Posted on: 24th Jan, 2009 12:04 am
If i was to get a loan for 50000 to buy a new mobile home how much a month would i have to pay on the loan i have no credit at all
your first hurdle is to obtain the loan at all. when you say you have "no credit," lenders are going to be gun-shy about granting a loan of $50000. you may qualify if you can provide what is considered alternative credit. by that, we speak of landlord references, utility company references, insurance companies you may have done business with, cell phone companies, etc.
virtually every lender is looking for some sort of credit background, so it might pay you to seek out letters of reference from any of the firms i mentioned with whom you've done business.
as for monthly payment, let's assume an interest rate of 10% (maybe too high?). on a 10-year loan, payments would be about $650; 15 years, about $550; 20 years, about $500; 25 years, about 450; 30 years, about $440. i would have to anticipate that you won't find too many 25 or 30 year loans for mobile homes, but since i'm not in that market, i'm not really sure.
virtually every lender is looking for some sort of credit background, so it might pay you to seek out letters of reference from any of the firms i mentioned with whom you've done business.
as for monthly payment, let's assume an interest rate of 10% (maybe too high?). on a 10-year loan, payments would be about $650; 15 years, about $550; 20 years, about $500; 25 years, about 450; 30 years, about $440. i would have to anticipate that you won't find too many 25 or 30 year loans for mobile homes, but since i'm not in that market, i'm not really sure.