Own a car wash and need a little extra funding to buy car wash equipment and other business upgrades? Or you’ve heard about how much money a successful car wash can make, and want to start your own? Either way, you know that running a car wash takes a significant amount of capital to start and operate.
So how are you going to go about getting all that car wash financing? The best car washer equipment isn’t cheap after all. Lucky for you, there are a couple of options open to you and anyone else trying to get car wash loans.
Try the Bank for Car Wash Financing
There’s a small group of business owners (or future business owners) that have such good financial credentials that they can get a top notch car wash loan from the bank. Anyone can apply for a bank loan, but not everyone will be granted the funds.
Generally speaking, if you have the right credentials and can be approved, the bank will offer you a financing deal that is hard to refuse. In those cases, if you have plenty of time to wait for your funding, it’s a great option.
On the flipside of car wash loans from a bank, they are harder to get, take longer, and come with other stipulations (like maintaining a certain bank balance minimum). I expect that you, like so many other business owners don’t have “perfect” credentials or don’t have the time to wait to get funding.
Other Car Wash Equipment Financing Options
So what other options are there to cover the cost of car wash equipment and other business expenses? First you need to figure out two things: 1) are you using the funding to finance your equipment or as working capital for expenses and, 2) how good is your business and personal finances?
Car Wash Equipment Leasing & Working Capital
When it comes to the financing you get, you’ll need to know what you plan on using it for. Certain financiers will only supply you with the money you need if it’s reserved for certain uses (such as covering car wash equipment cost or specific business expenses).
Car wash equipment can cost up to 500k when it's all said and done. Utilizing equipment leasing for your equipment purchase can offer a ballon payment at the end to help keep your payments lower and more manageable.
What will my car wash equipment leasing payments be?
Using an equipment lease calculator you can quickly come up with a monthly payment for budgeting purposes.
Click here for a resourceful equipment lease calculator tool to see what your car wash equipment lease payments could be.
Also includes an amortization schedule for your accountant. Use this amortization schedule to give to your accountant during business tax season to help him decide the best way for you to get the best tax write offs now and in the future to lower your taxable income.
Business & Personal Financial Status
Your business and personal financials also play a big role in what kind of financing you can get. You’ll need to know the following to get started:
- How long have you been in business?
- What’s your personal and business credit score?
- How much cash flow do you have?
- How much do you have in assets?
All of these factors can play a role in what kind of financing you get, how much you’ll be allowed, and how much your payments will be. You’ll look like a better investment to a financier if you’ve been in business for a while, have a decent credit score, have a positive cash flow, and can put forward certain assets as collateral.
Ready for to get the best Car Wash Equipment Financing Options? Click the link below! or Call 866-458-4777