Merchant Cash Advance for Auto Mechanics.
We’ve all been there as small business owners. You’ve had a slow month and you just need a little bit of working capital to pay some bills or make payroll for the month. Or maybe you have a great opportunity to grab a piece of equipment for a great price but just need a bit of help to make it happen.
Either way, we all know banks aren’t much help to auto mechanics. They have an incredibly high bar for qualification, they have complicated and difficult to navigate processes making them slow to act, and will default to saying “No” more often than not.
Thankfully there are better solutions catering to the needs of auto mechanics and all small businesses; Merchant Cash Advance.
Merchant Cash Advance can help auto mechanics deal with many of their unique challenges including managing cash flow and securing funding for equipment upgrades and repairs. Merchant Cash Advance (MCA) is a type of financing option that can provide auto mechanics with the working capital they need to succeed.
What are the advantages of Merchant Cash Advance for auto mechanics?
Advantages of using Merchant Cash Advance for auto mechanics include:
Quick and easy application process for auto mechanics:
Unlike traditional loans, Merchant Cash Advance applications can be completed online and approved within a matter of hours. This allows auto mechanics to quickly access the funds they need to purchase new equipment, make repairs, or cover other business expenses.
No collateral required:
Merchant Cash Advance does not require collateral, which can be a major advantage for auto mechanics who may not have assets to pledge as security. This can make it easier for them to obtain funding, even if they have poor credit.
Flexible repayment terms:
Merchant Cash Advance has flexible repayment terms based on a percentage of the business’s daily credit card sales. This means that the auto mechanic only needs to repay the advance when they have money coming in, and the amount repaid will be proportionate to their sales. This can help to ensure that their cash flow is not disrupted by large, fixed repayment obligations.
No fixed repayment schedule:
With Merchant Cash Advance, there is no fixed repayment schedule, which can provide auto mechanics with greater flexibility to manage their finances. This can be particularly useful for businesses that experience fluctuations in sales or cash flow.
No penalties for early repayment:
Merchant Cash Advance does not have penalties for early repayment, which can allow auto mechanics to pay off their advance more quickly if they choose to do so. This can help to reduce the overall cost of financing and ensure that they are not tied to long-term obligations.
Auto Mechanics get fast access to funds:
Merchant Cash Advance provides auto mechanics with fast access to the funds they need to grow their business, sometimes within 24 to 48 hours. This can be particularly important for businesses that need to make repairs, pay bills, make payroll, or purchase new equipment quickly.
*No impact on credit score:
Because Merchant Cash Advance does not require a credit check, it does not impact the auto mechanic’s credit score. This can be a major advantage for those who have poor credit or are trying to avoid negative impacts on their score.
*Provider requirements can differ. Check with your provider first.
No long-term commitment:
Merchant Cash Advance is a short-term financing option that does not require a long-term commitment. This can allow auto mechanics to obtain the funding they need without being tied to long-term obligations.
No set repayment amount:
With MCA, there is no set repayment amount, which can make it easier for auto mechanics to budget their finances. The amount repaid is based on their daily sales, which means that they only need to repay what they can afford.
|Feature||Traditional Loans||Merchant Cash Advance (MCA)|
|Application Process||Lengthy and complex||Quick and easy – online or on the phone|
|Collateral||Typically required||Not required|
|Repayment||Fixed payments over a set period of time – no flexibility||Flexible – based on a % of daily credit card sales|
|Early Repayment||May have penalties||No penalties|
|Funds||Can take several days to weeks to access funds||Fast funding usually within 24 to 48 hours|
|Credit Check||Requires a credit check||No credit check|
|Credit Score||Negative impact||No impact|
Note: This comparison table is meant to provide a general overview and may vary depending on the lender and the loan terms. It is important to carefully review and understand the terms and conditions of any financing option before making a decision.
Is Merchant Cash Advance right for me?
Merchant Cash Advance can provide auto mechanics or other small business owners with the working capital they need to grow their business, purchase new equipment, and make repairs. With a quick and easy application processes, flexible repayment terms, fast access to funds, and no impact on credit score, Merchant Cash Advance can be an attractive financing option for auto mechanics who are looking for a simple and effective way to secure funding.
How can I get a Merchant Cash Advance?
Merchant Cash Advance is a great way to get the cash you need especially when the bank says, “No”. If you need a little help to take your business to the next level, contact your merchant services provider or contact me at 610 Merchant Services (#shamelessplug 😀 ). We’ll talk you through the process and help you figure out the right plan for your business and your goals.
Merchant cash advance (MCA):
A type of financing option that provides businesses with working capital based on a percentage of their daily credit card sales.
A type of financing where a borrower receives a lump sum of money and repays it, with interest, over a set period of time.
An asset pledged as security for a loan, to be seized if the borrower defaults on the loan.
A numerical representation of an individual’s creditworthiness.
A type of financing with a repayment period of less than one year.
Flexible repayment terms:
Repayment terms that can be adjusted to meet the borrower’s financial needs.