Define “consumer credit” relevant to manufactured home financing.

Consumer credit refers to the lending of funds or extension of credit to individuals for personal, family, or household purposes. In the context of manufactured home financing, this specifically means credit that consumers can utilize to purchase a manufactured home or to cover related costs associated with home ownership.

This form of credit is designed to facilitate personal purchases, allowing individuals to borrow money based on their income, creditworthiness, and ability to repay. This is distinct from credit extended for business purposes or government loans, which serve different roles within the financial system. Understanding consumer credit is crucial for individuals considering financing options for a manufactured home, as it directly affects their purchasing power and options available to them.