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Personal Loan for Trailer

I am looking to purchase a 2 bedroom trailer from a private seller in Sacramento. The sell price is $43,600. I was wondering if I can take out a personal loan seeing as it is such a small amount. Wouldn't that be better than a mortgage on the property? by mmccool758 from Clovis, California. Oct 24th 2018 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

Maybe... Generally personal loans are unsecured, and therefore come with higher rates. Home loans are obviously secured by the property, and therefore generally come with lower rates. But trailers, and mobile homes are a whole different world than buying a standard home.

Oct 25th 2018
Ralph Richard Guertin (
#136 ranked lender in Florida - 796 contributions

Not sure but I believe you would lose the tax write off's that normally come with having a home loan....

Oct 26th 2018
Sunny Singh (916Mortgage)
#349 ranked lender in California - 18 contributions

A personal or recreational vehicle loan on a used trailer is quite possibly going to be more expensive then what a mortgage could be. Look at both options ($120k house versus $50k trailer (which is what it could be after closing costs most likely) ....if you are hard decisioned on getting the trailer then start with Credit unions. Good luck!

Oct 28th 2018
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