Car Wash Financing

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Car Wash Financing

Car Wash Business Loans

A car wash business can be one of the best businesses to start in the early stages of your entrepreneurial journey - it’s simple to set up and you can expand almost endlessly. With over 300 million cars on US roads, there’s certainly no shortage of potential customers. That said, you may find yourself in need of a car wash business loan when considering the best way to fund your business’s expansion.

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What is car wash business financing?

A car wash business loan is any loan you use to help you set up, run, or expand your car wash business. In most cases they are a lump sum you borrow and pay back over a term of months or years, but there are other finance options available.

How does a car wash financing work?

A car wash loan (or car wash financing) is usually a lump sum you borrow and pay back, plus interest, over a short, medium or long term. In most cases, you can use this loan for any business purpose, but some are tied to the purchase of real estate or equipment.

Best Car Wash Business Financing Options

Here are a few of the best car wash business loans:


OnDeck is one of the top online term loan providers for small businesses. They offer fast funding over short terms (3-36 months) and fixed interest rates starting at 9%.

  • Minimum credit score: 600
  • Minimum revenue: $100,000
  • Minimum time in business: 1 year
  • Minimum 2 years since a bankruptcy
  • Daily or weekly repayments

OnDeck Business Loan Review


Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: up to 36 months
Funding turnaround: as soon as same business day

OnDeck offers fast business loan options such as term loans, business lines of credit, and SBA PPP loans and funding as fast as 24 hours. Minimum requirements include: at least 1 year in business, 600 credit score, $100,000 in gross annual revenue and a business checking account.

Funding Circle

Funding Circle is one of the best options for more established businesses looking to grow. With good interest rates (12-36%) and no minimum annual revenue, this is a good option if you have a good financial history.

  • Minimum credit score: 660
  • Minimum revenue: none
  • Minimum time in business: 2 years
  • Minimum 7 years since a bankruptcy
  • Requires a business lien and personal guarantee
  • Not available to businesses in Nevada

Funding Circle

Funding Circle

Funding: Borrow $25,000 to $200,000
Minimum Credit Score: 700
Loan term: 6-12 months
Funding turnaround: 24-48 hours

Funding Circle offers affordable business loans with interest rates lower than alternative lenders with monthly repayment schedules for borrowers with good to excellent credit scores.


Many businesses find a line of credit offers a more flexible way to borrow. BlueVine is one of the best lenders for business lines of credit, with interest rates starting at 15%.

  • Minimum credit score: 600
  • Minimum revenue: $120,000
  • Minimum time in business: 6 months
  • Requires personal guarantee
  • Cash can be available in as little as 12 hours
  • Not available in the Dakotas or Vermont



Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: 6-12 months
Funding turnaround: 24-48 hours

With BlueVine, borrowers can get approval as fast as 24 hours and obtain a business line of credit for short term capital needs while only paying interest on the funds you borrow.

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Is owning a car wash a good investment?

One of the most attractive factors of owning a car wash is how much profit can be generated in a short period. Small-scale, self-service car washes make a little over $40,000 per year in average profit, and bigger luxury car washes can rake in more than $500,000 per year.

What are the benefits of using a car wash business loan?

  • Expand faster than you would otherwise
  • Keep a healthy profit and working capital
  • Renovate your existing premises
  • Upgrade your equipment
  • Offer premium services
  • Refinance current debt

Types of car wash financing options

Here are several ways you can finance a car wash business:

  • Your profit or personal savings: this allows you to avoid having to borrow money but can cause financial strain or stress.
  • SBA loans: SBA loans are guaranteed by the Small Business Administration, which helps make lenders more willing to lend with low interest rates (around 3-13%). They offer the 7(a) loan program which is the most popular and can be used for any purpose, the 504 loan program which can be used to purchase real estate and major assets, and a Microloan program, which provides funding to women and minorities up to $50,000.
  • Conventional bank loans: If you have an excellent credit score and strong business financial history, you may be able to qualify for a bank loan. These loans are generally difficult to qualify for, but they offer some of the lowest rates available to those who do.
  • Commercial real estate loans: if you’re looking to purchase real estate, a commercial real estate loan (also known as a commercial mortgage) may offer you the best terms.
  • Term loans: term loans are offered by alternative lenders and are generally the most popular option if you’re not looking to purchase a major asset. You can borrow a lump sum and pay it back over a term as short as 3 months or as long as 10 years. Interest rates vary depending on your creditworthiness, but are generally higher than SBA loans or bank loans.
  • Business line of credit: A business line of credit gives you access to credit you can use as and when you need, like a credit card. You only pay interest on the amount you’ve actually borrowed, rather than the entire loan amount. This can be a particularly flexible way to borrow, but be aware that interest rates are often high.
  • Merchant cash advance: If you take the majority of payments via card, your card processor may be willing to lend you a merchant cash advance. This works like any other traditional loan, as you’ll receive a lump sum, but the repayments are taken as a percentage of the transactions they process, rather than paid monthly. This can be a good, low-cost way to borrow, especially if you don’t have a good credit score (they rarely look at your credit), but make sure you can afford to miss the percentage they’re taking from your transactions.

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What are the pros and cons of car wash financing?


  • With around 300 million cars on the road, there will always be customers to serve so you can safely assume you’ll be able to pay it back, provided you’ve chosen an affordable way of borrowing and have good profit margins
  • You can expand your business faster than you would if you had to save
  • You can take advantage of time-limited opportunities


  • If you’re a relatively new business, you may not yet know how seasonal changes affect your revenue
  • It’s difficult to get funding for a startup
  • Interest rates can be high
  • Some repayment terms are daily or weekly, which can make your loan repayments difficult to keep on top of

How to get a car wash business loan

To qualify for a car wash business loan, you’ll generally need:

  • A credit score of 600 or more
  • Annual revenue of $100,000
  • At least 6 months in business
  • No history of bankruptcies within last 2 years
  • Be willing to put up a personal guarantee

Applying for a car wash business loan is usually fast and straightforward with an online application. Alternative lenders will often fund you within 14 days of your application. Bank loans and SBA loans take longer and often have more rigorous application processes. Start by comparing rates and when you find the loan that’s right for you, simply click apply and follow their instructions.

Once you’ve decided a car wash business loan is right for you, it’s time to compare rates and apply. Remember that the interest rate is one of the key factors that dictate how affordable–or not–you’ll find your loan, so try to get the lowest rate possible for your current circumstances. Once you’ve chosen the right loan for you, all you need to do is apply. You’ll soon have the funding you need to grow your car wash business.

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