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The US has a whopping $86 billion US automotive repair service industry consisting of businesses that offer repair, service, and maintenance of vehicles. With this being said, there is an undeniable demand for your auto repair business – all you need to do is keep up with the demand. If you’re ready to take your auto repair business to the next level, here are the top banks that can help you with your business goals:
1) TD Bank, National Association — Wilmington, DE
152 loans, $54,532 average loan, average interest rate of 9.5%
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.
2) Huntington Bank — Columbus, OH
117 loans, $228,876 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.
3) Wells Fargo Bank — Sioux Falls, SD
116 loans, $339,506 average loan, average interest rate of 7.7%
Being one of the nation’s largest bank and SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. With their undisputed experience, Wells Fargo is our top SBA lender (overall). If you want an expert’s touch to your SBA loan for your auto repair business, contact Wells Fargo now.
4) U.S. Bank — Cincinnati, OH
83 loans, $300,135 average loan, average interest rate of 6.7%
U.S. Bank is committed to the growth of businesses and is proud to be a leading SBA lender. They offer loans geared toward business needs of all sizes – including auto repair businesses. With business loans of $100,000 to $2 million to help cover major expenses, U.S. Bank could be a smart choice for your growing auto repair business.
5) Independence Bank — East Greenwich, RI
80 loans, $124,125 average loan, average interest rate of 6.9%
Independence Bank is an FDIC insured community bank located in East Greenwich, Rhode Island. Independence Bank specializes in small business loans through the U.S. Small Business Administration flagship 7(a) guaranteed lending program.
If you’re still undecided, look no further, here’s the complete list of top banks for small business SBA auto repair loans:
| Rank | Bank | City | State | # of Loans | Avg Loan $ | Avg Int |
|---|---|---|---|---|---|---|
| 1 | U.S. Bank | Cincinnati | OH | 100 | $406,794 | 7.1% |
| 2 | TD Bank | Wilmington | DE | 52 | $55,285 | 10.1% |
| 3 | Wells Fargo | Sioux Falls | SD | 34 | $273,556 | 8.6% |
| 4 | M&T | Buffalo | NY | 31 | $116,829 | 9.3% |
| 5 | United Midwest Savings Bank | De Graff | OH | 28 | $150,000 | 8.1% |
| 6 | The Huntington National Bank | Columbus | OH | 28 | $156,832 | 7.6% |
| 7 | Live Oak | Wilmington | NC | 26 | $737,846 | 6.9% |
| 8 | Newtek Small Business Finance | Lake Success | NY | 22 | $410,023 | 8.1% |
| 9 | Independence Bank | East Greenwich | RI | 19 | $146,842 | 5.6% |
| 10 | First Home Bank | Saint Petersburg | FL | 19 | $224,368 | 8.1% |