Shop/Garage Financing

Anonymous — Thu, 08 Nov 2018 15:24:59 GMT

First, I am not sure if this is the correct sub-forum to ask this question so please move if it is not.

My parent's are looking to build a shop/detached garage this spring, nothing crazy, just a 2-3 car garage that will be on their property. Cost estimates are around $12,000 if they have a contractor do it, they are trying to explore financing option's, and their CU quoted them a personal loan with a rate of 10%ish.

My question is, are there other lender's that have decent personal loan rates, or some sort of loan specialized for garages? They are not wanting to do a HELOC in order to pay for it as they don't want to use their house as collateral even though they have equity. I checked lightstream, and I am unsure which loan type would necessarily cover something like this.

FICO's are 800+.

Thanks

Re: Shop/Garage Financing

tcbofade — Thu, 08 Nov 2018 20:07:15 GMT

10%ish is not a bad rate for a personal loan.

If they don't wish to use their equity as security (which I TOTALLY understand!), then I don't think that they're going to do much better.

You might try PenFed, Lending Club, Sofi, Marcus, etc and see what rate you can find, but you're not going to be ten percent by much on an unsecured loan.

Good luck!

topic Shop/Garage Financing in Personal Finance

Shop/Garage Financing

Re: Shop/Garage Financing