loans for people with bad credit ?
I need help. where is the best place to get a loan to purchase a used
mobile home if you have bad credit also Iam in the northern Virgnia area
This is a difficult year for people in your situation. Many lenders have
gotten out of manufactured home lending ( Associates being the latest)
because they have "bought too deep in the pool" , many have gone broke,
others are tightening their standards to try and stay in business, and at
least 3 major lenders are within several months of going out if they don't
get outside help. It is going to be worse next year.
The only thing I can suggest is a local loan company who will likely charge
you rates over 20% APR, and they usually do not lend on more than $10,000.00
which means a very old or very cheaply built home of smaller size. You might
check "mobile home financing" through various search engines as there are
some loan brokers who operate strictly out of cyberspace, and I don't have a
clue how deep the people they are fronting for will buy. Whatever you do, it
will likely cost you dearly in interest and fees, as the greater the risk you
are, the greater the interest rate you are going to pay.
Sorry for the bad news, but that is the way it is.
You might want to look at taking over the payments from someone that is
getting ready to repo a home. Usually the finance companys are will to
take a risk on you, rather then having to repo/ move/ and resell the
home. You might not get the best deal, but anyone with bad credit never
does....
Look for ads in your local newspaper... they usually are the ones that
are selling with 800 numbers to call.