up nearly half of the car wash and auto detailing industry’s revenue this year. The $11 billion industry is growing by 3.6% annually and is expected to do so through 2023.
If you’re looking to secure a car wash loan, read this quick guide to help you navigate the commercial finance and SBA loan landscape with ease.
Seek out a specialist
Starting or expanding a car wash business requires capital to get things moving and securing it may seem like a daunting prospect. But it doesn’t have to be. So how can you fund your venture with the most suitable car wash loan without getting overwhelmed or lost in the process? When considering and deciding on a lender, it’s imperative to look for experience and a track record of successfully financed businesses, particularly in the car wash industry.You can eliminate the frustration and confusion often associated with choosing a lender by talking to a certified loan expert.
Identify your capital needs
The first step in securing a car wash loan is to recognize what type of capital you need—and why you need it. It’s equally important to visualize your goals for the car wash and specifically how the money will be used. You may be starting a full-service car wash or expanding a self-service car wash, but it’s imperative to define your funding needs so you are able to select the best loan for your business.
Learn the car wash loan landscape
There are a variety of car wash loans to choose from. But how do you know which is the best one for your business? The U.S. Small Business Administration has provided millions of loans (and provided loan counseling) for small businesses for decades. The SBA delivers tailored loans —often with lower down payments or no collateral—to businesses looking to expand. An experienced loan specialist can highlight which car wash loan is best suited to your needs. They can also streamline the loan process and save you time and energy so you do not apply for loans that you may be underqualified for.
Ready to start?
So, you’ve identified possible lenders and defined your goals and capital needs for your car wash. What next? Securing a loan doesn’t have to be a tedious, draining experience. If you have the right people working with you, financing your business will be an efficient, transparent and smooth process. Contact our experts today to discover how we can help you secure a SBA or conventional car wash loan to take your business to the next level.