Is it possible to buy a self service car wash with little to no money down? I have always wanted to own my own car wash. I want to start small with a self service and work my way up. My problem is that I don’t have much money. I lost all my money, 401k, saving and sold all my toys for my last business that failed. A car wash is a dream that I always had. When I travel to new area, I check out what kind of car washes are out there. I get monthly magazines and new letters about car washes but I never see anything with advice about buying a used car wash or how to find a used one in the area. I have been trying to do research by reading this website and other websites this subject but I never get an answer. If there is another web site that would have more info please let me know about it. Thanks for you time. I’m looking forward to see what you guys have to say.
Think you're probably not going to get much info regarding car washes on forums like this. Most people on here work at a level above the typical car wash. What most of us do here is more along the lines of reconditioning and restoring vehicles. Everything that I've done in my business has all been in cash. So yes, it is possible to undertake just about any business venture without money down/ going in debt. You just have to be creative and understand that it's just going to take you longer to get the stuff you need/want. If you're looking to take over an established business without putting money down on it, though, you can pretty much kiss that idea goodbye. I certainly wouldn't give my business away, and I think you'll find that's true of any successful business owner.
Most lenders will require you to inject some personal funds into a deal. A lot of financial institutions will not lend 100% of the purchase price. There are exceptions but most of those are for people who have a good financial record (have $$) and a good relationship with the institution (other loans in the past handled as agreed, high deposit account balances) You might check on the local county website. Usually they will list links to organizations in the area that give counseling or offer free advice on starting a business. They can also help you find financing for business.
