Updated over 4 years ago on . Most recent reply
Personal Loan for Down Payment
Looking to make my first investment but don’t quite have 100% cash for down payment. Was considering getting a personal loan, any advice on this or alternative methods?
Most Popular Reply
The only way to be able use a personal loan would be to have a secured loan so if you have a vehicle and you put it up as collateral with the bank. Also the new loan will be counted against your debt-to-income ratio so if you're already close it could send you over the threshold. When using a secured loan as help for a down payment you will need to factor in that generally at least some reserves are needed depending on the loan type you go with.
Best of Luck!