If you currently own a mobile home, then you may be able to get a large loan to pay off debt, help with home renovations, or use in any other way that you see fit. Bad credit may prevent you from gaining a traditional loan using your mobile home, but this isn’t always the case.
Traditional lenders hardly ever give mobile home owners a chance. It’s even worse when you are a mobile home owner with bad credit. This is true for a number of reasons, but it is especially true for one very specific reason: traditional lenders do not want to take a chance on people who have bad credit.
Why? In the eyes of a traditional lender, if you have bad credit then you are seen as a huge credit risk. Therefore, no traditional lender will approve your loan application – even if you can offer collateral. Thus, many people that cannot get a loan often feel helpless.
However, there are other options when it comes to getting the loan money that you need. If you presently own a mobile home, then you can get a loan through a private lender. How? Private lenders are not like traditional lenders, which means that your past credit history will not be taken into account in most cases.
By simply proving that you own your own mobile home, you can apply for a loan through a private lender. These loans are quick, painless, and easy to obtain – no matter what your current credit report may look like. You may seem like you’re stuck between a rock and a hard place, but there’s no need to feel completely helpless. If you need money – for any reason – then applying for a loan through a private company is the best possible course of action.
Once you have been approved for a loan using your mobile home as collateral, you can then begin to pay back this loan. Some private lenders are more than happy to set up monthly payment plans, so that you can repay your loan with your budget in mind.
No matter what your reason for needing a loan may be, you can rest assured that a private lender will help you gain the funds that you need quickly and efficiently. If you are amongst the thousands of Canadians that currently own a mobile home, a mobile home loan may be the solution you have been searching for.
Source by Molly Wider