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 The One
Posts: 7998
    
Location: South Georgia | Ok, I'll call some smaller banks then. She most certainly was trying to check a box on a computer screen with me on the phone. lol
I'd like 5 years, ideally. | |
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  That's White "Man" to You
Posts: 5515
| horsegirl - 2017-04-11 8:02 AM Ok, I'll call some smaller banks then. She most certainly was trying to check a box on a computer screen with me on the phone. lol I'd like 5 years, ideally.
I second the Community bank thing. They specialize in the non typical loans. I highly doubt anybody is going to go 5 years on that size of loan. Probably more in the 36 month or less range, your payment will still be less than $200. | |
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 Born not Made
Posts: 2937
Location: North Dakota | horsegirl - 2017-04-10 9:31 AM I am in the market for a new (well, new to me) trailer and I am wanting to be around $6,000. How would one obtain financing on a trailer in this price range? I did some online research and found a company that finances horse trailers, but their minimum is $7500, and I dont care and/or need to spend that much. Would the normal banks finance a trailer? How do I do this? What is the norm?
When I bought my horse trailer, I went to my credit union. I didn't know it when I went in, but horse trailers have their own "category" of loan which means your interest rate will automatically have about 2% tacked onto it, and they expected a 25% downpayment.
I got a sweet deal out of the situation because my car was paid off and worth more than the horse trailer I was buying. So essentially, I sold my car to the bank, took the money to buy the horse trailer outright, and then paid the bank like a normal car loan. Then I had a 0% downpayment and a lower interest rate. It was a win-win situation for me!
So if you have a vehicle that you can put up as collateral, I would absolutely do that!
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Meanest Teacher!!!
Posts: 8555
Location: sunny california | r_beau - 2017-04-11 7:48 AM horsegirl - 2017-04-10 9:31 AM I am in the market for a new (well, new to me) trailer and I am wanting to be around $6,000. How would one obtain financing on a trailer in this price range? I did some online research and found a company that finances horse trailers, but their minimum is $7500, and I dont care and/or need to spend that much. Would the normal banks finance a trailer? How do I do this? What is the norm? When I bought my horse trailer, I went to my credit union. I didn't know it when I went in, but horse trailers have their own "category" of loan which means your interest rate will automatically have about 2% tacked onto it, and they expected a 25% downpayment.
I got a sweet deal out of the situation because my car was paid off and worth more than the horse trailer I was buying. So essentially, I sold my car to the bank, took the money to buy the horse trailer outright, and then paid the bank like a normal car loan. Then I had a 0% downpayment and a lower interest rate. It was a win-win situation for me!
So if you have a vehicle that you can put up as collateral, I would absolutely do that!
That is what i did. my truck was paid for so I just borrowed against it. much better terms/rates. The only problem is if in the recent future you intend to trade that vehicle in on another. you could end up a little upside down on it. | |
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The One
Posts: 7998
Location: South Georgia | Thanks guys. I have a newer vehicle, so unfortunately, that won't work for me like it did for you. Great thinking though! I still need to call the small local bank and see if they can help. I haven't had a chance. | |
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 I Don't Brag
Posts: 6960
| horsegirl - 2017-04-11 6:48 AM
I called the bank yesterday afternoon and asked them about a loan. First, she didnt know that trailers had titles. She thought they had CC's or CO's (cant remember which), whatever that is. I corrected her. Then, she couldn't figure out what category to push the loan as--I finally suggested RV/Boat because she had tried to originally do it as small farm equipment. And then she said they could only do 36 months financing. So...not sure where to go next. I probably need to call different banks in town, but I do bank with one of the largest and most prominent, so I figured they'd be the best bet.
Why doesn't a 36 month loan work for you? It should get you well below you $200 a month payment. 36 X 200 = 7200 . That should include way more than the interest needed. However, do shop around. I personally like to get a smaller payment and longer term making sure that there a re no prepayment penalties. Then I make bigger payments and pay it off early. Good for your credit and if things do get tight you can back off to the actual smaller payment to get through the crunch. Shop around for interest rates too. | |
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