Title: Need a loan to buy a business? Choose from 10+ lenders and apply online
Headings: Loan to buy a business
Loan to buy a business
Using a loan to buy a business can help you save cash and make the purchase sooner.
Calculators
Compare loans to buy a small business
Compare up to 4 providers
What's in this guide?
How does a loan to buy a business work?
Determine how much money you'll need
Have a solid business plan
Consider your repayment timeline
Expert overview: 3 things to be aware of when looking for funding to purchase a business
What do I need to get approved for a loan to buy a business?
Gather evidence
Highlight your experience
Check your personal and business credit score
Set a budget
10 ways to finance the purchase of a small business
Watch: Learn about the small business instant tax write-off
What should you consider when you're buying a small business?
Reason for the sale
Profits, assets and inventory
Costs and liabilities
Trading history
Business structure
Business network
Industry
How can I verify the state of the business?
What's the financial situation?
Are there additional fees?
Why does the previous owner want to sell?
Have you done your due diligence?
How much can you borrow to buy a small business?
What do you need to apply for a loan?
Elizabeth Barry

Content: There are three main factors to consider before you even start the loan application process. If you don't have an answer to each of these three points, it's unlikely a lender will consider funding your business purchase. Determine how much money you'll need
Borrowing too much means you're paying more in interest than you need to, while borrowing too little means you won't have enough for everything you need and may need to apply for a second loan. Make sure your estimation is as accurate as possible. Have a solid business plan
It's not enough to simply own a small business, you need to manage it too. Your plan should clearly show how the business will manage expenditures and income to achieve profitability and how long this will take. Consider your repayment timeline
How long will it take you to pay back the loan? How much will you be able to afford to repay per month? Will it be a consistent amount or can you pay back more as the business grows? There are many different types of business startup loans, but it's preferable to have a plan before settling on a specific type of loan.