What's the maximum term one can get on a personal loan? I took a loan out two years ago and it was for 36 months. It was for only $7000. Now I want to take a $25000 loan depending on the interest they will offer so that I can get an investment property. Before you tell me to get a mortage I'll let you know that it might turn out more expensive and a lot of places won't do it for so little money.
Anyway... how long of a term can I get on a $25K loan? (5-15 years?) And, does the term length depend on any other factor?
Thanks.
2006-06-30 12:09:02 · 3 answers · asked by gabyrig 3 in Business & Finance ➔ Personal Finance
It's impossible to get any bank to give you PERSONAL LOAN form $25000.
Also, for 15 years...you might as well not apply for it and risk lowering your credit rating.
Usually Personal Loan is for amounts less than 10K and for not more than 5 years...Even 5 years is unlikely for this kinda loan.
Atleast with Cars...banks have something..just in case.
I think your best bet...is Line of credit or tapping into your home equity...for that sum of money and term
2006-06-30 19:31:59 · answer #1 · answered by DCentGuy 2 · 0⤊ 0⤋
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2016-09-28 10:51:25 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I highly doubt that any bank will lend anybody 25000 personal loan.
The terms are ussualy up to 36 months on personal loans and rate are between 18-25 %.
Try equity line of credit. Ussualy banks will cover closing costs and rates are much lower.
2006-06-30 12:15:24 · answer #3 · answered by Mirro 2 · 0⤊ 0⤋