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I am interested in buying a 7 year old mobile home for $25,000, but all interest rates that I've found are at a fixed rate of 9.75% for 5 years. I know that the older the mobile home, the higher the rate but, being that I have A+ credit, that rate still sounds really high. Can I take a personal loan for $25k? I don't know what to do and don't want to make a big mistake!

jenkin7 · Posted: Wed May 19, 2010 10:11 pm Post subject:

Hi Guest,

Mobile home loans are hard to get these days. The few lenders who are still in the business of lending mobile home loans often charge high interest rate. You may try getting a personal loan, but since it'd be an unsecured loan, I don't think you'll get a low interest rate on it. I think you can shop a little more for a secured mobile home loan at a lower rate. However, if you get a personal loan at an affordable rate, you can surely go for it.

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