Personal lines of credit? any one know the rates?

Question

I want to borrow $10,000 for a down payment on a house the owner is willing to finance for.He just wants a down payment of the 10 grand,and the rest he will take care of.My Q is,what would the rate be for paying back the bank? lets just say my credit is bad..how much would it be? and lets also say it was good/average,what would the payment be back on that?

How long do i have to pay back the banks money?,can i use the property i want to buy as collateral? thanks

Answer 1

MyFico.com has a free tool that you can use to guess how much your payments would be based on various credit scores. Although it isn't going to be your specific rate, it gives you a good idea of the contrast between having poor credit and good credit.

How long you have to pay back the bank and whether you choose to secure the loan depends on the bank and the terms of the loan.