Need funds for a large purchase or unexpected emergency?
If you’re planning for a significant purchase or financing a major life event, the search for a personal loan may seem overwhelming. However, once you know the ins and outs of comparing loans for a major purchase, you’ll feel more at ease. There are several types of loans available for large purchases and investments. For example, if you are considering buying a new car or new flooring, you’ll want to understand the different types available to you.
Reprise Financial is here for you with information to make lending simple, and with personal loans from $2,500 to $25,000.¹ By learning about the different options, you can find the best loan for your needs and feel at ease financing your major purchase.
What is a major purchase personal loan?
A major purchase personal loan is a type of loan that allows you to finance a large purchase or project, such as a pool or new furniture. A personal loan for a major purchase is really no different than any personal loan, except that the loan amount may be higher. Before applying for a loan, you should determine how much you need to borrow and make sure you are committed to the purchase.
How can you finance large purchases?
There are several types of loan options available for large purchases. With a secured loan, you will need to offer some sort of collateral, such as a vehicle, to secure the loan. In general, secured loans are often used to finance large purchases such as cars, boats and recreational vehicles. Some lenders also offer secured loans for customers to take advantage of larger loan amounts with a lower interest rate.
Many lenders will also offer unsecured loan options for large purchases. Unsecured loans, which are not backed by collateral, may have higher interest rates and lower available loan amounts.
What is the most you can borrow for a large purchase?
If you’re taking out a secured loan, the amount you can borrow will typically depend on what you qualify for and the value of the asset securing the loan. For unsecured loans, maximum loan amounts will vary based on the lender and, again, what you qualify for. Reprise Financial offers loans from $2,500 to $25,000¹ with a simple online application.
Why take out a personal loan for a large purchase?
While there are many different types of financing options available, a personal loan can give you the funds you need in one lump sum with a fixed interest rate and consistent monthly payments. Often you will be able to receive the funds in your checking or savings account within a few days after approval. With Reprise, funds are generally available in your bank account the next business day after approval, and there are no prepayment penalties should you decide to pay off your balance early.
What are the pros of major purchase personal loans?
Taking out a personal loan to finance a major purchase can be a smart financial move if you are in need of significant funding for a project, emergency or major life event without dipping into your savings. With a personal loan, you can often receive funding the next business day after approval so that you can quickly and easily get to work on your project. You can then use the money for whatever you need and pay it back with fixed monthly payments.
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