Business Loans
for Car Wash

Get Immediate Working Capital as Fast as Today!

Car wash owners have done well during the past few years. Globally, the car wash services market was $27.8 billion in 2020, and is expected to grow 6% in the next year. In the United States, the compound annual growth rate is 3.9%.

More and more Americans are skipping washing their car at home and heading to the car wash. In 1996, 52.4% of people washed their car at home but by 2014 that percentage dropped to 28.4%. During that same time period, consumers taking their car to a professional car wash facility rose from 47.6% to 71.6%.

The data shows a clear and growing preference amongst American consumers for professional car wash facilities. Technology and mobile apps have been getting in on the business – in one instance, car wash businesses found that joining a membership application app increased their income by 20%.

Get Your Business Loan Today

What Do I Need to Qualify?

Below is a list of the requirements to get approved for business funding with our most basic program.

  • At Least 3 Months in Business
  • 530 Min. Credit Score
  • $10,000 Min. Monthly Revenue
  • How Do I Apply?

    Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at


    Submit your online application by clicking apply below and entering a few basic details about your business.

    Types of Business Loan Available

    Working Capital Loans

    Working capital loans help small business owners cover the costs of day-to-day operations. If you’ve had a slow month they can help you make payroll or catch up on delinquent utility bills. They keep the lights on – literally.

    Lenders fund working capital loans based on bank deposits and monthly revenues, so the underwriting process is faster than with a traditional loan. This means you could get funded in time to meet current obligations.

    At Shield Funding, we extend working capital loans in amounts ranging from $10,000 to $1 million to business owners with credit scores above 650.

    Small Business Loans

    Small business loans are better suited for non-emergency needs. These loan products fund long-term projects like an expansion or capital investments like investing in newer machines. If you need funding for a longer period of time and have a clear plan for the funds, a small business loan is the best loan product. 

    You can borrow as little as $5,000 with a repayment term of two months to three years and a minimum credit score of 650. 

    Merchant Cash Advance

    If you have a large volume of credit card receivables and need money for working capital or short-term needs, look into a merchant cash advance. With a merchant cash advance, you sell the lender a percentage of your credit card receivables. 

    They automatically deduct your repayment from future sales, which makes repaying the advance easy. It also means you won’t have to make a large, lump-sum loan payment each month. If you have a credit score as low as 500 but significant credit card sales, you can apply for a merchant cash advance.  

    Same Day Business Loans

    If it’s time to open that new location, or you’re opening your first dry cleaning store, look into a same day business loan. With this loan product, you can borrow between $50,000 to $2 million. Because they best suit larger projects, a large business loan has a longer repayment period.

    At Shield Funding, you only need minimum monthly revenues of $10,000, a credit score above 530, and two months in business to qualify. Within as few as 24 hours you could have the funds needed to start making your dreams a reality.

    If talking to traditional banks has you discouraged, it’s time to reach out to an alternative lender. Alternative lenders know how best to serve the needs of small business owners, particularly if you need funding in a hurry. Take a few minutes to gather the necessary paperwork and apply online now.

    Apply Directly to One Source!

    Work with a direct lender and get a business loan as fast as the same day. Shield Funding offers competitive rates and terms on all it’s funding programs. Apply now with a trusted lender that has been helping business owners secure working capital for almost two decades.

    Questions to Ask Before Borrowing

    Small business owners looking to open a new car wash or acquire an existing business will have different funding needs than existing business owners.

    If you’re buying a business, in addition to the purchase price, you’ll have to pay lawyers to look over and prepare documents, accountants to review the books, and other professionals to help close the sale. The amount of money you need to put down or the percent of the purchase you need to fund through borrowing will influence the type of financing that’s best suited for your purposes. You should likely apply for a large business loan. Most car washes built from the ground-up cost between $1.5 million to $3.0 million to launch.

    When you apply to open a new car wash, you’ll need a robust business plan and strong cash flow projections, as well as an excellent personal credit score. Lenders could require that you pledge personal assets – such as investment or retirement accounts – to secure the loan. Give yourself plenty of time to get financing in place before breaking ground.

    Opening a new car wash or investing in touchless machines? You’ll have to locate an appropriate building or lot and cover monthly rent or the mortgage while possibly building from the ground-up or renovating it. Since a car-wash building is a single-use, i.e., it’s difficult to turn it into another form of business, sometimes lenders are reluctant to advance the funds to build one. If you defaulted on your loan, the building could sit empty until they find a buyer who wants to enter the industry.

    There will be upfront costs like paying contractors, purchasing equipment and supplies, and training employees. Once you’re open you’ll have to pay utility bills and other fixed expenses before the operation turns a profit. Small business owners expanding or investing in an existing car wash could face many of the same costs.

    Here are some of the most popular reasons those in the car wash industry take out small business loans:

    • Purchase, renovate, or build out a new space
    • Buy new machinery, such as touchless or hybrid machines, to attract new clientele
    • Replace existing outdated or broken machines
    • Market a new business
    • Cover operating expenses during lean times

    Once you know why you need the money you can make a budget. Comparing that budget to your cash on hand or cash reserves tells you how much you’ll need to borrow.

    Before borrowing, determine how the new debt will impact your business’s cash flows. After you’ve paid fixed expenses like the mortgage and utilities at your car wash, how much free cash flow is available to make loan payments? Take a hard look at your budget before you borrow so that loan payments won’t harm your business.

    Lenders calculate your monthly loan payment by multiplying the capital borrowed by the interest rate, then  spreading that amount over the repayment period. They’ll also add on any fees. If the monthly payment on the loan you need isn’t affordable, scale back your project.

    The car wash’s cash flows must cover the loan payments – before, during, and after the project. When putting together your budget and determining what you can afford to borrow, don’t forget to include a plan to pay back the loan. Build in some cushion, too, if there are delays or equipment breakages that impact your bottom line.

    If you have poor credit, or have defaulted on a loan in the past, it will limit your borrowing options. Lenders are reluctant to work with borrowers who have low personal credit scores or whose businesses had difficulties in the past. And your business and credit history also impacts the loan’s rate and terms.

    Before applying for loans, pull a free copy of your credit report and check your score. Most banks only work with borrowers who have credit scores above 750, at least two to five years in business, and strong financials. Depending on what it says, you may want to skip applying at a bank and go directly to alternative lenders.

    You can still borrow with less-than-stellar credit or some hiccups on your credit history, but you’ll have an easier time working with an alternative lender. These lenders work with borrowers that banks won’t consider.

    Your credit score and business’ credit history are an important part of any loan application. Lenders view a credit score as a sign of your creditworthiness, and it will impact their willingness to lend to you and the loan’s terms. Small business owners with poor credit will find it harder to borrow because lenders view them as a bigger risk. 

    Before applying for a loan, check your credit score. Knowing it will give you an idea of the interest rate you’ll pay to borrow and which lenders will lend to you. Since a lower credit score reflects higher risk to the lender, you’ll pay more to borrow. 

    Funding Business Dreams Everywhere

    Want to find out more about how our loan products can help your eye care business? Get in touch today and we’ll help you find the right loan for your business!