Goldpeak Advances in El Centro, California helps repair shop owners describe an equipment, stock, expansion or purchase cost, and passes the request to funding partners, who decide on approval and terms.
At a glance
- Auto repair and maintenance
Auto repair and maintenance, Imperial County, CA: 69 employer establishments, 386 paid employees (CBP 2023)
- Repair shop payroll
Auto repair and maintenance payroll, Imperial County, CA: $15.8 million (CBP 2023)
- Repair shops in ZIP 92243
Auto repair and maintenance establishments with a ZIP 92243 address: 41 (ZBP 2023)
- Shops without employees
Auto repair businesses without paid employees, Imperial County, CA: 225 (Nonemployer Statistics 2024)
Auto Repair Shop Loan When an El Centro, CA Auto Repair Shop Needs Air Compressors
An auto repair shop loan for air compressors is usually an equipment request: a compressor with a model, tank size and installed price. A shop replacing a compressor often adds air lines, reels and a dryer, which can go on the same agreement if the vendor quotes them.
Illustration only, invented figures: a shop finances $16,500 of compressor, air lines and a tire machine over 48 months at an annual rate of 11.5%, for a monthly payment of about $430 (our arithmetic).
Repair orders tell a partner more about a shop than any summary. A report from the shop management system showing car count by month, average repair order, and the split between parts and labor shows how busy the bays are and what each bay earns. Pair it with bank statements so the deposits match the reports.
Small Business Loans for Auto Repair Shops: Two-Post Lifts and Parts Inventory
Small business loans for auto repair shops that need two-post lifts and parts inventory split two ways. The lifts are bolted to the slab and last many years, so they fit equipment financing with a long term. Parts inventory turns over with repair orders and fits a line of credit or inventory financing.
Imperial County, CA counted 69 auto repair and maintenance shops with employees in 2023, and 58.0% of them had fewer than five employees (County Business Patterns). Nonemployer Statistics counted 225 auto repair businesses without paid employees for 2024, a separate Census program.
Lift installation can involve more than the lift itself. A slab that is too thin or cracked may need cutting and repouring before a two-post lift can be anchored, and a partner will want that work in the quote. Ask the installer to inspect the slab before the quote is final, so the financed amount covers the whole job.
Auto Repair Business Loan and a Bay Expansion: Notes for El Centro, CA Repair Shops
An auto repair business loan for a bay expansion covers construction, a new lift and the equipment for the added bay. The partner reads car count, average repair order, gross margin on parts and labor, and the lease: a landlord must approve the expansion, and the lease term should cover the loan term. A bay expansion may also need a building permit; see the zoning and building permits guide.
Bay expansions also raise the parts and labor a shop must carry. A third bay means more parts on the shelf, another technician on payroll and possibly more tools, and those costs start before the added bay is busy. A request that shows the expected car count for the new bay, month by month, lets a partner see how long the shop needs to carry the added costs.
Auto Repair Shop Financing: Alignment Racks and a Shop Purchase
Auto repair shop financing for alignment racks is equipment financing; a rack and its alignment system are among the higher-priced items in a shop. A shop purchase is a term loan: the buyer pays for equipment, customers and the location, read on the seller's repair orders, tax returns and the lease.
Illustration only, invented figures: a buyer finances $240,000 of a shop purchase over 120 months at an annual rate of 10.25%. The buyer's monthly cost lands near $3,205, and a decade of interest totals around $144,592 (our arithmetic).
- Seller's repair orders and tax returns for two or three years.
- Equipment list with ages and condition.
- The lease, or the building terms if it is part of the sale.
- The buyer's down payment and experience.
- Any customer or fleet accounts that transfer with the shop.
Financing for Auto Repairs: Tire Machines and Tire Stock
Financing for tire machines and tire stock follows the same split as lifts and parts. A tire changer and balancer are equipment; tire stock is inventory that turns over as tires are sold and mounted. A shop that stocks tires for a season can finance the stock and pay it down as it sells.
Imperial County, CA also had 33 automotive parts, accessories and tire stores with employees in 2023 (County Business Patterns), separate from repair shops.
Related pages: gas station loans, construction business loans and business loans for retail.
By Goldpeak Advances · Updated
