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Elite Veteran
Posts: 953
  
| Who do you use to get financing for a trailer? My banker hates horses and it would be a cold day in heck if he would approve my loan. We have a good chunk to put down but need to finance some yet. Who does everyone use? Thank you! |
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 Warrior Mom
Posts: 4400
| cowgirl156 - 2018-07-25 6:48 PM
Who do you use to get financing for a trailer? My banker hates horses and it would be a cold day in heck if he would approve my loan. We have a good chunk to put down but need to finance some yet. Who does everyone use? Thank you!
I'd find a different banker.... we use our bank for every loan we've ever needed. Horses, trucks, tractor and just recently an lq horse trailer. We've been with them forever and have a fantastic relationship. Small town bank. |
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Location: in the ozone | Are you talking LQ trailer? Not sure if it makes a difference or not if it is one, but I know for sure that First Internet Bank of IN does GREAT loans on LQ trailers. If you have good credit, they have fast approval and their rates are the lowest I found. They do a lot of the financing for horse trailer dealerships but you can get one on your own too - whether you're buying from a dealership or individual. |
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Veteran
Posts: 286
| a lady told me the other day that Quicken loans has good options...but I have not checked into it yet to verify that. |
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Married to a Louie Lover
Posts: 3303
| I’d be finding a new banker as well.
Ours is through our local banker as an equipment loan, part monthly part annual. |
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Meanest Teacher!!!
Posts: 8552
Location: sunny california | when we needed to finance a trailer we used our truck that was paid off as collateral and got a loan against it. we took that cash and had bargaining power for a used LQ that was rarely used but was just past the 10 yr deadline for loans. no one would loan on this trailer and the seller was so irritated by so many almost sales that he really negotiated with us since we were paying "cash" the interest was 1.9 % loans for recreational vehichles/toys were like 8.9% at the time. Not sure if this is a way that would work for you, I just thought I would throw that out there for you to consider |
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 Veteran
Posts: 253
Location: Back Creek Valley!!! | I use 1st internet bank of Indiana.
My rate was like 5% but I have good credit.
I want to say its a 10 year loan.
I have had 2 loans thru them and all went well |
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Industrial Srength Barrel Racer
Posts: 7264
| My credit union - Meritrust won't loan on horse trailers either - I was shocked. I applied for a loan for one and they told me they didn't deal in that business, so (for $hits and grins), I applied for a loan for a travel trailer for the same amount and they jumped all over it! I am shocked at all the business Meritrust is losing but not dealing with trailers but oh well. I have financed my last couple of trailers through the dealer and the loan is with US Bank. |
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 Maine-iac
Posts: 3334
Location: Got Lobsta? | kwanatha - 2018-07-26 12:29 AM when we needed to finance a trailer we used our truck that was paid off as collateral and got a loan against it. we took that cash and had bargaining power for a used LQ that was rarely used but was just past the 10 yr deadline for loans. no one would loan on this trailer and the seller was so irritated by so many almost sales that he really negotiated with us since we were paying "cash" the interest was 1.9 % loans for recreational vehichles/toys were like 8.9% at the time. Not sure if this is a way that would work for you, I just thought I would throw that out there for you to consider
Very good point made. We too were looking at a 2015 LQ and couldn't find a bank to get us a loan as they said there was not a blue book value to go by. It was a private sale and the seller too was having a hard time getting financing from potential buyers. We refinanced our truck offered him cash and got a great deal. It was MUCH faster! Good luck! |
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 Expert
Posts: 2489
Location: somewhere up north | Credit union. Hands down the best. We have one here in Mn that I have bought several vehicles and trailers through. I've been with them for 18 years and loan approval is simple, rates are low and you can earn points to use that will reduce your interest rate as well. |
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Member
Posts: 36
Location: DeRidder, LA | Try Advantage.org. this is a credit union out of Texas and we was not members before hand but they financed our living quarters horse trailer for 5 percent interest which is awesome for an eight year old trailer. Best people to work with.
Call 1.800.322.2709
Monday - Friday
7:30 a.m. - 6:30 p.m. CST
Saturday
9:00 a.m. - 1:00 p.m. CST
msc@advancial.org
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 BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | Food for thought.
Consider this...Option A:
If you take out a loan for $50K, over 10 years you will have shelled out $63K for a 5% interest loan. If your interest rate is 7.5%, you will have shelled out about $72K. Your trailer will be worth a fraction of that in 10 years. If the trailer has a LQ with a toilet, you can at least deduct the interest essentially as a “second home”, but it’s still costing a lot.
Option B:
Scrimp and save and buy an inexpensive, functional, used trailer for cash. Take that $500 a month, put it in a good mutual fund, and forget about it for 10 years. By then, your $60K cash outlay will probably be worth $90-100 K, maybe more.
If you still think a nice LQ trailer is what you want, write out a check for a nice $75K trailer you own, and re-invest the remaining $25K.
Chances are you will find that saving and investing is contagious.
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Location: in the ozone | Mainer-racer - 2018-07-26 10:20 AM
kwanatha - 2018-07-26 12:29 AM when we needed to finance a trailer we used our truck that was paid off as collateral and got a loan against it. we took that cash and had bargaining power for a used LQ that was rarely used but was just past the 10 yr deadline for loans. no one would loan on this trailer and the seller was so irritated by so many almost sales that he really negotiated with us since we were paying "cash" the interest was 1.9 % loans for recreational vehichles/toys were like 8.9% at the time. Not sure if this is a way that would work for you, I just thought I would throw that out there for you to consider
Very good point made. We too were looking at a 2015 LQ and couldn't find a bank to get us a loan as they said there was not a blue book value to go by. It was a private sale and the seller too was having a hard time getting financing from potential buyers. We refinanced our truck offered him cash and got a great deal. It was MUCH faster! Good luck!
That's another reason that First Internet Bank of IN is so good - they KNOW horse LQ trailer values & have no problem loaning on one that is priced appropriately. And if you have good credit, their rates are low. |
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 Elite Veteran
Posts: 889
| wendinbha1 - 2018-07-25 11:38 PM
I use 1st internet bank of Indiana.
My rate was like 5% but I have good credit.
I want to say its a 10 year loan.
I have had 2 loans thru them and all went well
^^^Same. Have been happy with them. |
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Married to a Louie Lover
Posts: 3303
| Bear - 2018-07-26 6:58 PM
Food for thought.
Consider this...Option A:
If you take out a loan for $50K, over 10 years you will have shelled out $63K for a 5% interest loan. If your interest rate is 7.5%, you will have shelled out about $72K. Your trailer will be worth a fraction of that in 10 years. If the trailer has a LQ with a toilet, you can at least deduct the interest essentially as a “second home”, but it’s still costing a lot.
Option B:
Scrimp and save and buy an inexpensive, functional, used trailer for cash. Take that $500 a month, put it in a good mutual fund, and forget about it for 10 years. By then, your $60K cash outlay will probably be worth $90-100 K, maybe more.
If you still think a nice LQ trailer is what you want, write out a check for a nice $75K trailer you own, and re-invest the remaining $25K.
Chances are you will find that saving and investing is contagious.
You’re assuming in Option A that extra payments aren’t being made and the borrower is letting the note go to maturity. Not that some don’t do this, I’m sure, but I can honestly say we’ve paid off every note we’ve ever had on a number of things early. I think smart borrowing is a monthly payment you’re comfortable with and have the ability to add to the payments.
In Option B you’re also assuming that the OP doesn’t have a need for a LQ today and/or doesn’t already have a functional used trailer that’s paid off - but camping overnight in the back of a stock trailer or cramming a spouse and 2 kids in a tiny tack room with a leaky AC sucks too. I’ve done/know someone whose done both.
There’s nothing wrong with the smart use of credit and lending. Smart is the key. If your maximum comfortable monthly payment would get you a $75,000 trailer, you’d be smart to buy the $45,000 trailer and make extra payments. We usually end up taking out a couple small notes a year - for roping cattle or this year for a hay baler. A lot of the time we have enough cash, but we also don’t want to have to put a catastrophic vehicle failure or such on the credit card because we cashed out our savings account. |
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Horse trailer financing