If you're looking to purchase land with a traditional land loan, you may have to have a deposit between 20% and 50% depending on the lender. By purchasing land with a personal loan, you can prequalify for a specific amount based on your budget before even looking at land. Once you know how much you can qualify for, you can look for land deals, find a property you like, make an offer, obtain a personal loan, and pay for land all at once. You can then simply pay back the personal loan through monthly payments.