Can you buy a manufactured home with a credit card??
Query by asjmkjones: Can you get a produced home with a credit card??
Right here is the senario. There is a property for really cheap in a park for sale ($ 7000) we are interested in it and have adequate open on a credit card to buy it. My query is, can you acquire real estate with a credit card? It is not on land but I know you have to go by means of all of the proper channels and it is not like purchasing a automobile.
Best solution:
Solution by wartz
If the dealer is stupid enough to take the card, you are in company. If you are stupid sufficient to shell out credit card interest rates as an alternative of finding standard financing, have a good day.
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Comments
You would want to request a check from your credit card company probably
Use a credit card check or take out a cash advance (checks also count as cash advances). You’ll pay higher interest rates but it will work.
It is not considered real estate unless the land is part of the sale. Yes you can charge it but the interest is high. You cannot get a mtg so the only other way is personal loan or cash.
If you want to use a credit card, go for it. Don’t get a cash advance, the interest rates are ridiculous, upwards of 25% sometime. What I have done for large purchases, is use the card, and find a credit company that has no interest for an extended period of time, and transfer that balance to that card. I have a credit card company that gave me 0% interest for 1 1/2 years, and I have a balance of over $ 6,000. When that runs out, I call my other credit card companies and they give me another good deal with a 0% interest. You have to make monthly minimum payments, but all of the payment applies to the balance, not the interest, so you pay it off faster.
As long as you have enough open credit on the card, you can technically place the entire amount on the card. However, it’s more than likely that the dealer will not let you. There are thresholds with the banks that raise the “credit card discount rate”. What this means is that on a transaction less than 5k the dealer will typically pay 1.5% to Visa however a transaction over 5k will cost them 5%. On a transaction that large it will cut heavily into their profit of the home. I attempted to do the same on a car (to get the points, and pay off the next month) however the dealer made me split the transaction between three credit cards to keep each under 5k.
A new car dealer or a manufactured home seller will take 49% of the purchase price on a credit card. If they take more than that, you can rescind the sale by calling your credit card and having the charges removed. Too dangerous for a seller…. you have the keys and they have no money.
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