I have less than perfect credit, which Im trying to rebuild. I want to buy the hair salon that I work at.?

How do I go about getting a loan. Do I have to wait untill my credit is good again?I have less than perfect credit, which Im trying to rebuild. I want to buy the hair salon that I work at.?
It depends how ';less than perfect'; you're talking ... does that mean 700?? 600?? 400? If you're about 650 and have a good business case (i.e. documentation that shows the income of the salon is historically and consistently well above the monthly payment owed to the bank), you should be able to get a loan. So ... no you don't necessarily have to wait until your credit is better ... which can take 7 - 10 years of good credit practices.





If you're score is less than 600 it's almost a guarantee that you won't get the loan .... or if you do the interest rate will be so high you probably will have a difficult time making payments. In this case, I'd recommend talking to the current owner and see if they will agree to do owner financing. They may allow you to give them a down payment in cash and then pay monthly payments directly to them and bypass the bank completely. This would definitely work to your best interest if the current owner isn't desperate for cash and can afford to wait a few years to get paid the full amount.





DON'T waste your time with credit repair services ... they are all scams or at bare minimum are just one step above bankruptcy and this will not help your credit situation.





Good luck ... I hope it all works out.I have less than perfect credit, which Im trying to rebuild. I want to buy the hair salon that I work at.?
Answer #2 sounds reasonable. How about getting into a credit repair program that could solve your problem in 3 months then get a conventional loan.
You might do better to find a partner it will be easier to get a loan for a smaller amount. There are places other than banks to get loans try these as well. Go to a financial adviser for help if you try to apply for credit too often in a year it is bad on your credit too.
Luckily I am a successful business man ready to give you advice. You can get loans with less than perfect credit at some lenders but at a higher interst rate than normal. However a morgage on a house attracts far less interest than a business loan. So if you have a house mortgage that and use the money to buy the salon.