The best MOT centres are those which have a steady stream of MOT tests to complete, with significant income potential also available from MOT repair work. However, every MOT centre will have to pay for costs such as approved testing equipment, suitable premises, marketing and qualified employees. To help you finance these expenses we have produced this guide to MOT centre loans.
The costs of running an MOT centre can quickly mount up, with equipment costing up to £40,000 alone to set up a centre from scratch. From vehicle lifts and brake testers to computer systems and the garage tools required for repair work, there are many essential and often expensive items required to run a successful MOT centre.
In addition to equipping the garage, you will also need to employ a skilled and qualified team. You will need testers who are authorised by the Driver and Vehicle Licencing Agency (DVLA), alongside an MOT manager and qualified mechanics.
Whether you are starting a new centre or are running an established business, we can provide you with access to a range of automotive business loans from our panel of lenders. Finding a lender which provides you with the funds you need can help you spread the cost of essential expenses, so that you can reap the rewards immediately.
Our comparison tool is designed to provide you with quick access to the funds you need. Simply enter your loan requirements and your financial details into our finance finder tool. Our system will then search our panel of lenders which specialise in MOT centre loans, to find you the ideal business loan for your MOT station.
To find an MOT centre loan, you will first need to decide what the additional finance will be used for. There are a variety of MOT centre loans available including; asset finance, premises finance, merchant cash advances, unsecured and secured loans, tax loans and working capital finance.
Asset based finance is a popular form of MOT centre loan, as they are designed to cover the cost of physical items. This type of loan is secured against the assets themselves, which reduces the risk to the lender and usually results in low interest rates and longer more affordable repayment periods.
Alternatively, an unsecured loan could provide a short-term form of borrowing to pay for unexpected costs. Whether you need to cover the cost of hiring new staff, securing a new MOT centre, or paying for a new marketing campaign. Fixed term loans are available for anything from £1,000 to £20,000,000, so you will be able to secure the funds you need.
With so many options to choose from our team are always available to discuss which MOT centre loan will suit your specific requirements. We can also guide you through the application process, so that you have a strong chance of approval. To find out more, please contact our team today.