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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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