Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

what should be your interest rate for buying a late model mobile home, with no credit history/570 credit score

4 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    about 14 % give or take .

    Source(s): owner rapers rvs
  • 1 decade ago

    Even with a secured loan, the credit history will likely either prevent you from getting the loan or have a sky high interest rate (think in the 12-15% range)!

    Even if your Debt-to-income ratio is good (< 20%), I'd still try to get my credit up before you make that purchase. Pay on time for awhile and try to pay down some existing debt (especially the newer accounts).

    Then, when your credit is better, make the purchase. The interest rate will be better and thus make the whole purchase that much more comfortable for you.

  • snvffy
    Lv 7
    1 decade ago

    DON'T. You can't resell a mobile home. Your credit scores aren't that good so you will pay high interest.

    I suggest you rent until you can save up money to clear your credit and build a down payment on real property.

    Good Luck

    Source(s): www.daveramsey.com
  • Adios
    Lv 5
    1 decade ago

    The maximum rate allowed by the state usury laws.

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