Franchise Loan Qualification: Requirements & Eligibility
Getting a franchise loan can provide you with a way to get the funds that you need to purchase a franchise. In order to get this type of loan, you are going to have to meet certain qualifications. Here are a few things to consider about qualifying for a franchise loan.
Down Payment
Even though a franchise loan is going to provide you with the majority of the funds that you need, you are still going to have to come up with some cash on your own. Every lender is going to be different when it comes to how much they require for a down payment. In most cases, you are going to have to come up with at least 20 percent. This number could be lower if you use specific SBA loans to qualify.
Credit Requirements
In most cases, you are going to have to meet certain credit requirements as well. The lender will review your individual credit score to determine if you can qualify for a franchise loan. Lenders will have different credit score criteria when it comes to choosing those that they want to work with. In most cases, you should have a credit score over 700 in order to qualify.
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