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Regular
Posts: 50
| How do people buy 40 to 70000 dollar trailers on five year note and afford it with rest of life and truck and horses? just wondering, starting to think ill be stuck with my bumber pull till I save up a bunch of money. |
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 Expert
Posts: 5293
 
| blueduck - 2016-06-19 9:09 PM
How do people buy 40 to 70000 dollar trailers on five year note and afford it with rest of life and truck and horses? just wondering, starting to think ill be stuck with my bumber pull till I save up a bunch of money.
LQ trailers can be financed up to 25 years in some cases. When I was hauling hard I bought a brand new 45,000 dollar trailer on a 25 year note and my payments were about 300 a month. SOld it few years later but had I paid it off over 25 years I would have paid for the trailer probably 5x with all that interest. I have a 3H gooseneck now bought and paid for. Same for my truck. I used to pay 1100 a month between truck/trailer payment.  |
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Regular
Posts: 50
| did not know they went that far out. the bank I use don't think will go out that far. needing one for my roping and my sons junior rodeos. but cant make 1000 payment just for trailer. But don't wanna buy one that is junk. thanks |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | I sold my old trailer, which was owned outright, saved up some cash to put with it, and used that for a down payment. As a result, my over $40,000 trailer will have taken 3 years to pay off with a payment just over $400/month. I budgeted according to what payment I knew I could handle in that amount of time and stuck to it.
My truck was a 4 year old low mileage salvage I got cheap. I won't do that again tho because I've had mechanical issues with it related to the rebuild, which had some corners cut. I have driven it for 3 years and need to get a couple more years out of it.
ETA: clarity on my payment plan. I financed for 36 months, and it will be paid off in January.
Edited by Three 4 Luck 2016-06-20 1:34 PM
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Married to a Louie Lover
Posts: 3303
| If they have LQ with a bathroom you can get an RV loan which is basically a second mortgage.
Once my truck is paid off we'll turn extra money to the trailer and pay it off early. |
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 I hate cooking and cleaning
Posts: 3314
Location: Jersey Girl | We have a 10 yr note on our LQ, pmts are just over $200 per month. We put down 5K on it. Once the truck is paid for, 3 more payments, we are going to pay more on the trailer to get that paid off.
Edited to add we only spent $24K on this trailer. It is an older well kept, 8 ft LQ. I personally can't justify spending any more then $30K on a LQ and that was pushing it a bit.
Also this isn't my first trailer. I started out in a little 2H about 30 years ago and have been able to trade up every 7 or 8 yrs. I love my LQ and wouldn't want to go back to sleeping in the truck or on a cot in the back of the trailer or dressing room with out heat or AC.
Edited by fulltiltfilly 2016-06-20 1:35 PM
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 No Tune in a Bucket
Posts: 2935
Location: Texas | If it is a LQ, can you deduct the interest as mortgage interest on your income tax? Just asking? |
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  That's White "Man" to You
Posts: 5515
| A big fancy trailer is one of the worst financial choices horse people make. |
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 Expert
Posts: 3815
Location: The best kept secret in TX | I would rather have my Aluminum stock combo with no dressing room and be debt free than have a LQ Trailer and be upside down and in debt for 30 years....
I slept in the truck just fine when I was younger. My windows were tinted and my door locks worked just fine lol Plus I had a lot of friends who had big fancy trailers. I would watch tv with them and cool off in their trailer before going to sleep in my truck at HS Rodeos or wherever we decided to go. Also, Baby wipes work really good for getting clean LOL
I had a nice truck for its age, a nice trailer, and a few good horse. I didn't need all the extras.
Edited by IRunOnFaith 2016-06-20 10:41 AM
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 Elite Veteran
Posts: 889
| IRunOnFaith - 2016-06-20 10:40 AM
I would rather have my Aluminum stock combo with no dressing room and be debt free than have a LQ Trailer and be upside down and in debt for 30 years....
I slept in the truck just fine when I was younger. My windows were tinted and my door locks worked just fine lol Plus I had a lot of friends who had big fancy trailers. I would watch tv with them and cool off in their trailer before going to sleep in my truck at HS Rodeos or wherever we decided to go. Also, Baby wipes work really good for getting clean LOL
I had a nice truck for its age, a nice trailer, and a few good horse. I didn't need all the extras.
I love your attitude!
I just have a very small living quarters. I have a/c...thank you Lord and I just hung up a small TV. High class, white trash. But it's ALLLLLLLLLLL mine. LOL. |
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 A very grounded girl
Posts: 5052
Location: Moving soon..... | RocketPilot - 2016-06-20 9:57 AM If it is a LQ, can you deduct the interest as mortgage interest on your income tax? Just asking?
To be able to write it off I would think you would have to show that it is your primary residence. |
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 I Don't Brag
Posts: 6960
| IRunOnFaith - 2016-06-20 10:40 AM
I would rather have my Aluminum stock combo with no dressing room and be debt free than have a LQ Trailer and be upside down and in debt for 30 years....
I slept in the truck just fine when I was younger. My windows were tinted and my door locks worked just fine lol Plus I had a lot of friends who had big fancy trailers. I would watch tv with them and cool off in their trailer before going to sleep in my truck at HS Rodeos or wherever we decided to go. Also, Baby wipes work really good for getting clean LOL
I had a nice truck for its age, a nice trailer, and a few good horse. I didn't need all the extras.
This.
I am still pulling a 16' stock combo with a 22 inch short wall that also serves as tack area, that I bought new in 1993. I had the "LQ" finished complete with AC 14 years ago. I see all these fancy trailers and want one....for about 2 seconds.
There is no way I would take out a second mortgage on a horse trailer. Heck I don't think I will ever drive a new truck again...and don't want one.
Make that a first mortgage as we managed to get our place paid off. Nothing like no payments and being happy with what you have ( except horsepower, you can never have a good enough horse, lol at least I have yet to find "The one")
I can pull in to most any place I want and get turned around, don't have to worry about dumping tanks, winterizing or just plain keeping another house clean! I LOVE to look at them and still look at every trailer for sale as I am driving down the highway, but always think "I love my little trailer!"
I guess it is all about priorities and what is important to you. |
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No Tune in a Bucket
Posts: 2935
Location: Texas | Karol - 2016-06-20 10:49 AM RocketPilot - 2016-06-20 9:57 AM If it is a LQ, can you deduct the interest as mortgage interest on your income tax? Just asking? To be able to write it off I would think you would have to show that it is your primary residence.
I was thinking a few years ago that you could deduct interest on an RV as a second home and was wondering if it worked the same way. |
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A very grounded girl
Posts: 5052
Location: Moving soon..... | I would check with a CPA in your area. The IRS is always changing their rules. |
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I Don't Brag
Posts: 6960
| RocketPilot - 2016-06-20 11:24 AM
Karol - 2016-06-20 10:49 AM RocketPilot - 2016-06-20 9:57 AM If it is a LQ, can you deduct the interest as mortgage interest on your income tax? Just asking? To be able to write it off I would think you would have to show that it is your primary residence.
It used to be something like it had to have a stove and refrigerator....maybe a shower and/or toilet?
Like Karol said, check with a CPA. |
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Expert
Posts: 1343
Location: East Texas | My husband said that unless I was traveling a few times a month to overnight events (which I don't), that I could stay in a nice hotel and eat out somewhere, other than McDonalds, and come out a whole lot cheaper than paying for a big LQ trailer and have those monthly payments. I had to admit (which I didn't like.. LOL)... he was right! |
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No Tune in a Bucket
Posts: 2935
Location: Texas | horsesinharleton - 2016-06-20 11:37 AM My husband said that unless I was traveling a few times a month to overnight events (which I don't), that I could stay in a nice hotel and eat out somewhere, other than McDonalds, and come out a whole lot cheaper than paying for a big LQ trailer and have those monthly payments. I had to admit (which I didn't like.. LOL)... he was right!
I agree with your husband. My husband has been wanting to buy an RV for years but hotels and eating out sounds much better to me. LQs are really convenient when you are at an event but not cost effective unless you are living on the road. |
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A very grounded girl
Posts: 5052
Location: Moving soon..... | I had a really nice LQ trailer. It came in handy when we needed a place to live while our new home was being remodeled. After that I sold it to some really nice people in Nebraska. I just didn't go enough to keep it. Hotels are cheaper. |
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Member
Posts: 32
| I was able to place a nice down payment and purchase my trailer on a 10yr note. I bought a trailer that is perfect size for us. - its a 10ft short wall 3 horse...
With Texas heat and having a child I want him to have somewhere to get if we are somewhere during the day. Plus, I have somewhere to get.
I can say we have also used it to go camping. So, we are definitely using it and enjoying it.
You can buy a used trailer that will not break the bank.
Edited by Polly05 2016-06-20 12:50 PM
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 Texas Taco
Posts: 7499
Location: Bandera, TX | horsesinharleton - 2016-06-20 11:37 AM My husband said that unless I was traveling a few times a month to overnight events (which I don't), that I could stay in a nice hotel and eat out somewhere, other than McDonalds, and come out a whole lot cheaper than paying for a big LQ trailer and have those monthly payments. I had to admit (which I didn't like.. LOL)... he was right!
That's what I'm doing too. Works great for me. I also don't sleep well in trailers..... |
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 Extreme Veteran
Posts: 456
Location: SW MO | Some times I think I want to sell my 3 horse exiss GN with front dressing room to buy a smaller trailer. But its paid for; and I won't hesitate to put an air matress in the front to sleep in. You can do it without spending 40k. |
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 Expert
Posts: 2457
| Just to throw it out there .......... some people do have more money than the rest of us, and can pay cash for a 70K trailer ......  |
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Elite Veteran
Posts: 629
Location: Roping pen | Ok, I'll bite.....is there any good financial choices people with horses make?
We have a 80k LQ trailer---we started with a $800 stock trailer while in college-paid it off and kept trading up. Took 30 years!! And I would never go back no matter what the "experts" say!
Yes, we could of paid off our house with what we have in that trailer, but the numbers work better for us due to the tax write offs of our house loan interest verses our tax bracket. Also, your house is capital gain exempted, so I disagree with a lot of experts on paying off your house asap...I have been a mortgage banker for 20+ years and that is my opinion.....
Be patient and decide what your priorities are.........
Good luck! |
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Expert
Posts: 2531
Location: WI | I'm working my way up! Started with a WW stock trailer, now I'm in a 4Star with finished dressing room (AC, no water). I would like to have a full LQ someday. In addition to 3 day races (where hotels may work) I rodeo. Hotels and rodeos just don't really mix. |
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Meanest Teacher!!!
Posts: 8555
Location: sunny california | if you are not on the road a lot and you have a very handy husband then getting a cheap used LQ will do just fine. I had a truck paid off and went to the credit union got a very low interest loan (1.9%) on my truck and went shopping. found a nice big LQ for under 20 k put a little money into it and new tires. Glad I did. The credit union also go me a warrenty on my almost 10 yr old, 6.0 ford truck!LOL |
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Expert
Posts: 1543
Location: MI | We have a 3h 12' short wall with 8' slide, steel with aluminum skin; we worked up from a 2h as well, trading trucks and trailers. We do have a loan on it, pulled against our truck, here we couldnt finance it as an RV or 2nd home. With 4 kids who all love riding and camping, I'm so thankful we have it and are making memories now.
I agree with Spin Doctor, horses just aren't financially sane, period . But we've used it every weekend plus some during the week since we got it, and just got done camping with 3 horses, 4 kids, 2 dogs, my husband and myself for 3 days and we made it :). Frozen Popsicles and cold beer at the horse shows keep the kids and husband happy, and thats priceless! |
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 Poor Cracker Girl
Posts: 12150
Location: Feeding mosquitos, FL | kwanatha - 2016-06-20 2:23 PM if you are not on the road a lot and you have a very handy husband then getting a cheap used LQ will do just fine. I had a truck paid off and went to the credit union got a very low interest loan (1.9%) on my truck and went shopping. found a nice big LQ for under 20 k put a little money into it and new tires. Glad I did. The credit union also go me a warrenty on my almost 10 yr old, 6.0 ford truck!LOL
That's exactly what I did - lucked into a girl getting divorced that needed out from underneath an older LQ with a few issues. The husband fixed a couple of things, new tires, new brakes and we headed down the road.
I don't think I can ever go back to not having my own personal bathroom everywhere I go. |
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | TrackinBubba - 2016-06-20 2:12 PM kwanatha - 2016-06-20 2:23 PM if you are not on the road a lot and you have a very handy husband then getting a cheap used LQ will do just fine. I had a truck paid off and went to the credit union got a very low interest loan (1.9%) on my truck and went shopping. found a nice big LQ for under 20 k put a little money into it and new tires. Glad I did. The credit union also go me a warrenty on my almost 10 yr old, 6.0 ford truck!LOL That's exactly what I did - lucked into a girl getting divorced that needed out from underneath an older LQ with a few issues. The husband fixed a couple of things, new tires, new brakes and we headed down the road.
I don't think I can ever go back to not having my own personal bathroom everywhere I go.
Having your own bathroom is seriously the Best Thing Ever. Especially when you have IBS or young kids. I got caught in wreck traffic on the interstate once, we were stuck in place for 3 hours and the kids were with me. I don't know what we would have done without towing our own toilet. |
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 Three in a Bikini
Posts: 2035
| Amen to personal toilets! 
A nice LQ definitely doesn't have to cost $40k+++.
Shop used.
I had a bp for 10 years that I hauled everywhere before moving up to a 4 horse LQ.
I am hoping the LQ lasts another 10 years! We financed for 36 months (a year ago), and I am hoping we have it paid in full by next year. |
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Poor Cracker Girl
Posts: 12150
Location: Feeding mosquitos, FL | Three 4 Luck - 2016-06-20 3:20 PM TrackinBubba - 2016-06-20 2:12 PM kwanatha - 2016-06-20 2:23 PM if you are not on the road a lot and you have a very handy husband then getting a cheap used LQ will do just fine. I had a truck paid off and went to the credit union got a very low interest loan (1.9%) on my truck and went shopping. found a nice big LQ for under 20 k put a little money into it and new tires. Glad I did. The credit union also go me a warrenty on my almost 10 yr old, 6.0 ford truck!LOL That's exactly what I did - lucked into a girl getting divorced that needed out from underneath an older LQ with a few issues. The husband fixed a couple of things, new tires, new brakes and we headed down the road.
I don't think I can ever go back to not having my own personal bathroom everywhere I go.
Thank God for that financial burden you tote around. 
The first time I hauled it I had to stop for diesel on the way home and literally sprinted into the gas station because I thought my bladder was going to explode rightthissecond. Aaaaand the bathroom is out of order. And we're in the middle of nowhere. I have a full load of horses and there's not even a good size bush in the parking lot. I cannot type what I said because BHW will censor me.
And, then, like a light from heaven, I see my personal potty waiting in the parking lot just for me. I've never loved a horse trailer more.  |
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Extreme Veteran
Posts: 507
Location: Lost in the corn of Iowa. | I have had to start over twice with trailer, and both times I started off small and kept trading up to something a little nicer each time. And with determination I managed to put myself into a brand new trailer within my price range, I kept adding to my down payment each time I sold a trailer so my $40,000 trailer only cost me about half. And I agree with those about the convenience of having my own personal bathroom with me is sooo nice. Went to a race shortly after Mother's day and the hot water was out in the shower house, it sure was nice to know that I had hot water all to myself. I guess that I have reached a point that I have most of my debt paid for and if I can afford that $40-$70,000 trailer then by god I am going to get it. Both my kids are grown and out of the house and so when I travel it's just me and my dog. I don't stretch myself thin by any means so I might as well get what I want and can afford. |
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 Whack and Roll
Posts: 6342
Location: NE Texas | I bought a perfect trailer in my eyes. 4 horse stock combo with 8' LQ and mid tack. I did add a generator and a satellite. I gave more for it that I should have, probably financed it longer that some would recommend, but oh well. The bathroom deal is a MUST. Plus I have a non horsey hubby who actually wants to go with me and support me. He likes football, BBQ, and action movies, so he gets to watch tv and hangout, or even cookout if it's a weekend deal. We love our trailer....we both work hard, have good jobs, so why not? Do we use it as much as we should....probably not, but who cares, we have our own bathroom kitchen, room for the BBQ smoker and all my crap. Nuff said.
Edited by Herbie 2016-06-20 4:43 PM
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Expert
Posts: 3815
Location: The best kept secret in TX | RedHead84 - 2016-06-20 10:49 AM IRunOnFaith - 2016-06-20 10:40 AM I would rather have my Aluminum stock combo with no dressing room and be debt free than have a LQ Trailer and be upside down and in debt for 30 years....
I slept in the truck just fine when I was younger. My windows were tinted and my door locks worked just fine lol Plus I had a lot of friends who had big fancy trailers. I would watch tv with them and cool off in their trailer before going to sleep in my truck at HS Rodeos or wherever we decided to go. Also, Baby wipes work really good for getting clean LOL
I had a nice truck for its age, a nice trailer, and a few good horse. I didn't need all the extras. I love your attitude! I just have a very small living quarters. I have a/c...thank you Lord and I just hung up a small TV. High class, white trash. But it's ALLLLLLLLLLL mine. LOL.
HAHA! I would like to close in the front of my trailer to be able to put A/C in it but at the same time, I still have so many friends who go to the same places as me that have living quarters. If I bring the kids along we get a hotel room for the night and all sleep on one bed at the Super 8. Baha, but if it's just me, I'm still ok with sleeping in my truck.  |
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Expert
Posts: 3815
Location: The best kept secret in TX | rodeoveteran - 2016-06-20 10:54 AM IRunOnFaith - 2016-06-20 10:40 AM I would rather have my Aluminum stock combo with no dressing room and be debt free than have a LQ Trailer and be upside down and in debt for 30 years....
I slept in the truck just fine when I was younger. My windows were tinted and my door locks worked just fine lol Plus I had a lot of friends who had big fancy trailers. I would watch tv with them and cool off in their trailer before going to sleep in my truck at HS Rodeos or wherever we decided to go. Also, Baby wipes work really good for getting clean LOL
I had a nice truck for its age, a nice trailer, and a few good horse. I didn't need all the extras. This. I am still pulling a 16' stock combo with a 22 inch short wall that also serves as tack area, that I bought new in 1993. I had the "LQ" finished complete with AC 14 years ago. I see all these fancy trailers and want one....for about 2 seconds. There is no way I would take out a second mortgage on a horse trailer. Heck I don't think I will ever drive a new truck again...and don't want one. Make that a first mortgage as we managed to get our place paid off. Nothing like no payments and being happy with what you have ( except horsepower, you can never have a good enough horse, lol at least I have yet to find "The one" ) I can pull in to most any place I want and get turned around, don't have to worry about dumping tanks, winterizing or just plain keeping another house clean! I LOVE to look at them and still look at every trailer for sale as I am driving down the highway, but always think "I love my little trailer!" I guess it is all about priorities and what is important to you.
My trailer is a '96 Aluminum Sooner "Tank" of a horse trailer. ('I flipped my truck while hauling about 4 years ago because a vehicle was on my side. But all my horses lived. It had minor damage to the nose but was able to be pulled home. Sooner passed it as sound a few weeks later. Looks brand new! )
I have a few trucks to choose from when it comes to hauling but I prefer one of my 90s model Fords. They pull my trailer easily, my trailer sits very level on either of my trucks, I don't have to worry about delete kits, def, or programers (although one of my Ford's has one on it that I only put in tow/haul when I pull. It goes back to stock if I take it to get feed.) and I look cool pulling my trailer with any of my trucks cause they each have so much character LOL
My horse area has mats and bedding in it. My ponies like it and never come out sore so why fix it if it ain't broke. |
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 I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | I did great up North with a Sundowner Gooseneck with a short dressing room. I had a great bed, porta potty, cooler and battery operated radio. There were almost always showers available and it got cool enough at night you didn't need air. Then we moved to Texas and all of that fell apart...I needed air and a shower. Best thing I've ever done. It has a generator and have used it at home when we have lost our power and when our water heater went out. I bought middle of the line and if I sell it right now it would have cost me less then a $1000. a year to own it. Well worth it for me. |
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 IMA No Hair Style Gal
Posts: 2594
| Yes, you can write the interest you pay on a LQ off as a vacation home as long as it has a full bathroom.
This keeps us from owing every year!! We put $10,000 down. Payments are a little over $200 for a 3 horse 8 ft. wide, mangers, ducted air, 12 ft. short wall. For us it was cheaper to purchase one as during the summer we haul every weekend. So....a few weekends a month of staying in a hotel/eating out equaled our trailer payment, plus we write the interest off. Depending on year of the trailer depends on how many years you can finance, but I would not do over 10 years. Anyways, it works for us, but then again both of us are into horses so that helps a lot also. However, this means you can sometimes get a heck of a deal as after a LQ is 10 years old most banks are not willing to finance it, so most dealers are wanting to unload those types of trailers as most people can't pay that kind of cash up front . I would be careful to not buy something too aged though if you hope to resell after a few years because the financing issue could cause negative equity on a trailer if you owe too much on something that can't really be financed by others due to age.
We do have a 5 horse with a dressing room we own free and clear that we use to haul with locally so that we do not beat up our LQ's.
Edited by magic gunsmoke 2016-06-21 10:46 PM
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