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 Extreme Veteran
Posts: 442
 
| Could you please tell me if I might have a good chance at getting a horse trailer. The horse trailer I am looking at is $19,000. I have $9000 to put down and would like to finance the rest. My credit is decent but not great. Where would be the best place to get a loan at? I wanted to ask your guys opinion if it is even worth the effort. I know I can afford a payment, my truck is paid off. Would just like to know if I have a chance. Thank you so much in advance. |
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 Elite Veteran
Posts: 754
Location: Arkansas | I would try your credit union or bank. Also, if your truck is paid off, you might get a better intrest rate if you just got an auto loan on your truck for $10,000. |
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Veteran
Posts: 120
| Getting loans for these has become easier than it was in the past. But the interest rate will be higher. I agree with the other poster...you may want to see if you can borrow against your truck for a better interest rate. I have found my local credit union was the best when I got my horse trailer loan. Good luck..... |
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I Really Love Jeans
Posts: 3173
 
Location: North Dakota | I suggest that you purchase a quality used trailer and avoid financing one. The interest rate is going to be high! You can get a great used trailer that you can slowly renovate for around 13,000 so I would just save a few more thousand and put that money you would be paying monthly towards fixing one up!!!! Nothing feels better than having NO payments!! |
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 Elite Veteran
Posts: 696
| credit unions are much more lenient on their lending criteria and have lower rates than banks. Definitely try a credit union as opposed to a bank. |
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 Living within my means
Posts: 5128
Location: Randolph, Utah | Try a credit union, that's who I went through. Have them do it as an RV loan. |
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 Expert
Posts: 3534
Location: Stuck in a cubicle having tropical thoughts | My hubby and I have a good relationship with the load manager at one of the local 'Loan and Savings" banks. They have a small board of directors that approves everything and they have way better rates.
Don't be afraid to shop around and call every local bank and credit union in your county. The credit union next to my work just happened to be running a special one month for 1.9% interest on vehicle loans. Based on your credit score and age of your vehicle, you could borrow up to 105% of your vehicles value. We used the extra money to pay cash for our tractor. |
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The Resident Destroyer of Liberal Logic
Location: PNW | angelica - 2015-03-27 8:39 AM
I suggest that you purchase a quality used trailer and avoid financing one. The interest rate is going to be high! You can get a great used trailer that you can slowly renovate for around 13,000 so I would just save a few more thousand and put that money you would be paying monthly towards fixing one up!!!! Nothing feels better than having NO payments!!
I am going to go against this advice.
My husband and I did this once, bought the cheap one - it was our FIRST LQ - and were all like "we can totally fix this up and make it awesome!" No.
For what we bought that trailer for, then what we put into it to make it so that somebody would actually buy it FROM us - we could have just bought a used trailer that was already ready to go.
If you have no other debt, or very small amounts of other debt - just shop for the best financing, but definitely buy what you want. |
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 Elite Veteran
Posts: 600
Location: Oklahoma & Texas | I bet you'll qualify for a loan if thats what you want. ..bought my most recent LQ trailer at NRS in Decatur and they shopped our loan for us and we got a great rate...they have like 30 banks they finance through to get you the best rate...if you use a credit union they tend to have best rates but if not most dealers will find you a lender.... |
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Expert
Posts: 1956
Location: Ky | PalominoLuvr2241 - 2015-03-27 9:36 AM Could you please tell me if I might have a good chance at getting a horse trailer. The horse trailer I am looking at is $19,000. I have $9000 to put down and would like to finance the rest. My credit is decent but not great. Where would be the best place to get a loan at? I wanted to ask your guys opinion if it is even worth the effort. I know I can afford a payment, my truck is paid off. Would just like to know if I have a chance. Thank you so much in advance.
Are you buying from an individual or a dealer? |
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Meanest Teacher!!!
Posts: 8552
Location: sunny california | borrow against the truck. you will get a better rate. borrow a little more than you need so if the trailer turns out to need a little fixing and you have to pay someone to do it, you won't be stressed about it |
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Meanest Teacher!!!
Posts: 8552
Location: sunny california | i did this and at the same time the credit union sold me a very good repair policy for my truck. it was $2200 . I have a 2005 ford so I jumped on it! |
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Extreme Veteran
Posts: 442
| Thank you guys for all your help. I am buying from a friend. The trailer is worth about 25k but she is giving me an awesome deal on it. I might try the loan on the truck thing. I have 2014 dodge mega cab dually so maybe they would give me a loan on that. I wasn't sure if it would cost more or not. I made an appointment with a credit union to see my options. I hope I get good news. |
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Location: on a hill | angelica - 2015-03-27 10:39 AM I suggest that you purchase a quality used trailer and avoid financing one. The interest rate is going to be high! You can get a great used trailer that you can slowly renovate for around 13,000 so I would just save a few more thousand and put that money you would be paying monthly towards fixing one up!!!! Nothing feels better than having NO payments!!
Just remember if you do this, it doesn't have great trade in value. Homemade living quarters are not good trade ins. They usually don't give you anything near what you put into it. |
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