Have a trailer for sale here on HTW and someone called needing financing. They have checked with the banks and don't want a 8-9% rate. Seems I remember someone on here reccommending an independent type finance company and was wondering if anyone knew a better route to go versus the bank. Our trailer is paid for on our end and we aren't interestd in financing it ourselves. Any suggestions would be appreciated!!
Posted 2009-03-16 10:31 PM (#101536 - in reply to #101474) Subject: RE: Trailer financing
Expert
Posts: 1351 Location: Decatur, Texas
Why don't they want an 8 or 9% rate? If they have great credit and a high credit score they better take that and run! Most rates I was quoted on a new or used with good credit good credit socre was 6.9% at my credit union (but for 48 months only) long term 7 to 10 years they would not do it, but the others I looked at was high 9's to 12 with only financing about 1/2 of loan value! (45-k trailer wanting to carry 25-k)
Posted 2009-03-17 7:02 AM (#101545 - in reply to #101474) Subject: RE: Trailer financing
Elite Veteran
Posts: 1069 Location: MI.
I was shocked to hear when hubby and I went to the MI expo, there was one trailer being offered at 0% interest for 5 years. Of course it wasn't the trailer I liked.....
Posted 2009-03-17 9:13 AM (#101560 - in reply to #101474) Subject: RE: Trailer financing
Member
Posts: 25 Location: Florida
In today's economy 8-9% is a good rate considering that most LQ trailers will be financed for 10-15 years. 20% down will be the standard moving forward in the industry. In the past, trailers were financed for no money down, and for long terms. What has happened is that trailers were being traded back in, and having no equity to start with, consumers were finding themselves upside down in their loan. We have lost the majority of national lenders with the downturn of the economy. GE was the majority lender for our industry, and I don't see them returning to recreational lending anytime soon.
Credit Unions typically have the lowest rates around, but be prepared for much shorter terms.
Service providers like CCI, & All Roads Capital typically have access to a variety of lenders, and usually will be the best option for a longer term loan. The lenders that they work with understand our industry.
Posted 2009-03-17 2:01 PM (#101596 - in reply to #101545) Subject: RE: Trailer financing
Expert
Posts: 1391 Location: North of Detroit, MI
Originally written by Gone on 2009-03-17 8:02 AM
I was shocked to hear when hubby and I went to the MI expo, there was one trailer being offered at 0% interest for 5 years. Of course it wasn't the trailer I liked.....
Oh gee... I was there working at West 20 Tack (the "sea of saddles") across from United Vet. Wish I could have met you.
Otherwise - I believe that credit unions have good interest rates.
If I were buying a LQ trailer with full bathroom, I would rather pay the interest and have the price dropped; than get 0% with a higher price since the LQ trailer COULD qualify as a second home for income tax purposes and therefore, the interest $$ paid would be deductible.
Posted 2009-03-17 2:13 PM (#101600 - in reply to #101596) Subject: RE: Trailer financing
Member
Posts: 43 Location: Close to the Heart of The Great Smokey Mtns.
If you have a good credit score, on a Living Qtrs trailer, depending on the amount of money financed,the term runs from 180 mos.(15yrs) to 240 Mos.(20 yrs). and the interest rate runs around 7%.
Posted 2009-03-17 2:38 PM (#101601 - in reply to #101474) Subject: RE: Trailer financing
Elite Veteran
Posts: 1069 Location: MI.
I would've liked to have met you Gabz. Did you get a chance to see the leopard appy 6 horse team pull that stagecoach in the arena? They were hauling butt around those corners spitting up dirt!......I'm sure I'll run into you on a ride sometime.
I did wonder about the price being increased to compensate for the 0% interest.
With all do respect, I just can't see paying on a trailer for 15-20 years. 5-7 years is the most I would go. If I have to go longer in order to keep the monthly payments down, I simply cannot afford that particular trailer. I hate payments......
Posted 2009-03-17 4:33 PM (#101614 - in reply to #101601) Subject: RE: Trailer financing
Expert
Posts: 1391 Location: North of Detroit, MI
I didn't get to see much of anything. I did see some of the mounted shooting, Sat evening, once the vendor area was shut down. "our" booth was nearly the entire side of one-half of an aisle, plus 2 booths in the aisle behind us. Only 6 of us working - and Julie doing the saddle fitting and bitting clinics.
I bet that 6-horse, appy hitch was awesome to see.
I hear ya about 5-7 year loan on a LQ trailer. Beyond that and the payments last longer than the trailer.
Posted 2009-03-17 9:21 PM (#101639 - in reply to #101474) Subject: RE: Trailer financing
Expert
Posts: 1283 Location: Home of Wild Turkey Whiskey
If you are financing trailers for 15-20 years, you are part of the economic problem. I don't care whether you are the bank or the borrower, both would be equally at fault.
Posted 2009-03-18 8:03 AM (#101659 - in reply to #101639) Subject: RE: Trailer financing
Veteran
Posts: 274 Location: MO in woods
Originally written by HWBar on 2009-03-17 9:21 PM
If you are financing trailers for 15-20 years, you are part of the economic problem. I don't care whether you are the bank or the borrower, both would be equally at fault.
Yes SO true......Both bank and borrower are problems.We bought our lnqns trailer with saved money $$$/ trade in and 5 year loan.Crazy to see/know or think people take loan out for 10/15 years on trailer.Sorry JMHO.
Posted 2009-03-18 4:07 PM (#101705 - in reply to #101474) Subject: RE: Trailer financing
Member
Posts: 5
I've heard nothing but good on ETAC and CCI, they have both been financing horse trailers for several years. They seem to be experts in the field "so to speak" and they do have lenders that work with them on a daily basis. You are likely to see either of these at some of the bigger shows, Quarter Horse Congress, World Show, NFR, etc. I am pretty sure there is also a group down south, South East Financial or something like that.
Trailer financing
