^£900k Garage Business Loan – Apply for Financing Today

With a secured term loan for garages, lenders assess trading history and affordability using evidence from bank statements and accounts. They also confirm the availability of security, including a clear valuation and the business’s ability to meet underwriting and covenant requirements. Decision timing is often within 1 to 3 weeks for initial feedback, but full security and documentation can extend to 3 to 8 weeks for larger amounts. Typical facility sizes commonly sit around £250,000 to £900,000, with terms often between 24 and 120 months.

An unsecured term loan focuses on whether your garage can repay through cashflow and management of current obligations. Eligibility typically includes consistent trading, acceptable credit standing, and affordability calculations based on recent bank transactions and management accounts. Typical lending covers roughly £50,000 to £500,000, and larger tickets are generally less common without strong financials. Terms are often 12 to 60 months, with initial decisions frequently within 1 to 4 weeks. Interest is commonly higher than secured lending, reflecting the additional risk to lenders.

For an asset-finance-backed term loan, the lender looks at eligible assets such as lifts, diagnostic systems and service tooling, linking the borrowing to asset value, condition and usefulness. This route may require chattel security or similar arrangements, and approval depends on affordability, credit profile and how the purchase supports earnings. Typical amounts can range from £100,000 to £900,000, with terms often 18 to 72 months. Initial decisions are often 2 to 5 weeks, though asset valuation and paperwork can affect timing. Use cases include funding workshop lifts, MOT test equipment, diagnostic upgrades and capacity improvements.