On The Ramp - The Independent Automotive Garage Owners Podcast. · Alex Lindley, Leo Dack, Nathan Taylor

#28 Finance for Garages: What You Need to Know

·1 hr 2 min·4 clips

Lee says lenders want a “story,” and a homeowner guarantor may be needed for a new-start garage.

1. On The Ramp: The Independent Automotive Garage Owners Podcast centers this episode on finance for garages and what owners need to know. 2. Leo and guest Lee Schofield from One Funding matter because Lee has nearly 20 years in asset finance and funds workshop and body shop equipment. 3. The episode asks what finance is for when garage owners want transparency, growth, and the right product choice. 4. Lee says finance can feel like “smoke and mirrors,” and he compares the industry to the “used car salesman thing.” 5. He says some owners avoid borrowing for 10 years or more because they do not understand finance or do not know where to start. 6. Lee says a business can delay buying equipment or expanding until cash is saved, but that delay can last years. 7. Leo says a body shop expansion cost “a couple of hundred thousand pounds,” which made saving first look impractical. 8. Lee says a plan matters more than a perfect five-year model, because equipment should be judged on whether it makes money, saves money, or is a “nice-to-have.” 9. He says delay between buying equipment and opening a site can create two months of repayments before cash starts coming in. 10. Lee explains that asset finance is a fixed-term obligation, usually 12 months to five years, and early settlement can require paying the remaining payments. 11. He says seasonal payment structures exist, but they are more common when working with a supplier or manufacturer. 12. Lee says stronger businesses with better balance sheets have more finance options than brand-new start-ups. 13. He says a new-start garage can still fund break testers and MOT equipment if the story and numbers stack up. 14. Lee says underwriters want more than “I want to open a garage” and will look at homeownership, savings, credit searches, and commitment such as a five-year lease. 15. He says lenders first ask “where is my out,” because workshop equipment may be valuable to the business but not to the lender. 16. Lee says a homeowner guarantor is often needed when a new-start director has no house, no savings, and limited security. 17. Leo says a business plan once helped him get finance from Snap-on, and Lee says manufacturer-owned finance companies can assess brand and product security. 18. The episode’s tone is direct and practical, with interruptions from loud workshop noise and several pauses to reset the conversation. 19. Garage owners, new-start directors, and anyone weighing equipment finance will get the most from it. 20. Listeners wanting entertainment, theory, or no finance jargon may skip it.

As heard by us

Garage finance is framed as a working-capital decision, not just a funding choice.

This episode treats garage finance as an operating problem, not a spreadsheet exercise. Lee Schofield of One Funding explains why owners borrow, why funding can feel a little smoke and mirrors, and how equipment choices change once they hit working capital instead of being paid…

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Before you buy kit, hear why cash flow can matter more than cash.

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