Business loans for tyre fitters and suppliers

If your tyre fitting business or mobile tyre repairs company is looking for finance to help expand we have the perfect funding solution to help grow and develop your business, should you be looking to reach the next level within the industry.

The Tyre Industry Federation have collected some statistics you may not have previously been aware of. They reported that the UK has roughly 3,000 specialist tyre-fitting businesses, with another approximately 20,000 garages who sell and fit tyres together with their other servicing work.

This means there’s an awful lot of competition within the world of UK-based tyre-fitters and suppliers, so standing out from the crowd and putting your best business foot forward is the only way to succeed within this industry.

Business Finance for Tyre Suppliers

A sure fire way of beating your competitors in the race to gaining new customers, is to inject your business with the funds it needs to succeed.

It doesn’t matter if you’re a mobile fitting service or a tyre fitting business start up, you’ll need cash in order to advance your business. Whether you need the money to cover everyday cash-flow issues or you need to scale your business with premises alterations, new vehicles or equipment, we can help you out. Things do not come cheap in the tyre-fitting industry, and tyre-changing equipment can be extremely costly purchases for businesses to make. If you decide to rent equipment, it could end up costing you even more in the long run.

We can help you financially in many different ways, such as when you’re looking to buy equipment from companies such as Hofmann Megaplan, Atlas, Redback/Unite equipment, Dunlop, Bradbury or others you may wish to make purchases from.

Types of Business Finance for Tyre Fitting Businesses

There are a number of different types of business finance available to tyre fitters and tyre fitting businesses, these are:

Business Start Up Loan

Start up loans are a great way to get your tyre fitting business off the ground, the United Kingdom government may be able to help with a startup business loan.

A tyre fitting business start up loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK. In addition to finance, successful applicants receive 12 months of free mentoring and exclusive business offers to help them succeed.

The loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application. All owners or partners in the future tyre fitting business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.

Merchant Cash Advance

Merchant cash advances for tyres fitters is a type of financing that allows businesses to borrow money against future sales. The loan is repaid with a percentage of the business’s daily credit card sales, which gives the lender a steady stream of income. Merchant cash advances can be a convenient and flexible way to get funding, but they also come with some risks.

For one thing, the repayment schedule can be difficult to manage, especially for businesses that experience fluctuations in sales. Additionally, the fees and interest rates associated with merchant cash advances are typically higher than those of traditional loans. As a result, tyre fitting businesses should carefully consider whether a merchant cash advance is right for them before taking out one of these loans.

• Get £5k to £200k within 24 hours
• Pay back through your future card sales
• Unsecured – there’s no worries
• Same day funding to your business

Business loans

Our tyre fitter business loans offer business owners unsecured funding between £5,000 and £200,000. The process to apply is simple in order to receive an amount of your choice in full upfront, making monthly repayments with interest over a period of 1 to 3 years. Tyre suppliers and fitter business loans are designed with busy shop owners in mind, and our flexible repayment plans allow you to get the most out of your loan while keeping extra costs at an all time low.

Business loans from us are unsecured, you don’t have to worry about offering valuable business collateral as security against the loan. Instead, you may be asked by a lender for a personal guarantee.

This personal guarantee is a legally binding agreement that in the event that your business default on its loan repayments, you as the business owner become personally liable for paying back the money. Whilst this may sound like a scary risk, if you’re confident in your butchery business ability to upkeep payments, you should not have any worries

Does My Tyre Fitting Business Qualify

Should you be wondering whether you will qualify for a business loan, this really id dependent on what type of business loan you’re looking for. Regardless of the business loan type, the company needs to be UK-registered. Here are some of the basic eligibility requirements:

• Be a Limited company, limited liability partnership (LLP) or sole trader
• Based in England, Wales, Scotland or Northern Ireland
• Have a UK bank account
• Trading for a minimum of 3 months
• Have an annual turnover of at least £60,000
• Asset security or personal guarantee may be required depending on funding product

Documents Required to Apply

The following documents will be requested by your business manager once the online application has been completed. Please have the following documentation available:

• 6 months of merchant credit card sales statement
• 3 months of business bank statements

How to apply for a Tyre Fitters / Suppliers business loan

Step 1:

Visit our application page and provide the relevant information. This will ensure that we match you with an ideal lender. We will then ask you for further information about your business. You’ll need to be ready to tell us the following:

• The name of your business
• How long you’ve been in business
• Your average monthly card sales
• The amount you are looking to borrow

Step 2:

Will will then require a few personal details, so please be ready to tell us:

• Your title, along with you first name and surname
• Position you hold within the business that is seeking a loan
• Email and telephone number, so that we can stay in further contact with you

Step 3:

Read through our terms and conditions carefully, and if you’re happy to continue, click ‘get a quote’. From here your application will be processed and reviewed by a member of our business finance suppliers team, who will help you find the correct lender for your emergency business loan.

Step 4:

We will then be in touch with you to confirm the conditions of your business loan agreement.

Step 5:

Once the application is complete, it will be sent off and approved by a lender. You can then have a discussion with them regarding the terms of the loan. These terms will include interest rates, as well as how much the borrower will repay each month. The loan is then provided to you on an agreed and transparent basis. As a lender we support the growth of your business with our business cash advance.