Car Wash Lending

FREQUENTLY ASKED QUESTIONS ABOUT CAR WASH LOANS

This is a partial list of questions that are commonly asked about obtaining financing for a car wash.

Is personal credit important in obtaining a car wash loan?

Yes, very important. Historical payment of bills is a prime indicator of future payments.

Is 100% financing available for a purchase?

In reality, no. Lenders want to see risk capital from their borrowers. An exception to this rule may be if you (or a relative) have significant equity in real estate, and pledge that as collateral for the loan.

How much should I budget for a down payment?

Between 20 - 30%. I realize this is vague, but there are many variables that we must consider.

Is it critical that the car wash facility be historically profitable?

No. We are looking for good loans, and realize that good loans come in different shapes and sizes. With a good business plan, solid financial commitment, and a well-traveled location we may be able to underwrite the loan based on projected profitability.

What is the turn-around time from application to closing?

30 – 60 days. There are numerous parties involved in commercial transactions, and consequently, they don’t usually close as quickly as residential loans.

Why should we use your firm as a consultant for our car wash loan?

There are three reasons:
1. I am a seasoned loan officer who understands the hurdles to obtaining a loan, and how to effectively deal with them.
2. The lenders with whom I associate are proven small business professionals who will treat your request with a sense of urgency.
3. I cost you nothing. As stated in the “About Us” section of this site, I am paid by the lender for referring pre-screened loan applications to them. I do not charge a fee to you, nor does the lender pass one through to you.

What is your minimum loan size?

My minimum loan size is $500,000.