The 10 year term loans are not that hard to find. I just did a Google search for "10 year share secured" and found many credit unions that offered them. I cannot however vouch for any of them.
Here are 2 that I found:
And...
As Jamie suggests there's probably a bunch; the only one I know off first-hand is DCU's and that isn't the one you want for FICO reindeer games. Can't pre-pay it more than 3 months in advance, they will actually reset your payment due date unlike so many other lenders.
@Anonymous wrote:Thanks, R. Let me know if you have a bottom line preference. The most important thing would be the ability to pay off most of the principal very early and thus lower the total amount of interest while still keeping the loan open and reporting for its normal life. But second and important is a length of term. Ten year loans are better in a number of obvious ways than four (they fall off at 20 years of age rather than 14, for one).
The lender I hear you speak about most warmly is Alliant but they don't seem to offer anything beyond a 5-year. Still I am largely sold on Alliant if you can't recommend a better one.
I'd take a bet on a 10 year, would've with DCU if I didn't know their policies from their auto loan product... it seems to be pretty rare that a lender will do that.
As such I'd try it... what's the worst case, you get a short-term account if you pre-pay it off early? Won't be a big deal if you have to go through 1-2 accounts to find one, AAOA is a much smaller part of the score card than installment utilization so I'd take a flier or maybe 2 before going with the known option if it were me. The 10 year absolutely is a better quality tradeline, absolutely.
