What to Include in an Equipment Package
Lifts (two-post, four-post, alignment racks), scan tools, tire changers and balancers, tool boxes and workbenches, storage cabinets, brake lathes, alignment equipment, and diagnostic devices. Lenders finance bundled packages when items have clear equipment value and are itemized. Get a detailed quote from your supplier with make, model, and price for each item. Avoid lump-sum "shop package" quotes—itemize for better lender evaluation. See equipment financing by type.
Benefits of Package Financing
One application, one payment, streamlined approval. Bundling may improve terms versus financing small items separately—lenders prefer packages that show a complete, operational shop. A $50,000 package (lifts, scan tool, tire equipment, storage) often qualifies for better rates than three separate $10K-$20K financings. Single credit pull, single payment stream. See equipment financing requirements.
Typical Package Sizes and Costs
New shop packages typically run $15,000-$100,000+. A basic setup: two two-post lifts ($8K-$16K), scan tool ($4K-$10K), tire equipment ($3K-$8K), tool storage ($2K-$5K)—roughly $20K-$40K. Full fit-out with alignment rack, multiple lifts, and premium diagnostic: $75K-$100K+. Match the package to your service mix and capacity.
Financing Options: Loans vs Leases
Equipment loans spread the cost; you own at payoff and can depreciate. Leases often have lower monthly payments and full payment deductibility; at term end you can purchase or return. New shops often prefer leasing to preserve capital. Bundled packages work with both structures. See equipment loan vs lease. Use our calculator to model payments.
Credit and Down Payment Requirements
Most lenders look for 600+ FICO; 680+ qualifies for the best rates. New shops may rely on personal credit; equipment is asset-backed. Down payments: 0-15% for qualified applicants. Bundled packages can improve approval odds—they show a serious, well-planned investment. See credit score for equipment financing and equipment financing for new businesses.
Documentation for Package Financing
Gather: itemized equipment quote (make, model, price for each item), 3-6 months personal and business bank statements, tax returns, P&L, formation documents, business plan for new shops. Complete documentation speeds approval. Lenders want to see the package is real, priced, and ready to fund. See equipment financing approval requirements.
Approval Timeline
Many lenders approve auto shop equipment packages within 24-48 hours when documentation and itemized quote are complete. Bundled packages often move faster than single-item requests. See approval timeline. Get matched with lenders who finance shop equipment packages.
Worked example: financing a $40,000 shop package
Say a new shop finances a $40,000 package — two two-post lifts, a scan tool, a tire changer and balancer, and tool storage — with 10% down, leaving $36,000 over 60 months. At about 10% APR the payment runs near $765 a month, and the shop owns the equipment at payoff. Bundling everything into one loan instead of financing each piece separately usually means one application, one payment, and often a better rate than several small-ticket deals would carry.
New vs. used shop equipment
Mixing new and used can stretch a startup’s budget. Lifts, tire machines, and storage hold value well and are commonly bought refurbished at 30–50% less, which lowers the financed amount; diagnostic scan tools, by contrast, age fast as vehicle software changes, so many shops buy those new and finance the heavier hard goods used. Lenders will finance a mixed package as long as the used items are serialized and have clear resale value.
Frequently Asked Questions
What can I include in an auto shop equipment package?
Lifts, scan tools, tire equipment, tool boxes, workbenches, storage cabinets, brake lathes, alignment equipment, and more.
Can I finance a full shop fit-out?
Yes. Many lenders finance bundled packages of $15,000-$100,000+. Include itemized quote from your supplier.
What credit score do I need for auto shop equipment package financing?
Most lenders look for 600+ FICO. Bundled packages may improve approval odds.
Lease or buy a shop equipment package?
Leases preserve capital; loans build equity. New shops often prefer leasing.
How fast can I get approved for auto shop equipment financing?
Many lenders approve within 24-48 hours when documentation and itemized quote are complete.
Can I finance a complete auto shop equipment package at once?
Yes — package financing is designed for exactly this. One application covers lifts, diagnostics, tire equipment, and storage, giving you a single payment and usually better terms than financing each item alone.
Do I need good credit to finance shop equipment?
Most lenders look for 600+, with 680+ unlocking the best rates. New shops often lean on the owner’s personal credit and a larger down payment until the business builds its own history.