Personal Loan for Trailer
I am looking to purchase a 2 bedroom trailer from a private seller in Sacramento. The sell price is $43,600. I was wondering if I can take out a personal loan seeing as it is such a small amount. Wouldn't that be better than a mortgage on the property? by mmccool758 from Clovis, California. Oct 24th 2018
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Maybe... Generally personal loans are unsecured, and therefore come with higher rates. Home loans are obviously secured by the property, and therefore generally come with lower rates. But trailers, and mobile homes are a whole different world than buying a standard home.
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Not sure but I believe you would lose the tax write off's that normally come with having a home loan....
Sunny Singh (916Mortgage)
#353 ranked lender in California - 18 contributions
A personal or recreational vehicle loan on a used trailer is quite possibly going to be more expensive then what a mortgage could be. Look at both options ($120k house versus $50k trailer (which is what it could be after closing costs most likely) ....if you are hard decisioned on getting the trailer then start with Credit unions. Good luck!
Ask our community a question.
Get an answer
Related Questions
