Top 11 Banks for Car Wash SBA Loans

Last annual update: May 13, 2019

There are only a dozen or so banks in America that are the leaders in SBA small business loans loans for car washes. These lenders really understand the intricacies of small business loans for car washes and we recommend you contact them first to get a clean, quick deal!

1) Celtic Bank Corporation — Salt Lake City, UT
2018: 42 loans, $1,913,412 average loan, average interest rate of 6.8%

Headquartered in Salt Lake City, UT, Celtic Bank has the highest approved loans in our list. Founded in 2001, Celtic Bank is one of a leading nationwide small business lender specializing in SBA 7(a), SBA 504, and conventional business loans. Celtic Bank promises to meet and exceed your expectations so you can do the same for your clients.

 2) Wells Fargo Bank, National Association — SIOUX FALLS, SD
2018: 34 loans, $519,535 average loan, average interest rate of 8.4%

When it’s time to move your car wash business forward, a U.S. Small Business Administration (SBA) backed loan from Wells Fargo may be the best for you. They offer long repayment terms for lower monthly payments. And lower down payments that makes upfront costs more affordable.

 

3) The Huntington National Bank — Columbus, OH
2018: 30 loans, $176,570 average loan, average interest rate of 6.6%

Huntington is the #1 SBA 7(a) lender in the number of loans in the regions made up of Indiana, Kentucky, Illinois, Ohio, West Virginia, Western Pennsylvania, Wisconsin, and Michigan (according to U.S. SBA from October 1, 2008, to September 30, 2016). With 8 years of pretty great track record of helping businesses like auto repair shops, you’ll never go wrong in trying to apply for an SBA loan with Huntington.

 

 4) Metro City Bank — Wilmington, DE
2018: 29 loans, $2,455,586 average loan, average interest rate of 5.6%

Metro City Bank ranks #1 in small business loans for car washes in terms of average loan size and lowest interest rate, so definitely check out this aggressive lender to buy or refinance your car washes.

 

 5) TD Bank — Wilmington, DE
2018: 19 loans, $45,600 average loan, average interest rate of 9.3%

Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.

 

To help you further in your search for the right Car Wash SBA Loan that fits you, here’s the complete list of  our top 10 banks:

RankBankCityState# LoansAvg LoanAvg Int
1Celtic BankSalt Lake CityUT42$1,913,4126.8%
2Wells FargoSioux FallsSD34$519,5358.4%
3Huntington NationalColumbusOH30$176,5706.6%
4Metro City BankDoravilleGA29$2,455,5865.6%
5TD BankWilmingtonDE19$45,6009.3%
6Stearns BankSaint CloudMN15$1,116,8677.3%
7Commonwealth Business BankLos AngelesCA12$2,395,7505.7%
8Bank of HopeLos AngelesCA11$1,812,4095.5%
9Compass BankBirminghamAL10$1,618,6406.9%
10Green BankHoustonTX9$1,597,6446.1%
11Newtek Small BusinessLake SuccessNY9$856,0567.2%
12Pacific City BankLos AngelesCA9$1,896,1115.8%
13Independence BankEast GreenwichRI8$106,2507.7%
14Seacoast Commerce BankSan DiegoCA8$1,059,2636.7%
15U.S. BankCincinnatiOH8$641,2507.1%
16Byline BankChicagoIL7$2,200,8576.7%
17JPMorgan Chase BankColumbusOH7$404,2148.2%
18M&TBuffaloNY7$104,1009.0%
19Open BankLos AngelesCA7$2,612,0005.9%
20Uniti BankBuena ParkCA7$2,809,1435.4%