I want to try to purchase a modular home from Clayton Homes. Should i go through there finance dept or bank?Which would be cheaper? | |
You will have to compare and see but I can tell you this much in the car business we get whats called a buy rate from our banks and then mark that up 1-3 points and this becomes the sell rate, this generates whats called back end profits for the dealer and I would bet that modular home finance departments work the same way.
Check with the bank to see what kind of terms you can get. It's always smart to shop around for a loan. However, not all lenders will finance a modular home.
I hope you plan on putting the home on property that you own and not a rented space in a park. You are more likely to get a mortgage and your home value will be better, not to mention avoiding all the pitfalls of renting mobile home park spaces.