Conventional Car Wash Loans

Conventional financing from local and regional banks for car wash loans have been a staple of financing over the years.  Frequently car wash financing done by a local bank is superior because of the more attractive terms that might be offered. A depository relationship may be required but usually is mitigated by the attractive terms the bank may offer.



Types of Financing

  • Acquisition 
  • Construction 
  • Expansion 
  • Refinance 
  • Start-Up 

Loan Amounts:       $500,000-$10,000,000

Terms:                    5,7, 10 Year Terms (Real Estate ONLY)

Interest Rate:        Fixed / Floating

Rates are currently between 6.25% - 7.5%. Floating indexed to a spread of 4.00% - 5.00% over U.S. Treasuries, or Floating indexed to a Spread of 3.5% - 5.00% over 1 Month LIBOR.

Amortization:         15,20, 25 years

Loan To Value:      50 - 70% (No goodwill included)

Prepay Penalties:  1st Year 5%, 2nd Year 3%, 3rd Year 1%


  • Origination usually 1.0 - 1.5 Points 
  • Due Diligence Deposit 
  • Customary closing costs 
  • Construction fee, if applicable, to offset monitoring costs 


  • Owner occupied / investment properties 
  • US Citizen or permanent resident alien status 
  • Good credit/character 
  • Management experience 
  • Reasonable financial statement or credible projections 
  • Depository relationship may be required 

Collateral: First lien on land, building, equipment and inventory Additional outside collateral is necessary if lease-hold improvements are substantial.

Conventional financing is very popular with car wash operators due to general lower origination costs and generally slightly lower interest rates than SBA or other government guaranteed financing. Conventional financing however is typically more difficult to qualify for due to shorter amortization periods and higher debt service coverage looked for by lenders.

To prequalify for car wash financing, download the following forms and provide the following information and fax to (202)478-1811 or email to


















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Find out why car wash appraisals are different than other commercial properties and why you should use companies that specialize in them. 

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