2006-12-16 10:14:34 · 4 answers · asked by brianna0399 1 in Business & Finance ➔ Credit
Why would you want a business that has bad credit? ;)
Seriously though, there is no such thing as "bad" credit. There is only your credit history. "Bad" or "Good" credit is a value judgment. One lender's view might say your credit is "Bad", while another might say it is "Fair".
The best lender for the credit challenged is the business seller himself. Of course, you need two thing to get seller financing of a business.
1. You need a seller that really wants to sell.
2. You need there to be no one with the cash, bidding against you.
Good Luck
2006-12-16 12:07:08 · answer #1 · answered by superschupp 3 · 0⤊ 0⤋
Credit is just a tool...anyone can buy a business with enough money. If you don't have the money, then you will have to finance it, and keeping in mind the default rates of businesses (50%+) they will want to see some serious assets. The bank will probably want to see 2.5x the assets for the price of the business. For example, if you want to buy a franchise and it's 100k, you better have at least 250k in assets.
2006-12-16 14:02:33 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
i'm sorry, yet there isn't any way you're going to get financing for $400,000 with adverse credit and being merely out of faculty. once you've $50,000, why do not you search for a employer that could value $50,000 or a lot less? With that type of money, you should guage paying for a franchise besides. yet another large thanks to apply $50k is as a down charge on your first abode, yet you may get a authentic activity besides.
2016-11-26 23:09:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋