Capital is difficult for automotive businesses to access for several reasons. It’s not that banks are against lending to small businesses – they want to – but traditional financial institutions have an outdated, labor-intensive lending process and regulations that are unfavorable to local shops and smaller organizations.

The difficulty of accessing capital is exacerbated because many small businesses applying for loans are new, and banks typically want to see at least a five-year profile of a healthy business (for instance, five years of tax data) before extending an offer. If you haven’t filed taxes or you run a cash only business, banks will not be able to help you. But Parker Financial Services can, and we work to help businesses that traditional banks can’t help.

Alternative financing is any method through which business owners can acquire capital without the assistance of traditional banks. Generally, if a funding option is based entirely online, it is an alternative financing method. By this definition, options such as crowdfunding, online loan providers and cryptocurrency qualify as alternative financing.

Capital is difficult for automotive businesses to access for several reasons. It’s not that banks are against lending to small businesses – they want to – but traditional financial institutions have an outdated, labor-intensive lending process and regulations that are unfavorable to local shops and smaller organizations.

The difficulty of accessing capital is exacerbated because many small businesses applying for loans are new, and banks typically want to see at least a five-year profile of a healthy business (for instance, five years of tax data) before extending an offer. If you haven’t filed taxes or you run a cash only business, banks will not be able to help you. But Parker Financial Services can, and we work to help businesses that traditional banks can’t help.

There are several reasons why small business owners might turn to business loan alternatives. Here are three of the most common.

Lower credit requirements: Traditional banks will likely decline loans to borrowers with credit scores below a certain threshold that, often ranging between 600 and 650.

Easy qualification: Not all small business owners meet the additional requirements to apply and be approved for traditional loans. In these cases, business loan alternatives are helpful.

Fast approval: Traditional bank loans can take weeks to be approved, whereas some business loan alternatives give you access to funding in as little as one week.

Market credibility: The startup gets to “borrow” some of the goodwill that the strategic partner has built up, and working with an established investor lends weight to the brand.

Infrastructure help: The larger partner likely has teams for marketing, IT, finance and HR – all of which are things a startup could “borrow” or utilize at a favorable rate.

Overall business guidance: It’s likely the strategic partner will join your board as part of the investment. Remember that they have a wealth of experience in business, so their advice and viewpoint will be invaluable.

Relatively hands-off partnership: A strategic partner still has their own business to run, so they are unlikely to be very involved in the day-to-day operations of the business. Occasional updates on your business, such as monthly or quarterly, are usually sufficient check-ins for them.

If you are not able to get a loan from the bank, have not filed taxes, or are a cash only business. We can help you!

We've helped small and medium automotive businesses grow, create new jobs, and stimulate economic growth in their local communities.

No. We work primarily with business in the automotive industry. This includes Gas Stations, Auto Repair Shops, Auto Dealerships, Car Washes, and Towing.

We offer loans to automotive businesses in California.

Our primary offices are in Los Angeles, California.

Fill out the contact form on the contact page and someone will get back to you and work with you through every step of the process.

Many Parker Financial Services Loan customers renew their loan. When you renew, all remaining interest on the original term loan is waived and you’re issued a new loan. You’ll also get a lower origination fee — as low as 0.1%

Yes. If you qualify for our 100% prepayment benefit option, you can pay your loan off early in full and have all remaining interest waived without any penalty or fee.

Payments for Parker Financial Services term loans are fixed, so you’ll pay the same amount from the beginning to the end of your repayment term. This allows you to manage your cash flow with no surprises or large costs up front.

Your monthly payment will depend on your loan amount, repayment term and interest rate.

You can use your loan in a variety of ways to support your business. Popular uses include expanding to a new location, purchasing equipment or inventory, and hiring staff. However, your loan may not be used for your personal finances, such as refinancing of personal debt.

Yes, all our loans are secured. In addition to a personal guaranty from the primary business owner(s), defined as anyone with 20% or more ownership of the business, we require a lien on certain business assets. Collateral includes: equipment, vehicles, accounts receivable, inventory, and real estate.

Most customers get their loans within 5 days.

Once you get in touch we will walk you through every step. Once we have everything, we’ll get back to you with our decision in as little as one business day. After accepting the terms of the offer, you could receive the funding within one business day.

After you sign our loan documents and accept your offer, we send the money electronically to your designated business bank account. To expedite this process and save you time, we collect your bank account information during the application process. We’ll send you a confirmation email as soon as we’ve transferred the money to your account.

We handle additional funding requests on a case-by-case basis. You can also apply for a new loan once you pay off your original loan. In either case, you’ll need to submit a new application for each additional loan.

Our credit assessment decision is dependent on the loan amount requested and once you apply for a loan you cannot change the amount you want to borrow. The credit assessment team may deem that you can borrow a lower amount than that requested. If this is the case, they will contact you directly.

We consider a number of other factors when considering a loan application, from revenue to real-time cash flow to online customer reviews.

We report both on-time and late loan payments to the major business credit bureaus.