Equipment Financing for Startup Car Wash

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by a searcher from University of Pennsylvania - The Wharton School
in Philadelphia, PA, USA

3mos ago

Equipment Financing for Startup Car Wash

I’m in the process of building a car wash and exploring financing options for equipment. The total equipment cost is approximately $230k, representing ~17% of the total project cost. Given that this is a startup with no operating history, I’m trying to understand what financing options are realistically available. Are SBA loans (or non-SBA equipment financing) viable in this scenario? Would having a partner with strong credit/liquidity as a guarantor materially improve financing terms or approval likelihood? Any insights, lender recommendations, or firsthand experiences would be greatly appreciated.

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reply by an intermediary 3mos ago
from University of Wisconsin Oshkosh in Milwaukee, WI, USA

Thanks for the tag ^redacted‌. Based on what you have described I agree that SBA financing might be available. If your current bank offers SBA, start with them. There are many SBA lenders out there if they do not offer the financing you need. There are also companies that specialize in equipment financing. While the rates might be higher, it is an option.

reply by a searcher 3mos ago
from University of Cincinnati in Long Beach, CA, USA

Thanks ^redacted‌ -- Edward, equipment funding is always available, the cost of those funds will range all over the map whether it's a broker or principal. I have no experience with car wash equipment, but on the machine tool side I can refer two tier one providers: 1) Geneva Capital - David Boike / redacted 2) US Bank - Stanley Krukowski Jr. / redacted As a Start-up, Approval will depend highly on your credit history. Good luck--gw