Even if you are purchasing a going-concern, most lenders consider your situation as a start-up, since (a) you have not have experience operating a business, and (b) there is no assurance that the current customers will continue to do business with the company with new ownership. Having said that, in your situation, you may be able to secure a SBA 7a loan to fund the purchase. You mention wanting to have a total of $200k for a down payment on the business purchase, but you don't state what price range you are considering when looking for a business to buy. If the $200k represents a 50% down payment, your plan may be doable. Based on your education, I am assuming you are looking to acquire an engineering or consulting firm; both of which typically have very little in the way of assets that can be pledged as collateral. The SBA 7a program does not require collateral, so again that may be your best option. However, the SBA will expect you to prepare a detailed business plan and cash flow projections covering two years. It appears that your credit is satisfactory and the 4 credit cards are not an issue as long as you maintain only small balances (typically less than 10% of the credit limit). The lender (or SBA) will exoect you to provide documentation that you fully understand the industry, market, competition, business practices, and that you have an understanding of accounting or the means to hire a competent accountant (preferably a CPA). You will aso need adequate working capital to sustain the business until it generates sufficient cash flow to cover all expenses (this is documented via your business plan). Your local SBA office offers business advisers and assistance with creating the business plan and cash flow projections via SCORE, an organization associated with the SBA with retired business people providing help and advise. Many community colleges also have a business development center to provide advice and assistance. SCORE will also advise you as to how much to pay for a going concern (typically a multiple of annual cash flow).

I'm thinking no, because lenders are a very stingy bunch these days. You have too many credit cards. Are they being paid in full every month? What is your credit score? Your savings are good, and they will like a big down payment, but until you actually walk in and ask, no one can say for sure.

Depends on the degree you earn when you're done with college. The better education you have, the better of a job you will have.

Yes. You could apply for an SBA 7A loan. If your business plan is sound you should qualify.

no

I graduated college without debt by working a part time job, then a full time job my last 2 years in college. This is my first year of having a career as an engineer. I have 4 credit cards and I just completed my car payments on a 30k car. I'm currently making payments on a 100k mortgage. My salary after taxes is about 55k and I've been able to save 2500-2800 grand a month by living cheap. By next march, I should have around 100k. Would I be able to get a business loan to match this?

BTW This loan is to acquire a business, not a start up. I'd like to have 200k for a down payment.