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Personal Loan Rates

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Personal Loan Rates

I am exploring the option to take a personal loan to purchase a watch. I figure since it is a piece I will have forever, I have the majority of the cash for it and the watch value will usually always be near cost, it makes sense to finanance at the cheapest rate and keep my cash. 


I have nevere taken an unsecured personal loan. What kind of rates might I see with a clean profile, short AAoA, low UTI and 50K CC Lines. FICOs 738/746/738


Any recommendations of where to rate shop?

Starting Score 12/2016: EX - 578 EQ - 597 TU - 582
Current Score: 7/2018: EX - 742 EQ - 738 TU - 742
Message 1 of 3
Established Contributor

Re: Personal Loan Rates

There are a couple of sites you can check, Prosper and Lending tree will poll a ton of lenders with just a SP of your credit, you can then view all the options available.

With the scores you have I don't see any problem in you getting a very good rate from any lender.

If you have an Amex card they also offer personal loans so you could check that out too.

~~ Former Royal Navy Submariner - Proud to have served ~~
Message 2 of 3
Frequent Contributor

Re: Personal Loan Rates

How long a period were you planning to finance this watch over?
Various credit cards will give you a sign up bonus and/or a zero interest on the order of 1 to 1.5 years.
If you were going to finance over more than 1.5 years I would suggest reconsidering making the purchase.
Generally I would urge against borrowing outside of cars, education, and housing.

Edit: "watch value will usually always be near cost"
Where are you buying this watch from? I am skeptical of statement above. If buying used difficult but plausible. If buying new unlikely unless you can pay wholesale.
Message 3 of 3
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