Posted 2007-01-22 11:58 AM (#54238) Subject: Trading an 05 Featherlite 8541 with so/so credit??
Member
Posts: 36 Location: Greasewood Springs, AZ
I am looking for advice here... Was divorced over a year ago...messy...and killed my credit score! So, I needed a new Featherlite and paid cash for the 3 horse slant. Now, I want to buy an LQ under $35k and I am thinking that if I use the Featherlite as a downpayment someone might finance me. Leonards Trailers said i have cowboy credit...haha...and were less than helpful...I wanted this 4Star they had in Texas...
Posted 2007-01-22 8:28 PM (#54296 - in reply to #54238) Subject: RE: Trading an 05 Featherlite 8541 with so/so credit??
Location: KY
Go talk to a local banker and see what you have to do............. It has been my experience that actually talking with a local bank can get you financing that you can afford and will also help your credit record. Good luck.
Posted 2007-01-23 7:15 AM (#54315 - in reply to #54238) Subject: RE: Trading an 05 Featherlite 8541 with so/so credit??
Regular
Posts: 54 Location: IL.
Here in IL if you want 15,ooo for a cattle trailer or 250,ooo for a combine the local bankers love you but if you tell them you want 60,000 for a horse trailer they look at you like you have 3 heads,or they say sure and give you 5 years to pay a monthly payment bigger than your mortgage on your house.try this guy he works with several banks this may benifit you and your current situation. Andy at 1-800-224-8180.. ext.5 good luck.
Posted 2007-01-23 8:47 AM (#54319 - in reply to #54238) Subject: RE: Trading an 05 Featherlite 8541 with so/so credit??
Veteran
Posts: 192 Location: Kentucky
As part of a farming operation, you are correct about getting credit for combines, tractors ec. but there is a huge collateral-our farm. When I bought my horse trailer, I had to go through the same process as anyone else. A trailer is like a car, once it is off the lot it depreciates immediately so it isn't much of an asset at a retail price.
There will be someone out there that will get you a loan but watch the interest rate. They may try to take advantage of your situation.
Posted 2007-01-23 8:49 AM (#54321 - in reply to #54238) Subject: RE: Trading an 05 Featherlite 8541 with so/so credit??
Veteran
Posts: 246 Location: Northern IN.
I'd tend to think that your best bet would be to sell your wagon outright and then have that $15,000 cash for a down payment, when ya go to the bank with that kind of money down on a 35K trailer there's not much risk to them that they will lose money on the deal, even if you don't hold up to your end of the bargain and they end up repoing (worst case senario) they wind up with a 35K trailer against a 20K loan...they're happy! Don't see why a bank wouldn't work with ya for that kind of a deal. We always go to our LOCAL bank here in town when we need a trailer loan, they have been just as good if not better on interest rates than any body else that we've talked to and they are local- face to face- that helps things in my opinion, 'specially if there's a problem with something. That's MHO, talk to y'all later...
Posted 2007-01-23 11:24 AM (#54333 - in reply to #54238) Subject: RE: Trading an 05 Featherlite 8541 with so/so credit??
Regular
Posts: 54 Location: IL.
Broken Bit made a good point,I have my trailer up for sale now if i sell it i make a little cash and whoever buys it gets a darn nice trailer for a heck of alot less than the dealer will be asking for it if i trade it in.I would talk to a different dealer,that little featherlite looks like a nice trailer and if it is paid for in full they should take it in trade.I still would call that guy I told you about he beat all our local banks both on interest rates and the amount of time they would go out.
Trading an 05 Featherlite 8541 with so/so credit??
