What is an installment loan on a shed, cabin, or portable building?
An installment loan is a personal loan that allows you to purchase a shed, cabin, or portable building with no money down if you qualify based on your credit score. Our installment loans will allow you to purchase a building with a price of up to $15,000. If you want to purchase a building that costs more than that, you will need to apply for a fixed-rate loan.
What credit score do you need to have in order to be approved for an installment loan?
Typically if you have a credit score of less than 620-630, you will likely be unable to get approval for an installment loan. However, if an installment loan isn’t in the cards for you, rent-to-own financing is an excellent option.
What is the difference between fixed-rate and installment loans?
Both a fixed-rate loan and installment loan are a type of personal loan. The major difference between fixed-rate and installment loans is the amount of financing you can get. Fixed-rate loans are for shed, cabin, or portable building purchases between $5,000-$100,000. Alternatively, the installment loans we can assist with will cover those purchases under $5,000 all the way up to $15,000. For purchases between $5,000 & $15,000, you can go with either type of loan. Interest rates that our financing partners can provide may also differ between the two types of loans. Generally, fixed rates loans have lower interest rates than installment loans.