Funding for your automotive business
Rapid Capital Funding has a special cash advance program for automotive businesses, allowing you to receive up to $250,000 in working capital per location in as little as 48 hours.
With our funding program, we will purchase a small percentage of your future sales until the payback is completed, giving you the cash advance your business needs now.
Our requirements are simple. To be eligible for our cash advance, your business must:
- Be in operation for six months or longer.
- Be located in the United States.
- Have deposited gross sales of $15,000 per month.
- Be current with your lease/mortgage.
What we offer
- Up to $250,000 per business location. Advance can be up to 1.5 times your total monthly sales volume.
- Over 75% approval rate on all applications.
- Funds in as little as 48 hours.
- Ability to use the funds from your merchant cash advance however you choose.
Get a Merchant Cash Advance for your Automotive Business
Keeping excess cash flow in the automotive business can be hard when inventory for automotive parts and auto supplies is so costly. Having supplies on hand is key in giving the necessary services customers demand. It can also be helpful when building your business. Auto parts and supplies from vendors are not always covered by vendors' credit eligibility which can infringe on daily cash flow, making business very hard in a competitive industry where big box competitors have a distinct cash advantage typically when stocking supplies, parts etc.
Bank loans can be challenging to obtain as financial institutions and banks call for collateral, good credit and many other strict requirements. You can be approved for a business cash advance of up to $250,000 against future sales without a stringent application process of a bank loan.
How We Differ
Business cash advances are:
- Unsecured and do not require any collateral, or personal guarantee.
- A great option for business owners with credit issues who have issues qualifying for a traditional loan can qualify for a cash advance.
- Provided in exchange for a share of your business' future sales.
- Repayments from a daily draw from the customers overall sales transactions.
- An alternative to traditional lending which offers a fast approval process that requires only a few minutes to apply, and can be approved within hours.
There are no limitations on how business owners use their cash advances and we do not require any plan or purpose to complete the funding. It is completely up to the business owner on how they wish to utilize the money they receive. However, most common uses include:
- Equipment Purchases