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Where do I get an auto business loan to start my car detailing company?
I've always wanted to start a car detailing business, but I need money to get it off the ground. Where can I get an auto business loan, or do I need a grant of some kind?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unfortunately, lenders like banks and credit unions typically won’t give you a loan until you show some sort of revenue or have an airtight business plan. Most of the time, you need both.
Therefore, you might have to start small and get the business up and running with a personal loan, though you’ll pay exorbitant interest.
After a year, and if you show decent revenue of about $50,000 or more, you can probably get a business loan to expand or upgrade your business.
In the meantime, get your business plan together. The Small Business Administration has many great resources to get you started. Good luck!”
View full answer
- Gregory R.
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