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An unsecured term loan does not usually rely on property or asset security, so lenders tend to focus more on business cashflow and the owner’s ability than on collateral. For UK garages, that can be helpful when you are funding diagnostics, tooling, refurbishment, or consolidating smaller debts. Typical amounts can range roughly from £50k up to £300k, with broader pricing often falling around 9% to 18% APR for unsecured borrowing, depending on credit profile, time in business and affordability.

With a secured asset-backed structure, the lender expects evidence for the asset value and borrowing arrangement. This approach can suit workshops financing lift systems, diagnostic benches, or refurbishment tied to measurable capacity increases. Typical amounts are often around £100k to £500k, and £300k may be within scope for well-established garages. Pricing is often lower than unsecured, with typical ranges around 7% to 14% APR, and decision times often take roughly 2 to 6 weeks due to additional checks and security documentation.

Where a personal guarantee is required, lenders still assess business cashflow, but the PG increases confidence in repayment. This can be relevant for garages with solid trading but higher risk factors such as shorter history or recent volatility. Typical amounts are often around £75k to £350k, with terms commonly 24 to 72 months. Typical pricing can sit between unsecured and secured, with ranges broadly around 8% to 16% APR depending on PG strength and affordability. Decisions often take around 2 to 5 weeks once underwriting and guarantee documentation are in motion.