Having an auto repair shop is costly. Expensive equipment is practically tantamount to this business industry, where technological advances mean major investments in diagnostic and repair tools.
These financial pressures mean that business owners need access to auto repair shop funding options that are flexible and easy to obtain so they can invest in the things that keep their business running efficiently.
Mounting Auto Repair Shop Costs
Take the SnapOn OBD2 scanner, for instance, which can plug into an engine and diagnose customers’ “check engine messages”. Andrew Wyrich reports that for an owner of a New Jersey repair shop, this piece of equipment cost $8,000. And since the codes that are produced by the unit change frequently, there is also a cost associated with updates; the latest one reaching $1,300.
The cost of hi-tech equipment can easily overtake an auto repair shop’s budget
Moreover, increasingly technical equipment often means more staff training for auto repair shops. Some owners send employees to online or vocational schools for education on how to use the latest equipment on the latest makes and models, which can run between $200 to $700 per employee.
Funding Solutions for Auto Repair Shops
In a bind and need quick access to capital? This may be the perfect opportunity for a cash advance.
Especially as traditional banks continue to tighten lending regulations, coming up auto repair shop funding quickly can cause major headaches. The nature of an auto repair shop can make a cash advance a natural choice. One of the biggest advantages of a cash advantages is flexibility, seen it two ways:
• Obtaining a cash advance is much easier than obtaining a traditional loan. If you have credit problems or your business doesn’t have the longstanding history that most banks require, a cash advance can provide an alternative source of funds since cash advances have simplified approval processes.
• Repayment is much easier on the budget. Instead of a fixed monthly payment, cash advances are repaid via a portion of future sales. This is a percentage, which means that you’ll pay less if business slows down. This eliminates the risk of defaulting on your monthly payment if your investment needs a little time to start generating business.
For auto repair shop owners, unexpected costs can make running a business extremely difficult. But a cash advance can provide auto repair shop funding help by offering quick access to capital and repayment flexibility.Back To Blog