- 11 Feb
Factoring And Invoice Finance For Garages And Spray Shops
Despite the decrease in traffic due to the lockdown, the roads still seem pretty busy. Garages and spray shops are likely to be in demand at present, following the recent icy weather. This will no doubt have resulted in an increased in car crashes requiring repairs.
Garages & Spray Shops
Garages and spray shops that undertake car body repairs may be seeing an increase in their order books but those additional orders can place an increased strain on their cash flow.
One of the issues is that many car crash repairs are paid for by insurance companies or accident management companies, and it can be awhile before the garage or collision repairer receives the money for the work. There are ways of accelerating the payment cycle so that you get that money immediately, and we have helped do this for many garages and car body repairers.
Factoring & Invoice Finance For Garages & Collision Repairers
There are ways of getting at that money, before the invoices are settled by the insurers or AMCs. Factoring and invoice finance for car bodyshops work by releasing the cash tied up in those invoices immediately. That cash can then be used to pay for supplies, spares etc, staff costs or even premises rent for the garage or collision repair workshop. There are no limitations on what the money can be used for.
REQUEST A QUOTE or Call Sean on 03330 113622 for help.
This type of funding is typically the whole value of the invoice (less a small charge to use the service). Factoring and invoice finance can release a lump of capital if a garage has a number of invoices outstanding at present. Even if a repairer only wants to fund a couple of their sales, that is possible. When dealing with this sector, there are not typically and minimums required of the repairer.
The facility can be put in place within a matter of hours if needed - our record is 7 hours between enquiry and transfer of funds to our client's bank account.
Work That Can Be Funded
All types of car crash repairs can be funded, providing the invoices are payable by insurers, AMCs or large companies. Repairs can included:
- Repairs to body panels and replacement, re-spraying, repair of dents and scratches,
- Repairs to wing mirrows, bumpers and wheels, bonnets, car doors and tailgates.
- Crash related mechanical repairs.