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Expert
Posts: 2531
  
Location: WI | Longneck - 2014-04-15 3:54 PM I'm curious (and sorry if it's hijacking)...
To those of you with LQ trailers.... how long you plan on keeping them? Less than ten years? Less than five? How often do you trade up or trade to get something different?
I bought my first one 6 years ago and getting the itch for a new one. I owe about $5k less than what I think it is worth. Decisions, decisions... |
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 Expert
Posts: 2457
| Whiteboy - 2014-04-15 3:14 PM
I have also had lots of customers that "need" to go longer term to be able to afford it. Then several years down the road they are upside down when they want to upgrade the trailer but they are stuck with it. WWDD...What Would Dave (Ramsey) Do? Â
YES!!!!!!!!!!!!!!!!!!!!!!!
(another Dave supporter/follower over here)  |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Longneck - 2014-04-15 3:54 PM I'm curious (and sorry if it's hijacking)...
To those of you with LQ trailers.... how long you plan on keeping them? Less than ten years? Less than five? How often do you trade up or trade to get something different?
I had my last one for 13+ years--bought it new and paid it off in 4 years. I upgraded to a bigger LQ last summer and had to buy a 2006 to get what I needed in an acceptable brand that was in my budget--this one will be paid off in 3 years. I'll keep it until it doesn't meet my needs or the wheels fall off. I don't want a car payment at the same time as a trailer payment; my car is over 5 years old with almost 100,000 miles and I plan to replace it after the trailer is paid off. Hopefully, it will cooperate.  |
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 Elite Veteran
Posts: 1062
Location: Probably On the Road to the Next Barrel Race! | WWDD...what would Dave do...love it, live it. |
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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | The day I am able to pay cash for a big item like a horse trailer is the day pigs fly. I just can't see it. I'd LIKE to....but I'm so far away from that! Kudos for hose who can!!! |
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Meanest Teacher!!!
Posts: 8552
Location: sunny california | my truck was paid off so I went to the credit union and got a 1.9% loan on the truck and used that cash to buy a trailer plus had a little left over for fixing it up. |
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 Elite Veteran
Posts: 1053
Location: Arizona | Wells Fargo...they've been great. But yes, cash is best. Save first, then buy. Wish we would have. |
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  That's White "Man" to You
Posts: 5515
| azleigh - 2014-04-16 11:37 AM Wells Fargo...they've been great. But yes, cash is best. Save first, then buy. Wish we would have.
Wells Fargo.....BOOOOOOO |
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 Tough Patooty
Posts: 2615
Location: Sperry, OK | Whiteboy - 2014-04-16 11:44 AM azleigh - 2014-04-16 11:37 AM Wells Fargo...they've been great. But yes, cash is best. Save first, then buy. Wish we would have. Wells Fargo.....BOOOOOOO
I have my house through them.. and am almost to the same point.. BOOOO! |
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Extreme Veteran
Posts: 596
Location: Somewhere in the middle of nowhere | fatchance - 2014-04-15 2:22 PM CASH IS KING.....
did I win a prize Whiteboy?
This may seem like a dumb question but....we prefer to be debt free IF possible, so if we purchase a trailer for cash, how much difference in the price will that make? |
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 Shelter Dog Lover
Posts: 10277
| nmeastplains - 2014-04-16 2:21 PM fatchance - 2014-04-15 2:22 PM CASH IS KING.....
did I win a prize Whiteboy?
This may seem like a dumb question but....we prefer to be debt free IF possible, so if we purchase a trailer for cash, how much difference in the price will that make?
I don't know that it makes that much difference in the purchase price other then the interest saved. |
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 Hot Dispatcher
Posts: 10185
Location: Utah | We financed ours through our credit union as an RV loan. |
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 Expert
Posts: 1561
Location: Texas | Ours is financed through State Farm Bank. Great saved us lots of money when they refinanced |
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Elite Veteran
Posts: 729
Location: south central usa | rodeomom3 - 2014-04-16 3:16 PM
nmeastplains - 2014-04-16 2:21 PM fatchance - 2014-04-15 2:22 PM CASH IS KING.....
did I win a prize Whiteboy?
 This may seem like a dumb question but....we prefer to be debt free IF possible, so if we purchase a trailer for cash, how much difference in the price will that make?
If financing throug a dealer...you might be able to bet a lower price on the trailer as the dealer is making money off the financing as well. S simply selling the trailer out right. Kinda like car companies offering rebates if you finance with them. I've taken that bait a couple of times and then refinance 6 months or so later |
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Elite Veteran
Posts: 1034
| Cindy Hamilton - 2014-04-15 3:33 PM
Whiteboy - 2014-04-15 3:14 PM I have also had lots of customers that "need" to go longer term to be able to afford it. Then several years down the road they are upside down when they want to upgrade the trailer but they are stuck with it. WWDD...What Would Dave (Ramsey) Do? Â
I hear ya....there are very few horse people out there that can afford to go short term on a trailer unless thay make good money or are good money managers....and you are right...if they trade within 5 years, they normally don't heve enough equity to come out good on the deal.....
In 10 years of selling and financing trailers, out of the approximate 200 trailers we sell per year, I seriously only encounter about 2 people each year who make huge down payments or finance for under 10 years on ANY aluminum trailer (LQ or not)....We even sell about 80 new steel trailers a year that sell for under $7500 and 95% of those are financed for 5 years....
Moral of the story....my theory is that the majority of horse people want disposable income for gas, entry fees, vet bills, feed, equipment etc. and they don't subscribe to the Dave Ramsey way of life....being debt free to them also means giving up too much of what they love....a double edged sword for sure....we live in a world of instant gratification.....I bet if you do a survey on here, you won't find very many who could budget their horses, trucks, and trailers into the Dave Ramsey program.....don't get me wrong, I like Dave Ramsey a lot....I'm just being realistic.... Â
And this is why I don't have a LQ. Yet. |
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 The Bird Lady
Posts: 6440
Location: The end of the Earth, SE AR | hnhfarms - 2014-04-16 5:29 PM Ours is financed through State Farm Bank. Great saved us lots of money when they refinanced
Can you tell me what % rate you got when you refinanced? If you don't want to post it can you message it to me? Thanks. |
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 Own It and Move On
Location: The edge of no where | Whiteboy - 2014-04-15 3:14 PM I have also had lots of customers that "need" to go longer term to be able to afford it. Then several years down the road they are upside down when they want to upgrade the trailer but they are stuck with it. WWDD...What Would Dave (Ramsey) Do?
Same way with trucks..... The standard term for vehicles is 72 months so that people can afford the pmt....and then they wonder why they're upside down and going into a hole.
No way would I finance a trailer longer than 5 years.
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 More bootie than waist!
Posts: 18425
Location: Riding Crackhead. | azleigh - 2014-04-16 11:37 AM Wells Fargo...they've been great. But yes, cash is best. Save first, then buy. Wish we would have.
I hate Wells Fargo. |
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 Extreme Veteran
Posts: 475
Location: Alabama | HorseMommyFiveO - 2014-04-16 11:36 PM
Cindy Hamilton - 2014-04-15 3:33 PM
Whiteboy - 2014-04-15 3:14 PM I have also had lots of customers that "need" to go longer term to be able to afford it. Then several years down the road they are upside down when they want to upgrade the trailer but they are stuck with it. WWDD...What Would Dave (Ramsey) Do? Â
I hear ya....there are very few horse people out there that can afford to go short term on a trailer unless thay make good money or are good money managers....and you are right...if they trade within 5 years, they normally don't heve enough equity to come out good on the deal.....
In 10 years of selling and financing trailers, out of the approximate 200 trailers we sell per year, I seriously only encounter about 2 people each year who make huge down payments or finance for under 10 years on ANY aluminum trailer (LQ or not)....We even sell about 80 new steel trailers a year that sell for under $7500 and 95% of those are financed for 5 years....
Moral of the story....my theory is that the majority of horse people want disposable income for gas, entry fees, vet bills, feed, equipment etc. and they don't subscribe to the Dave Ramsey way of life....being debt free to them also means giving up too much of what they love....a double edged sword for sure....we live in a world of instant gratification.....I bet if you do a survey on here, you won't find very many who could budget their horses, trucks, and trailers into the Dave Ramsey program.....don't get me wrong, I like Dave Ramsey a lot....I'm just being realistic....Â
And this is why I don't have a LQ. Yet.
This line of thinking makes me so sad...
I always tell people I may have to "pee in a bucket", but at least I don't have a payment! I bought what I could afford which included a homemade living quarters, but not bathroom. Hopefully I can afford a bathroom after a few kids get through college.
I used to always think I would have a car payment until we found Dave. We now own 5 vehicles, a horse trailer, an RV & our house. None are shiny & new anymore, but they are ours. |
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