Bad Credit Agency

Can I buy a business with bad credit? What other options are available besides loans for buying businesses?

Public Comments

1. 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
2. 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.
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4. Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!