Thursday, September 24, 2009

Bad-Credit Mobile Home Loans

By Elija James

These days, it is possible to get a mobile home loan even if you have bad credit or a bad credit score. However, only a few lending institutions will want to work with people who have bad credit. The credit score is the first thing that any lender will ask about when approached regarding a mobile home loan.

Now, a bad credit mobile home loan is attainable but it really depends on your credit score. If you have a credit score that is less than 620, then you might have a problem getting the loan. And if you are able to get the loan, you will have to expect that you get a higher interest rate that will be charged to that loan that you get. Also, even though you make a big down payment to reduce the interest in monthly payments, missing payments or paying less than the due will always develop into a bigger payment at the end of the loan term.

There are three things that a lender will check if you choose to try and get a bad credit loan. The first is if you have the capacity to make payments on a monthly basis, next is your credit score, and third is the collateral or value of your loan. The equity loan is what takes care of the collateral. Additionally, a lender may actually hold the deeds of the mobile home and when the loan is paid off, will give rights to you. This is only to keep risk at a minimum for the lender.

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