Is it possible to say a loan for a house trailer for $ 10,000, but getting an additional $ 10,000 to pay the debts of others?

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I want a loan to buy a trailer, but since I have 3 to 4 small monthly bills, I would get a larger loan to pay the lower amount. This would reduce monthly bills and make it easier for the mortgage with a payment instead of 4 or 5 or something else to pay more. Advice please! And if it is to pass an act for the home ground, it is more likely? Or would it make sense to take care of, take everything with a personal loan? My credit score is 720 + The trailer is really 3 years old, has 3 bedrooms and comes with the device management zu.Mein money is in order. I have been absent from work equal to about 9 to 10 months, some time and have used credit cards to survive (not really smart, did what I had to do, but) not complete, but getting the hour, I pay double the month payment on all claims except car payment if, for example due to minimum is $ 40, I pay $ 80 and usually 4-5 days before the price Fälligkeit.Die request the trailer is $ 14,000.00 I $ 10 000 as a round number to a single clever idea bekommen.Wäre want to pay a small personal loan, say $ 4,000.00 in credit card debt? Thank you all for the replies, I appreciate your kindness in your words. All advice greatly appreciated ….. Thank you!


  1. Reply
    May 16, 2011 at 10:34 pm

    Would probably be a personal loan in such event
    Very difficult to get bank financing for used trailer

  2. Reply
    May 16, 2011 at 11:04 pm

    Generally if you get a loan for a home they will only give you up to the assessed value ($ 10,000) and no more. This is because if you stop paying the loan they will own the house, but if you get double what it is worth and stop paying, they will still only get the house.

    The only way to get a loan to pay off bills is called a “personal loan”. This requires no collateral but the interest rate will be much, much higher than a mortgage.

  3. Reply
    May 16, 2011 at 11:44 pm

    They will loan you some amount for the trailer (less than the purchase price) and no more, on the trailer. Maybe you could seperately get a loan to cover the debts, or if you were putting alot down on the trailer you could just put less down, but these both seem like long shots. Thats about your only choices.

  4. Reply
    ibu guru
    May 17, 2011 at 12:22 am

    For mobile homes, plan on paying at least 20-25% down, plus closing costs. If the assessed value of the trailer or mobile home is $ 10,000, you will not be able to borrow more than $ 8000. For cheap old mobile home at that price, you may have to pay 30-50% down. Or they may refuse any loan or mortgage since it is a cheap, old, highly depreciated home and rather small as mortgages go. There are no 100% LTV mortgages any more, and never were on mobile homes anyway. Mobile homes depreciate quickly, so they have to be paid off faster than they depreciate.

    If you have small debts, why don’t you just pay them off in full in a hurry instead of borrowing at a very high interest rate – if you can take out a personal loan to pay them off at all. Debt consolidation loans are also hard to come by these days.

    You have pretty decent credit, but it sounds like you really don’t manage all that well. You’re paying bills on time but only the minimum monthly payment? That’s not good – keeps you broke. You save at least 10% of income? If you did, you’d have those little bills all paid off, and have a good down payment. Or could pay off that little trailer. If they are asking $ 10k, bet they’d take $ 9000, maybe even $ 8000, if you could cough up the cash.

    Rethink your plans. This one is no-go.

  5. Reply
    May 17, 2011 at 12:37 am

    YOu can only get a loan for what this trailer/land appraises for.

    It it unwise to roll short term personal debt into long term RE debt.

    My advice, pay down all those little debts, then buy.

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