Funding Automotive Services Financing Needs
Easy Qualifying Programs Available.
Owning and
operating a carwash can be very financially rewarding and profitable. Mortgage financing loans for carwashes are available at terms and interest rates
that afford the owner to enjoy a good cash flow and monthly income stream. These
business can be a part time proposition for coin operated facilities or are a
fulltime job to say the least for the full service operations. It takes a large
investment, not only of time but cash as well. Repairs, maintenance,
advertising, supplies, insurance and other aspects are big factors running a car
wash. Financing mortgage loans can be a large expense as well. Water and
electric as well as sewerage are important to the upkeep of the facility. Trying
to obtain Car Wash Financing Loans can be
very frustrating or very easy if you know the right sources.
MFI wants to help you find the
right loans for financing your carwash. Our expertise with car wash financing
small business loans will help you toward your financial goals. With an SBA or
conventional commercial program that is just right for your qualifications and
commercial property type, the job is easy.
The industry is diversified into
basically 3 types of car washes. Financing loans for carwashes can vary
depending on the type.
-
Coin Operated Wand
Style - Put in your coins and clean it yourself. Here the owner spray
down his own vehicle with pre-soak, soap and rinse. You, as the owner,
offer the space and equipment, the vehicle owner handles the labor. The finish
quality on the vehicle depends totally on it's owner. This type of facility
is generally not attended or minimally attended. It does, however, require
regular re-supplying, maintenance and janitorial work.
-
Full Service
Commonly referred to as conveyor,
interior / exterior or flex-serve type facilities. In this case, the vehicle
is placed on a conveyor that pulls it through a series of soak and soap
applicators, rinses and dryers. On exterior only service, the vehicle owner
may remain in the vehicle. For Full Service, he leaves the vehicle, and you,
the carwash owner, provides the labor to clean and detail the interior and
exterior. The customer comes into the lobby of the building to pay for
service and waits for the process to be completed. In an exterior car wash,
the facility cleans only the outside of the vehicle. In flex-serve, you
offer the option of interior or exterior-or both. A conveyor facility is
attended full time by a manager and cleaning staff. The number of personnel
required depends on the services you offer.
-
Automated Teller Machine
- Often referred to as a pass-over / rollover, in-bay or automatic exterior
only. Here the vehicle pulls up to by a pushbutton automatic teller where a
code is entered or cash or credit card payment is made. The owner selects
the type of wash and enters the bay. At gas stations sites, the
transaction may take place at the pump where a code is issued. The equipment
may be touch free or it may be a brush-style unit that relies on soft foam
or fiber brushes to actually make contact with and clean the vehicle.
All of the above types of
facilities require carwash financing loans or mortgages to be used for purchasing or
refinancing these commercial properties. These properties are excellent
investments that will be in demand as long as people own personal
transportation. Vehicle owners are proud of their autos and trucks and like to
keep them clean and presentable.
How do I obtain a loan or finance it?
First of all, it is important to note that
start-up or first time business owners are difficult to finance. The risk factor
involved is high for the commercial lender due to lack of experience. This does
not mean that money is not out there for you. It just means you have to have the
right broker with the right lender contacts that will work hard to find an
acceptable source for you. The good news is that this type investment has an
excellent track record, and their failure rate is minimal making for a good
investment from the lenders standpoint.
There are many creative ways to get a loan to
finance your venture. The first is to look at the resources closest to you:
family and friends. Typically, this group produces minimal returns. An offer to
pay a better rate than they currently earn on their assets could be attractive.
The best source is a good commercial loan broker with numerous lender sources
from which to shop.
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