Note: Autobooks Capital is not available to all Autobooks users. If Autobooks Capital is not present in your Autobooks account, you may not qualify for Autobooks Capital OR your financial institution may not offer it.
Taking a draw from Autobooks Capital
You can draw any dollar amount up to your approved total dollar amount. Your first draw must be a minimum of $1,000 and all subsequent draws can be as little as $100. Here's how to take a draw:
- Click into the box showing your total advance amount to enter the dollar amount of the advance you wish to draw.
- Type in the dollar amount you wish to draw. In the Advance Summary at right, you'll see the Advance Amount and the Capital Fee that make up the total amount you'll need to repay on the advance.
- Repayments will be debited from your checking account on a weekly basis. The Advance Summary will show you the expected weekly repayment amount, and the number of weeks this repayment is expected to be debited to repay the advance.
- Check the box to acknowledge you've read and agreed to the Capital Advance Agreement, then click Accept to trigger your advance.
- You'll be asked to e-sign the Capital Advance Agreement in a new browser window the first time you take a draw. Once you've e-signed, just return to online banking.
- Advances will be deposited to your checking account within 1-2 business days from acceptance.
Taking additional draws
You're able to take multiple draws and active repayments against your advance line at once. The total dollar amount of all advances cannot exceed your total advance line, however. Your Capital Advance dashboard will indicate if you have money available for draws.
Regardless of the number of draws you take, your scheduled repayment debit will occur once per week, typically on a Thursday or Friday. If you have multiple active draws at once, you will see one debit transaction for the total you owe across all draws.