The cost of an additional bay is high but Mark feels with the right financing and his ever-increasing stream of customers he will quickly be able to repay the loan. Since he will be essentially doubling his car washing potential, he’ll need more employees as well. With his stellar reputation in the community for offering premium quality services at a reasonable rate, Mark begins to price the addition of the new bay. Thankfully, the property he had purchased for the original business had ample space to add an additional bay.

After pricing specialty automated car wash and wax bays, Mark felt he had found the best one for his business, priced at $465,000. With his needs carefully laid out, Mark began his search for a lender who could meet his loan requirements with a reasonable interest rate and term. His business had grown quickly, and he was ready with an exceptional credit score and credit history, plus well-organized financials for each year he had been in business. He had a term loan of less than 10 years in mind, given his belief he could pay it off earlier given the demand for quality car washes by individuals and local dealerships.

Mark found a lender who offered an eight-year term for the $465,000. Mark believed he could pay it off sooner, but the length of the term gave him a bit of breathing room in case it didn’t go as he hoped and planned. With his loan secured, Mark negotiated the purchase and had the new bay installed over a six month time period while keeping the existing bay and his business operational throughout the construction.

After six-months of operation, Mark’s business had nearly doubled as he anticipated and at the end of seven years, he was able to pay off his term loan a year early.

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