How do I compare personal loans for mobile homes to other financing options?

Conventional loan: 3%
FHA loan: 3.5%
VA loan: 0%
USDA loan: 0%
Jumbo loan: 10% to 20%

Some of the most important factors to consider when you compare loans include interest rates , fees, monthly payment amounts, repayment terms, and minimum credit requirements. Take a close look at the total cost of the loan over time, and make sure the monthly payment fits comfortably into your budget.

What are the interest rates on personal loans for mobile homes?

Personal loan rates can vary widely, but remember that the lowest advertised rate will only be available to certain borrowers — those with high credit scores and healthy incomes that aren’t already carrying a lot of debt. The average interest rate for a two-year, fixed-rate personal loan from a bank was 12.33%, according to the Federal Reserve.

Can I use a personal loan for a mobile home if I have bad credit?

If you can qualify for the amount you need , yes, you can use a personal loan to buy a mobile home, even with bad credit . However, with a low credit score you may struggle to qualify for a large enough amount, and you may find that the interest rates for low-credit borrowers are too high to justify the purchase.

How do I get a personal loan for a mobile home?

Prepare to apply by checking your credit report for errors that might be bringing down your score. Next, prequalify with a range of lenders , including banks , credit unions, and online lenders . Compare the offers to see which is best for you. Once you’ve determined which is right for you, finish the paperwork and begin planning for repayment.

Using a Personal Loan for a Mobile Home