Revenue-Based Financing For Automotive Businesses

There are many benefits to financing an auto repair shop. Business owners can pour funds into a variety of different areas to help their business to grow.

Has your equipment seen better days? You can use the funds to replace old machinery or purchase more car lifts. Or, use the funds to expand your auto repair shop if you need more space. Revenue-based financing can be put toward payroll, rental costs, and other regular expenses. Automotive business funding can also help you to hire more qualified staff and expand your current training programs.

Mantis Funding understands the unique needs of automotive businesses and offers a streamlined funding process to get you the capital you need to thrive. Here’s a breakdown of the steps involved:

1. Quick and Easy Application: Our online application process is designed to be fast and convenient. Simply provide some basic information about your business, including your financial history and funding goals. There’s no lengthy paperwork or complicated procedures involved.

2. Eligibility Check: Once you submit your application, our team will conduct a quick eligibility check to determine if your business meets our basic criteria. We have a minimal credit score requirement, so even businesses with less-than-perfect credit may qualify.

4. Funding Approval: Our streamlined approval process allows us to provide funding decisions within hours, not days or weeks – which means a faster response so you can move forward with your plans without delay.
5. Revenue-Based Financing Solutions: If approved, we’ll work with you to determine the most suitable funding option based on your specific needs. Our revenue-based financing solutions offer flexible funding solutions tailored to the automotive industry.
6. Transparent Agreement: We believe in clear and transparent communication. Before finalizing your funding, you’ll receive a detailed agreement outlining the terms and conditions. This ensures you understand all aspects of your funding arrangement upfront.

6. Fast and Secure Funding: Once the agreement is signed, we’ll work diligently to get your funding deposited into your business account quickly and securely.

7. Ongoing Support: Our commitment to your success goes beyond funding. Our team is available to provide ongoing support and answer any questions you may have throughout your journey.

Throughout the entire funding process, Mantis Funding focuses on providing a fast, hassle-free experience. We understand the importance of access to capital for automotive businesses, and we’re here to help you secure the funding you need to fuel your growth.

Mantis Funding strives to make the application process for automotive business funding as smooth as possible. To expedite your application review, please be prepared to submit the following documentation:

General Business Information:

• Completed Application Form: This form will gather essential details about your business, including its legal structure, ownership information, and contact details.

Financial Documentation:

• Bank Statements: Through our application page, you’ll also be able to connect your business bank account with Plaid to securely provide bank statements (typically 3-6 months) which will provide an overview of your business’s cash flow and financial health.
• Tax Returns: Your most recent federal and state tax returns offer valuable insights into your business’s profitability and tax obligations.
• Financial Statements (if applicable): For established businesses, audited financial statements like a balance sheet, income statement, and cash flow statement may be required.

Additional Documents (may vary depending on specific circumstances):

• Business Licenses and Permits: Copies of any relevant business licenses or permits required to operate your automotive business in your state.
• Proof of Ownership: Documentation verifying any business assets, such as vehicles or equipment that you may have.
• Merchant Account Statements (if applicable): If your business accepts credit card payments, recent merchant account statements can demonstrate your processing volume and financial activity.

Please note:

• Specific requirements may vary depending on the type of automotive business (dealership, repair shop, parts supplier, etc.) and your state’s regulations.
• Contact Mantis Funding directly if you have any questions about required documentation or have a unique business situation you wish to share with our team.

At Mantis Funding, we understand that building a strong credit history takes time and dedication. That’s why we take a more holistic approach to evaluating your eligibility for automotive business funding. Here’s what we consider:

Focus on Business Viability:

Our primary focus is on the overall health and future potential of your automotive business. We’ll analyze your business plan, financial history, and cash flow to assess your ability to repay funding. A strong business model with a clear path to profitability can outweigh a less-than-perfect credit score.

Minimum Credit Score Requirement:

We have a minimum credit score requirement to ensure a baseline level of creditworthiness. However, this requirement is significantly lower than traditional lenders, making our funding accessible to a wider range of automotive businesses.

Alternative Qualifying Factors:

If your business credit score falls below our minimum requirement, we may consider alternative qualifying factors, such as:

• Time in Business: A longer track record of successful operation demonstrates stability and experience.
• Positive Cash Flow: Consistent and positive cash flow indicates your ability to manage your finances effectively.
• Strong Collateral (if applicable): Owning valuable business assets, such as vehicles or equipment, can provide additional security for the funding agreement.

Applications from All Credit Backgrounds Welcome:

Mantis Funding believes that access to capital shouldn’t be limited by credit score alone. If you have a viable automotive business with a solid plan for growth, we encourage you to apply regardless of your credit history. Our team will work with you to understand your unique situation and determine if our funding solutions are a good fit for your needs.

Transparent Communication:

We understand the importance of transparency. During the application process, we’ll clearly communicate our credit score requirements and any alternative qualifying factors that may be considered — allowing you to make informed decisions when you’re ready to apply for funding with Mantis Funding.

Finding funding to expand your automotive business might seem like a daunting task. Mantis Funding is here to answer all your questions and provide you with hand-tailored revenue-based financing solutions.

We service a wide variety of industries, including retail, medical, and liquor stores, as well as select franchises. Industries range from trucking businesses to nightclubs. We also service other industries that are not included on this list and invite you to fill out an application for funding so our representatives can reach out to you. We understand the challenges of the market and cash requirements for business owners and will be able to walk you through every step of the way.