Business Loan on a purchase of an existing business?

I am looking for loans to finance an existing detailing (26year running) business. Whats for sale is the busienss, business name, equipment, and client el for $27,500. I have some personal credit card debit but my score is pretty good. I don't own anything but a small masonry business currently and 2 vehicles. I would like/think using the established detailing business as collateral would be enough to get a loan?

Any ideas, thoughts, advice?

tom_gpp >>> Do you mean a score of 620 or better good?

Chances are you can get this done through an SBA loan. You will need the business' tax returns and interim financial statements. they are usually pretty easy to get with decent credit (they are guaranteed by the US Government), so if you have a good score you should be set. Your local bank can usually help you with this.

This link is helpful as well:
http://usgovinfo.about.com/library/weekl...

***Do not listen the these "macro loan" idiots. It reaks of scam!

Sounds like you are buying a "service" business. I just did this for a grooming shop. Although, I have good credit too , I had a tough time getting a loan on a service business as well. Keep trying. I had to go through 3 myself. Do you belong to a credit union bank? Those are usually your best bet.

A service business should only ask what the business makes in a year plus equipment. Thats it!! Make sure you look at their books. You do have that option since you are a serious buyer.

I had to put up my personal items to buy a service business. Just all depends on how good your credit is. You might have to put up your existing business to get the loan. You can talk to a loan officer at any bank for free. They usually have good advise for you since that is what they do.

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