Mobile homes are growing in demand and popularity because they save much money and space, unlike traditional homes. Also known as manufactured homes, a low-income earner would likely find it much easier to purchase and manage a mobile home than a manufactured one.
Also, since mobile homes are moveable, i.e., they are usually placed in a mobile home park and can be relocated, they don’t fall under the strict definition of real estate. They are more likely to be grouped by financial institutions as personal property. As such, you may not be able to get a traditional mortgage to finance manufactured homes, more so with bad credit.
Our Top 5 Picks For The Best Bad Credit Mobile Home Loans In 2022:
Below are the best loan service providers from which you can get a manufactured home loan. We have given overviews of them below, highlighting their advantages, offers, and why they made this list. As a result, lenders are offering diverse kinds of loans including loans without proof of income and mobile home loans with lowest investment. Furthermore, we have pointed out one category that they excel in the most:
- Money Mutual – Overall Best Bad Credit Mobile Home Loans, Editor’s Pick
- Bad Credit Loans – Top Lender For Bad Credit Loans
- Rad Cred – Most Recommended Lender For Mobile Home Loans with Quick Application Process
- Personal Loans – The Most Reliable Lender For Bad Credit Loans
- Cash USA – Renowned Lender With Maximum Amount For Manufactured Homes
#1. Money Mutual – Overall Best Bad Credit Mobile Home Loans, Editor’s Pick
Money Mutual is a leading online marketplace that connects lenders to borrowers securely. They have established a name for themselves in the industry due to their standard of services. With over 2 million users, the process is seamless from start to finish offering both payday loan options and bad credit installment loans.
With Money Mutual, all you need to do is fill out a quick form on the website. They share this information securely to their network of lenders, taking into account the information you fill in to match you with lenders with whom you have a higher chance of securing a loan. You may get an offer instantly, after which you are presented with the loan terms, and you can accept instantly. If you accept, you can get your loan in as fast as 24 hours.
Bad credit loan guide: People seeking bad credit personal loans for anything find this site very user-friendly. This is because they have a dedicated webpage guiding bad credit borrowers on how to secure the best loans. Beyond that, they also explain some critical terms and point you to the best loan options you can access on their site. This makes their services more wholesome.
Instant lender review: With Money Mutual, lenders already have preset terms to select people they are willing to offer loans. This makes the loan process smoother because you don’t have to wait forever for a lender to get back to you.
Money mutual evaluates your information and credentials and immediately matches you with lenders that can offer you what you need. The instant lender review is what makes
Long-standing history: Established in 2010, Money Mutual has a long history with its customers. It is one of the few online lending services with a customer base of people who trust its services. Evidence of this is in their popularity in the lending space.
Also, they had a popular spokesperson, Montel Williams, who had a show inspiring millions of people to aspire for better lives. With such a solid reputation and history, money mutual easily puts your mind at rest about taking a loan.
Complaint Channels: Money Mutual has many great and easily accessible channels for customer complaints. Not that you’ll need it, but this feature highlights a dedication to providing top-tier customer service. Firstly, they have a mailing address where you can write to them to address any issues. You can also contact them by email and by phone call.
Furthermore, Money Mutual encourages you to contact the Online Lender Alliance(OLA) for more assistance if they cannot satisfy your complaints. The OLA is a body that many legitimate online lenders are a part of. They ensure that lending service providers adhere to fair customer services so you can be sure they have your interest at heart.
- Loan guide
- Customer service is easily accessible
- Reputable platform
- Instant lender review
- Has many loan partners
- Not available in Connecticut and New York
#2. Bad Credit Loans – Top Lender For Bad Credit Loans
As the name implies, Bad Credit Loans was established to cater to those with credit score issues. The website is very straightforward, secure, and easy to use. Navigations are clear, and you see from arriving there that they are one of your best bets at securing bad credit manufactured home loans or any other type of personal loan.
Their service is to connect you with lenders willing to work with you and your current financial situation. You may get offers from different lenders and are not obliged to accept their terms. You’ll need to carefully scrutinize the terms and only agree to them if they suit you.
Also, Bad Credit Loans aims to help you in more ways than just getting you a loan. Their website contains helpful pointers on improving your finances and general financial information. Furthermore, they have dedicated articles on avoiding scams you might fall for out of desperation for a bad credit loan.
Variety of lenders: Bad Credit loans have many lenders in their network with varying loan requirements. They have set up their structure so that it is easy for a person with bad credit to find someone willing to lend to them.
They partner with lenders who may have a minimum credit score requirement and those willing to overlook credit scores. That is, if you meet the other requirements.
Tribal lenders: With Bad Credit loans, you can access state-licensed and tribal lenders. The advantage is that you are more likely to get a large bad credit loan from tribal lenders.
This is because they sometimes do not check your credit history or make up for it with high-interest rates. You have the option to decline if you think their requirements are too stringent, but having access to tribal lenders makes your loan approval chances higher.
Other credit services: The major way Bad Credit Loans work is by connecting you to lenders. However, they may connect you to other credit services that you may find equally beneficial.
If you cannot secure a loan through them, you may find some of these other services almost as helpful. An example is credit repair for your bad credit score or debt relief, which may enable you to qualify for another loan.
No minimum income requirement: A lot of loan service providers require that you earn a certain amount of money per month to access their services. Bad Credit loans do not have such requirements. You only need to have some form of steady income to complete the application form. There is no specific required amount.
Furthermore, the rest of their requirements are basic things that are common to most lenders. Therefore, you will not find meeting these requirements strenuous as none of them includes having good credit.
- Large lender network
- Other helpful credit services
- Focused on helping people with bad credit score
- Convenient online form
- $10,000 maximum loan amount
- Bad credit loan offers are not available in some US states.
#3. Rad Cred – Most Recommended Lender For Mobile Home Loans with Quick Application Process
Rad Cred’s approach to bad credit score loans is stressless and quick. Immediately you arrive on their page, you are greeted with a simple aesthetic and call-to-action, allowing you to start your application immediately. The form is easy to fill, requires information, and you can complete it in under 5 minutes or less.
They only connect you to vetted lenders that are state-approved or governed by tribal laws. Also, the process is quite fast from the point of application till you receive your loan. Your application is completely free. Rather, the lenders pay them for connecting you to them.
With Rad Cred, you don’t need to worry about minimum credit scores or loan amounts. You’ll be able to access good loan amounts, limits, and other good stuff depending on how well you meet the lender’s requirements. There is no initial barrier between you and getting the loan amount you want. These terms are between you and the lender.
Summarily, with Rad Cred, there is no stress in getting mobile home loans even with a bad credit score. They make the process as seamless and efficient as possible.
No maximum loan: Unlike almost all other loan marketplaces, Rad Cred does not have a specific maximum amount of money you can expect to get from their lenders. This makes them especially a great choice for mobile home loans because, depending on the type of home, you may need a lot of money.
All you need to do is specify how much you need as you fill out the form on their home page. They will work with this information to connect you to a lender that can provide you with that type of loan.
Credit score: While Rad Cred does not check credit scores, getting a loan from one of their partners may affect your credit score. It is a good thing when you can pay back the loan on time because your score will improve.
However, this also depends on the specific lender you are taking the loan from, as they have local lenders who may not conduct credit checks. If you are looking for lenders whose loan could impact your credit score, you should check the terms of the offer you get and discuss this with the lender.
- Local lenders available
- Loan can boost credit score
- No minimum credit score
- Great for chattel loan
- Quick-fill form
- Website does not contain helpful financial information besides loan process guides
- Cannot be reached by phone call
#4. Personal Loans – The Most Reliable Lender For Bad Credit Loans
Personal Loans is a convenient online service that links you with suitable loan providers for personal loans. The activity you want to use the loan for is up to you, and with a maximum loan amount of $35,000, you’ll surely find it helpful for a manufactured home loan.
In as fast as one business day, you can receive your loan money from Personal Loans, and you’ll usually have a repayment period ranging from 90 days (three months) to 72 months (6 years). This makes it ideal for both a short-term or longer-term loan for your manufactured home.
To facilitate the loan application process, you simply need to fill out their short online questionnaire in your spare time and allow the remaining things to unfold. Lenders willing to give you the loan could reach out to you by call, email, or other contact means that you filled out in the form.
They will readily share your basic information with other lenders outside their immediate network if you don’t get a loan. They’ll also share your info with other service providers in case you can get other credit services that could be equally beneficial. However, they won’t share your sensitive information with lenders that are not their immediate partners, so you are still assured of your privacy.
Loan guides: Apart from getting a manufactured home loan, you may consider applying for other loans with this platform. They have helpful guides for the different types of loans you may apply for. These include but are not limited to home improvement loans, payday loans, emergency loans, etc.
Affiliate program: This is a unique feature for an online loan marketplace. However, it could be of benefit to you while at the same time helping those who use their services through you. Also, to give you extra peace of mind and trust in the establishment, they have their physical address written on their website along with other means of reaching them if you have to.
APR rate: Their lenders have ADR rates that range from 5.99% to 35.89%. The loans with higher interest rates may offer you more money to borrow with very low credit. It is left to you to accept the loan offer of a lender that suits your ability.
You should also note that defaulting may further worsen your credit score, in which case you may not be able to get your wish of living in a mobile home park.
Loan repayment terms: Most lenders have a maximum loan repayment term of about 72 months; however, you will find lenders on Personal Loans who may be able to offer you 96 months to pay back.
This depends on how well you meet the other requirements, but getting it will give you a lot of time to work on your income, fix your credit score and pay back the loan.
- Great loan terms
- Good for mobile home financing
- Has a physical office
- Regulated by relevant federal laws
- Fast approval
- Minimum loan amount of $1000
#5. Cash USA – Renowned Lender With Maximum Amount For Manufactured Homes
Cash USA is a platform with majorly positive and wholesome reviews by its customers, many of which are for helping out people regardless of their credit scores. They are a service provider that connects you to the best lenders available, like other names on this list. And their lenders may vary their terms depending on your credit score and other things, but the system works to give you the highest chance of getting a loan offer.
Furthermore, all the data you fill in on their site is safe. They are a reputable brand that has managed to maintain its reputation by meeting necessary privacy and security standards. Even while transmitting your information to lenders, they use encrypted channels that ensure your info does not get into the wrong hands.
Additionally, it is not just a mobile home loan you can get from Cash USA. They have other loan services you may want to look into if they benefit you even more than the regular personal loan installment.
You can receive between $500 – $10,000, and Cash USA lenders will deposit the money as fast as the working day after your loan request has been approved. Times may vary, but you can still expect good speed and reliability from them.
Basic eligibility: Cash USA has lenient basic eligibility terms. Unlike many other financial services, they do not ask for much, and your credit score is not even part of the initial consideration for letting you apply for a loan.
You must be a US citizen or resident above 18 years old with a stable income for the past three months, a checking account, and relevant contact information. These requirements are so basic; with them, you can apply for a loan and get offers from lenders.
Social media platforms: Most lending platforms allow you to reach them by post or mail. Some more accessible ones allow phone calls too, but very few have social media accounts where you can engage them.
Cash USA has Facebook and Twitter accounts where you can reach out to them in addition to those contact methods mentioned earlier. Considering the current times, this is certainly a laudable feature that expresses a desire to connect more with its users. This should make you feel a bit more comfortable with using them.
Competitive rates: Cash USA has some of the best online lenders with flexible requirements, payback terms, and interest rates. As such, you can explore their platform, getting different offers from lenders to find the best one for you. You’ll be sure to get competitive and reasonable rates if you are serious about getting that mobile home loan.
- Simple requirements
- Fast payout
- Lenders with competitive loan terms
- Can borrow as little as $500
- Unsecured personal property loans are accessible
- Maximum loan amount is not that high
How We Made This List Of The Best Bad Credit Mobile Home Loans?
It is not all bad news, as you can still get loan programs to finance your endeavor for a mobile home, even with a bad credit score. You can get a personal or chattel loan where you don’t need any collateral. Due to the demand for such loans, there has been a growth in the number of available online lending services.
This growth means you can expect competitive rates from these lenders as they try to get your attention. However, a lack of secure financing, quick approval, tedious application processes, and dishonest lenders, among many other things, has made the space a bit hard to navigate.
Moreso, with bad credit, it is easy to be enticed into falling for these things since you might feel like you have few choices. That is why we have created this list of five best bad credit mobile home loans with guaranteed approval. More than approval, the entire process of using them is seamless and secure.
We started by making a list of personal loan providers that give out loans to people with bad credit scores. Then did background searches of all the service providers. This helped us to quickly knock out those that were either illegitimate or had visibly ridiculous terms.
After the first quick selection, we were left with the more competent lenders. At this point, we did more thorough research and investigation, testing some processes to understand how these platforms work.
Then we created a list of important criteria to look out for and held up these platforms to the criteria. Ultimately, we arrived at an objective top 5 list of the best bad credit manufactured home loans available.
What We Looked For?
Below are some of the things we looked out for:
- Minimum credit score: Because housing is a necessity that everyone should have, our selected lending platforms do not have minimum credit score requirements.
The ones with lenders that have minimum credit requirements have been vetted to ensure that their minimum credit score is reasonably low to accommodate people struggling to keep their credit scores up.
- Interest rates: Taking out a manufactured home loan is already a strain on your finances. Paying back with high interest is even more of a strain. Therefore, we looked at our selected loan service providers’ interest rates to ensure they were fair.
As for the ones with varying interest rates depending on the lender, we ensured they have a wide enough lending network to match you with the best offers possible.
- Loan Terms: We also considered the terms of these service providers’ loans. This includes approval speed, deposit speed, maximum loan, and minimum amounts, the strictness of approval requirements, processing fees, and so on.
Through our rigorous research and testing process, our team could sieve out the loan programs that provide the best deals on the above mentioned terms while catering to people with lower credit scores.
- Approval: Nobody applying for a loan wants to wait around for ages anticipating the approval of their loan. So, we chose loan programs with guaranteed speedy approvals. If you meet the requirements with these lenders, you can expect approval in a few days.
We confirmed this through verified customers that have taken out loans with these lenders. Also, we reached out to make the requirements before concluding our list.
Things To Consider Before Taking Bad Credit Manufactured Home Loans: Buyer’s Guide
With bad credit, it is obvious you are not in the best position financially, and that’s okay. However, you should also remember that taking a bad credit loan jeopardizes your finances because you will be in debt. To avoid ruining your credit even further, you must thoroughly consider some things before taking a bad credit loan to get that mobile or manufactured home you want. They include:
Debt to Income Ratio
Lenders usually check this to determine if they should give you a loan. Even bad credit lenders may check it to calculate how high your interest rates should be. But before you even approach any lender and they start doing checks, you need to consider this on your own.
You know how much you earn and all the debts you pay back. Consider your debt to income ratio and ask yourself if you can realistically shoulder another debt. Mobile home loans are usually large sums, so you should keep them in mind. If you think you can, then you should make a realistic budget on how you can pay it back before it is due.
Credit Check or Not
Some lenders will conduct hard pull credit checks on your credit history to determine your eligibility for a loan. These checks are usually visible on your credit history and can influence the overall score. Also, paying back those kinds of loans late usually harms credit scores. On the brighter side, if you pay the loan back when required, your credit score gets a boost.
On the other hand, some lenders will loan you money without doing credit checks or after doing only soft pull checks, which do not influence your score. The good thing is that defaulting makes your credit score worse in the same way that paying on time won’t improve it. You also have a higher chance of getting such loans with bad credit. You need to consider what type of loan you are going for.
If you are fairly confident that you will be able to pay the loan back on time, it might be beneficial to go with ones that affect your credit score. With better credit scores, people can access more loans at lower interest rates and with fewer other requirements.
How Much You Need
This goes without saying, but you should know the cost of the manufactured home purchase before looking at taking out a personal property loan. You’ll need to find out the cost of living at mobile home parks and other fees outlined in a park and lease agreement. This will give you a good idea of how much you need for your mobile home financing.
Only after you have done this should you consider taking out a personal loan to fund it. You may discover from your calculations that a personal loan may not be the best way to go. On the other hand, it may also point you in the right direction, so you know what offer is acceptable to you and which is not after you apply for the loan.
Comparing loan offers is a brilliant thing to do as it ensures you can get the best terms possible for your loan. Do not think that because you have low credit, you have no choice but to accept an offer that does not meet your needs. As mentioned earlier, there are many lenders with competitive rates. You will find reasonable rates if you are patient and do your research well. Never assume that your first offer is the best you will ever get.
FAQs Regarding Mobile Home Loans
How do down payments affect my mobile home loan application?
A down payment is the amount of money out of the cost of the home that you are willing to pay upfront to purchase it. It usually only applies when taking out a regular mortgage to pay for a home. In the case of personal loans used to pay for the property, there is no need for a down payment.
Usually, if you are applying for a mortgage, you would have to have paid a percentage of the cost of the home. Depending on how large or small the percentage you pay is, you may be able to get a mortgage with favorable repayment terms or one with much more stringent terms. This is because if you pay more, you are seen as less of a risk than if you pay less.
Are traditional mortgage rates lower?
Generally, mortgage loans have lower interest rates than personal loan programs for property. They also have longer payment periods, so you usually pay less per month. Also, the amount of money you can borrow is much higher in most cases with a mortgage.
However, mortgage loans are secured with your property, and one usually needs to have okay credit to take out a mortgage. So, this may not be feasible for you if you have a very bad credit history. Personal property loans have their advantages too.
For example, you don’t pay tax on your loan money, saving you a little cash. Personal loan repayments are also easier to negotiate than a traditional mortgage if you cannot pay them back. There is also no down payment requirement, and shorter loan periods mean you might save more with a personal property loan than a mortgage.
What are FHA loans and VA loans?
Federal housing administration loans are not direct loans from the FHA. Rather, an FHA loan is one provided by regular private lenders that the FHA insures. They have a few advantages, one of which is lower interest rates than conventional loans. They also allow for a low down payment of 3.5% on the home you want to get.
People with relatively low credit scores can access these loans, but you will need to have mortgage insurance, be planning on using the said home as a primary residence, have a debt to income ratio of less than 43%, and some other requirements, which you might struggle meeting.
Meanwhile, a VA loan is a kind of benefit you can access if you are a service member, spouse, or have other relevant ties to the force. VA stands for Veteran Affairs. Basically, the home loan is still from private individuals, but you have the VA backing the loan, giving you a better chance of getting a good offer. The requirements for getting this are not as stringent as those of getting FHA loans once you qualify as a veteran. It might be the way to go if you are a veteran with bad credit.
What can I do if I’m unable to pay back the loan?
In these situations, the recommended thing to do is to contact your lender directly to explain the situation. You do not have to wait until you are unable to pay back to do this. Immediately you realize you cannot pay back, contact them to let them know your situation and find out what they can do. You may get an extended payment date or revised repayment structure that better suits your financial state.
Also, some platforms that connect you to these lenders may be able to advise you on what to do. No matter what you decide to do, don’t stay quiet and do nothing. It can lead to worse debt and a lot of embarrassment. If your financial situation is really tight, you can also seek professional financial advice and guidance so that you are educated on how to get things back on track.
Can I get a 30-year loan on a mobile home?
It is possible to find certain types of mortgage loans that allow for such a long duration of time for debt repayment. However, you cannot get a 30-year personal loan, which you’ll likely have to apply for if you want to finance a mobile home with bad credit.
Instead, you can take smaller personal loans to improve your credit before approaching institutions that can give you such a loan. You can also find alternative means of financing your manufactured home.
Do I qualify for a mobile home loan with bad credit?
The only thing that can determine whether you qualify or not is the lender or financial body that you apply for the loan from. Each lender has varying requirements, whether you are going for a personal loan or a mortgage. Credit scores play a role, but there may be other factors that your lender will consider to give you a loan.
Personal lenders are more likely to give you a bad credit loan than banks and other financial bodies. This is because these loans are usually smaller in amount and have shorter repayment periods than conventional loans. So, yes, you may be able to qualify for mobile home loans even with bad credit.
Conclusion: Manufactured Home Loans Are Affordable?
Bad credit should not stop you from getting mobile home loans. Whether living in mobile home parks is your dream or you are downsizing due to personal hardship does not matter. Housing should remain accessible to all. And that is why with these personal loans above, you will still be able to apply and receive offers for personal loans that finance manufactured homes.
The service providers highlighted in this review are tailored to provide the best loan experience for customers with bad credit. You should keep in mind, though, that they simply connect you to lenders while these lenders dictate the terms of your loan.
Therefore, you should be extremely careful in reading all of the terms you are presented with. You should never feel pressured into accepting a loan. Consider all choices before making a decision. Also, beware of loan scams and try to verify the identity of your lenders before working with them. Do not apply for loans on shady websites that can steal and sell your information.
Finally, if you need credit counseling or any other form of financial assistance, don’t hesitate to seek it. Many of these loan sites have helpful materials, and you may be able to get free professional advice by walking into the bank and asking questions. The sooner you get your credit score up and improve your financial life, the better for you.