Car Washes acquisitions in New Jersey: SBA loan data
Since FY2018, SBA lenders have approved 13 7(a) loans to buy an existing business classified as Car Washes in New Jersey, totaling $20.9M. The median loan was $1,450,000. That is 1.2% of the 1,130 acquisition loans in New Jersey.
The purchase agreement decides what you bought, not the loan approval.
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How this compares
The median Car Washes loan in New Jersey is 102% higher than the $719,500 median for all New Jersey acquisitions, and 10% higher than the $1,324,100 median for Car Washes acquisitions nationwide (406 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 0.9% of seasoned Car Washes acquisition loans were charged off, and 2.0% of seasoned New Jersey acquisition loans of any type.
Car Washes acquisition loans in New Jersey by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 2 | $3.8M | $1,892,500 | |
| FY2019 | 2 | $4.2M | $2,075,000 | |
| FY2020 | 3 | $3.9M | $1,350,000 | |
| FY2021 | 2 | $3.7M | $1,825,000 | |
| FY2022 | 3 | $4.1M | $1,100,000 | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 1 | $1.3M | $1,300,000 | |
| FY2026 | 0 | $0 | - |
How often do these acquisition loans fail?
Fewer than 20 Car Washes in New Jersey acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
Terms signed in the LOI shape the purchase agreement that follows.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | New Millennium Bank | 3 | 23.1% | $5.1M | |
| 2 | Peapack Private Bank and Trust | 3 | 23.1% | $4.8M | |
| 3 | Fulton Bank, National Association | 1 | 7.7% | $2.5M | |
| 4 | TD Bank, National Association | 1 | 7.7% | $2.2M | |
| 5 | The MINT National Bank | 1 | 7.7% | $1.8M |
Top franchise brands
No franchise brands recorded in this combination.
Terms signed in the LOI shape the purchase agreement that follows.
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Questions buyers ask
How much do SBA loans for Car Washes acquisitions in New Jersey run?
The median SBA 7(a) loan was $1,450,000 across 13 loans (FY2018 to FY2026). The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Car Washes acquisitions in New Jersey?
New Millennium Bank (3), Peapack Private Bank and Trust (3), Fulton Bank, National Association (1), TD Bank, National Association (1), The MINT National Bank (1).
How often do Car Washes acquisition loans fail in New Jersey?
Fewer than 20 loans in this combination are old enough to measure losses reliably, so no rate is shown. The national benchmark for all SBA acquisition loans is 3.5% (FY2018 to FY2021 cohort).
Are franchised businesses part of Car Washes acquisitions in New Jersey?
None of the 13 loans in this combination were recorded with a franchise brand.
Seller note standby terms and third-party consents are reviewed before closing.
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Related
- All New Jersey acquisitions
- Financing one? How to get an SBA loan to buy a car wash
- Car Washes nationally
- Car Washes in Texas
- Car Washes in California
- Car Washes in Georgia
- Car Washes in Michigan
- Car Washes in Colorado
- Car Washes in Missouri
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Small samples move a lot: each loan in this combination is 8% of the count. Industry is the NAICS code the lender recorded. See the methodology.