Posted 2009-05-01 9:27 AM (#104262) Subject: Financing for (used) LQ Trailer
Regular
Posts: 60 Location: Missouri
Ok, so I have finally settled on the trailer I think we'd like to buy. Went back to my bank, and they don't know how to finance a horse trailer. Want to give me a 60 month term, which makes payments we just can't swing. I'm sure there is someone in the finance world that will finance a 2004 LQ trailer for 120 months (or more). Where do I find them?
Posted 2009-05-01 10:32 AM (#104263 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Elite Veteran
Posts: 714 Location: Minnesota
Just my personal opinion, but why do you want to finance a five year old trailer for ten years? No matter what, I have to believe that within five years you will owe more than the trailer is worth. I don't know how expensive of a trailer it is, but if it were me I would either down size my overall expense or maybe wait until I could afford the trailer better. With todays economy things are just to volatile to put myself into that much debt for a luxery.
Sorry if this upsets you or anyone else but like I said it's my personal opinion.
Posted 2009-05-01 10:43 AM (#104266 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Regular
Posts: 60 Location: Missouri
Thanks, Genebob and point taken. The plan is to accelerate payments, but to have a lower mandatory payment. It's doubtful that it'll even take 5 years to pay off, but with the lower rate and lower (required) payment, we won't strap ourselves if something unforseen comes up.
Posted 2009-05-01 10:52 AM (#104267 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Elite Veteran
Posts: 714 Location: Minnesota
Sounds like you have thought out a plan. Hope it works out for you. Just make sure that when (if) you find the longer term financing that there is not a clause with a penalty for early payoff. I have seen some that charged all the interest for the life of the loan even if you paid it off early. Always read and understand what you are signing.
Posted 2009-05-01 11:02 AM (#104268 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Member
Posts: 30 Location: Fort Jones, Ca.
I tend to agree with genebob's comments, but if you think this is the way to go, try a local credit union and see if they will finance under an "RV" loan. I had looked at doing this last year when I bought my new gooseneck (we ultimtely decided not to, and paid cash as we did not want the 120 payment thing hanging over our head). The rates were not bad, and this was before the economy went in the dumper. On a used trailer, I am not sure if they go 10 years, but it is worth a shot. Good luck.........
Posted 2009-05-01 12:46 PM (#104278 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Elite Veteran
Posts: 781 Location: La Cygne, KS
Check out First Internet Bank of Indiana. https://www.firstib.com/index.html I've used them twice and they were very helpful when my trailer was stolen too.
Posted 2009-05-01 1:49 PM (#104281 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Member
Posts: 26 Location: Kingsland, TX
However long you want to finance a horse trailer is your business. Some of the more popular ones are CCI, ETAC, Southeast Financial, All Roads Capital, etc. Use a search engine (google, yahoo, etc) and type in horse trailer financing and that should give a lot to choose from.
Posted 2009-05-02 9:34 PM (#104367 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Veteran
Posts: 285
We bought an 04 used featherlite lq trailer last year. We went through US Bank. They financed it for 120 months. We had a large down payment due to trade in.
Posted 2009-05-03 6:00 AM (#104370 - in reply to #104262) Subject: RE: Financing for (used) LQ Trailer
Member
Posts: 27 Location: stephenville texas
I just went thru this. I could not find any bank to finance a 04 or older for more than 7 yrs. So I bought an 06 and financed it thru First internet bank of Ind. for 120 months Hope that helps you.
Financing for (used) LQ Trailer
