^£150k Garage Business Loan – Apply and Get Approved Today

For many established garages, a secured term loan can be a practical way to finance capacity upgrades. It is commonly available to businesses with a track record, and lenders typically look at affordability, credit history and the strength of the security offered. Typical amounts can range from £50,000 to £500,000, and £150k often fits within that mid-range where the overall risk picture is strong.

Lending terms are often 24 to 84 months for secured SME term loans, with decisions commonly taking around 1 to 4 weeks from submission to a formal offer. Pricing is often fixed or variable depending on lender, with a broad market context of roughly 6.0% to 14.0% p.a. depending on the deal.

Common garage use cases include buying diagnostic systems, refurbishing premises, financing a second MOT bay and consolidating higher-cost unsecured borrowing where it improves cashflow.

An unsecured term loan may suit smaller or less security-constrained garages. Lenders typically assess trading performance and the stability of income, then test affordability by looking at whether the business can meet monthly repayments. Some lenders may accept personal guarantees where business security is not available.

Typical amounts are often £25,000 to £250,000, so £150k can be feasible for stronger profiles. Repayment terms are commonly 12 to 60 months, with initial decisions often around 1 to 3 weeks. Pricing is frequently higher than secured lending, with a broad range context of roughly 7.5% to 18.0% p.a., depending on underwriting outcome and term length.

Garages often use unsecured term loans for parts and consumables, seasonal staffing, and bridging timing gaps between labour spend and insurance receipts.

An asset-backed term loan is considered when your garage can provide clear, financeable assets to support the facility. Lenders evaluate the asset value and condition, alongside affordability and business performance. This can suit garages buying high-value equipment where there is a sensible basis for recovery value and verification.

Typical amounts are commonly £40,000 to £400,000, with limits tied to asset valuations and advance rates. Repayment terms are often 24 to 72 months, commonly aligned to expected useful life of the financed equipment. Decision times can be around 2 to 5 weeks, partly because asset valuations and related checks can add time.

Pricing may be competitive versus fully unsecured borrowing, with a broad context of roughly 6.5% to 14.5% p.a. depending on the asset and whether the rate is fixed or variable. Use cases include buying lifts, tyre fitting and diagnostic systems, and funding refurbishment where the asset components can be identified.