Personal Loan Question - Buying Land? Help!

[Anonymous]

I am starting to research personal loan options (secured vs. unsecured) for my husband.  He makes a very good living (~$7800 pre-tax per month), he has virtually no debt besides our shared home mortgage ($300k).  I also make a good living, but carry a small amount of cc debt in my name (~$9k) from recent home projects.  We own our 2 new vehicles outright, and both have retirement accounts.  

He is looking into buying some raw land to use for hunting and eventually build on (one day).  Is a personal loan his best bet?  He thinks he can walk into a CU and leave with a $50k loan.  I personally don't want to commit to such a high monthly payment or a high interest rate. I've heard good things about NFCU, but he hasn't had an account there in years (he is a Marine Corps veteran).

What are your thoughts oh wise ones??  Your advice is  much appreciated!

[Anonymous]

Welcome to MyFico.  Do you guys have equity in your home?  If so, you are better of applying for a home equity line of credit..

[Anonymous]

Nope, we just purchased our home fairly recently.

[Anonymous]

I'm not sure NFCU would be an option if he doesn't currently have an account. Is he retired, drawing a military pension? If so, he's good to go to rejoin. If he didn't make a career of it, he doesn't qualify for membership now but maybe they would be willing to re-activate his account.

ETA: He definitely qualifies for USAA, though. But I don't think their personal loans go as high as $50K.

[Anonymous]

No, he wasn't career. He receives disability compensation but not a pension.
I'll look into USAA, thanks!

[Anonymous]

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@Anonymous wrote:
No, he wasn't career. He receives disability compensation but not a pension.
I'll look into USAA, thanks!

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I think disability might qualify him since that's considered a pension. Not sure, though. Maybe one of the NFCU experts will chime in.

[Anonymous]

Thanks so much for your input! His reasoning is that his monthly disability compensation benefit would be more than enough to cover the monthly payment on the loan.