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Home Improvement Loan
Posted on 10/9/20 at 7:54 am
Posted on 10/9/20 at 7:54 am
What is the lowest interest rate obtainable for a home improvement loan? My credit score is around 760 but I'm only 25 so not a ton of history there. The lowest rate I've seen from online lenders is about 7% for a 3 year loan. My bank is a credit union, is it even worth going to see if I can get a lower rate than 7%? I'm looking to borrow 8k, thanks in advance!
6
Posted on 10/9/20 at 7:59 am to SwampKitty
Have you thought of a Hone Equity alone of Credit? I just Got one with a much lower interest rate than 7%. Do you have any equity in the house?
Posted on 10/9/20 at 8:24 am to SammyTiger
quote:
Do you have any equity in the house?
I just bought the house like a month ago. I believe I got a good deal and we also painted interior and exterior already. I'd say I have maybe 10-15k in equity but that's just a guess really.
Posted on 10/9/20 at 10:39 am to SwampKitty
bump
Posted on 10/9/20 at 11:55 am to SwampKitty
quote:
The lowest rate I've seen from online lenders is about 7% for a 3 year loan. My bank is a credit union, is it even worth going to see if I can get a lower rate than 7%? I'm looking to borrow 8k
You're likely talking about a personal unsecured loan and 7% sounds about right. For $8k at 7% for 3 yrs, that's only around $900 in interest. You should ask about the fees as they may be a bigger concern.
Don't worry about the rate for that loan amount.
Posted on 10/9/20 at 12:36 pm to SwampKitty
I am getting you more information on the renovation perimeters with my company.
As for HELCOs: Max 85 CLTV with 680 FICO. Self Employed Borrowers Excluded
or
Max 89.99 CLTV with 700 FICO
As for HELCOs: Max 85 CLTV with 680 FICO. Self Employed Borrowers Excluded
or
Max 89.99 CLTV with 700 FICO
Posted on 10/9/20 at 1:10 pm to SwampKitty
HELOC 3% variable rate based on 20 year amortization at credit unions. If you don’t have the equity there’s no way I’d be paying 7-8% on something I didn’t absolutely need. You’re better off saving up and paying cash If your going to pay that
This post was edited on 10/9/20 at 1:15 pm
Posted on 10/9/20 at 4:29 pm to SwampKitty
don’t borrow 8 grand
sell some shite and finance it that way
I can almost guarantee to you have 8 thousand dollars worth of shite you can do without even temporarily
sell some shite and finance it that way
I can almost guarantee to you have 8 thousand dollars worth of shite you can do without even temporarily
Posted on 10/9/20 at 5:57 pm to SwampKitty
Lightstream is going to be one of the lowest options for unsecured improvement loan outside of a HELOC. 5-7% is about the going rate I believe.
Other option is to use a 0% interest credit card for 15-18 months, but that is a slippery slope if you can't guarantee a payoff.
Other option is to use a 0% interest credit card for 15-18 months, but that is a slippery slope if you can't guarantee a payoff.
Posted on 10/9/20 at 6:32 pm to GoldenD
I had to do LightStream to finance a kitchen reno and the rate was somewhere between 6.5-7.0 last year
Also as poster mentioned above if you can hustle up some side cash over a year long period to pay it off, consider a 0% interest credit card. The bonuses aren’t as good as they’ve been in the past but some of em may have a cash sign on bonus that may lessen your capital outlay a bit (eg $500 bonus for first 3k spend).
Also as poster mentioned above if you can hustle up some side cash over a year long period to pay it off, consider a 0% interest credit card. The bonuses aren’t as good as they’ve been in the past but some of em may have a cash sign on bonus that may lessen your capital outlay a bit (eg $500 bonus for first 3k spend).
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