I currently have my trailer financed with my credit union for 7 years at a "not so great" interest rate. (I had an old unknown medical bill pop up on my credit right before I got ready to finance it, so the credit union that knows me well was the best choice at the time) The medical bill is now off my credit and my credit score had recovered, so I am looking to finance (really refinance I guess) my trailer somewhere where they will go longer term. (like 10 years). First IB turned me down due to two credit card payments being 30 days late back in 2010 and that is my only blemish! (I explained to them that I had been having computer problems and they were online payments that didn't go through and I didn't know about them until the next payment was due...but that didn't seem to matter to them)OMG I couldnt believe that! I have financed two trailers thru them in the last 10 years and never was late for any payments. I called Southeast and they said this was considered a "refinance" and they don't do those anymore. Any suggestions? I have good credit (score is about 700) and good debt to income ration etc.....Local bank will only go 7 years too....I got a great deal on the trailer and paid about 20% down so the collateral vs loan amount being requested is in good shape too.
Posted 2012-02-09 6:29 AM (#140668 - in reply to #140652) Subject: RE: trailer financing ?? (refinancing)
Elite Veteran
Posts: 824 Location: Kansas
Do you have a 401k that will let you have a general loan? The payback time might even be shorter but the interest rate is enough less that it might make a difference. We are financing a car this way (although I would never have thought I'd do that!) because the interest rate was 4.25% vs 8.something at a bank. Just a thought-I'd way rather be done paying in 7 years than 10.
Posted 2012-02-09 8:18 AM (#140673 - in reply to #140668) Subject: RE: trailer financing ?? (refinancing)
New User
Posts: 3
Location: abilene, texas
Terri: Thanks for the suggestion....I do have some other funds that I could use for this but I really am looking for just the "normal, conventional" financing that used to be so readily available.....LOL If I can't find it, I do have some other options.......I was just hoping someone knew of a financial institution that might work for my situation. I don't plan on keeping this trailer for the whole 10 years and paying it out like that (that total interest figure is scarry for sure!)
Posted 2012-02-09 2:17 PM (#140680 - in reply to #140652) Subject: RE: trailer financing ?? (refinancing)
Extreme Veteran
Posts: 402 Location: Valentine, NE
Call your local trailer dealers. They know the local banks and surely can get you in line with one. Some might even "roll it thru" their inventory to help you.
Being in the finance industry, the rules have really, really changed the last few years. Used to be, there was a bank out there that would do anything if you looked hard enough. Not the case anymore. We will not finance any trailer longer than 7 years period (we never did).
Posted 2012-02-09 8:53 PM (#140696 - in reply to #140652) Subject: RE: trailer financing ?? (refinancing)
Expert
Posts: 3853 Location: Vermont
Originally written by naturalhorselady on 2012-02-08 3:08 PM
I currently have my trailer financed with my credit union for 7 years at a "not so great" interest rate. (I had an old unknown medical bill pop up on my credit right before I got ready to finance it, so the credit union that knows me well was the best choice at the time) The medical bill is now off my credit and my credit score had recovered, so I am looking to finance (really refinance I guess) my trailer somewhere where they will go longer term. (like 10 years). First IB turned me down due to two credit card payments being 30 days late back in 2010 and that is my only blemish! (I explained to them that I had been having computer problems and they were online payments that didn't go through and I didn't know about them until the next payment was due...but that didn't seem to matter to them)OMG I couldnt believe that! I have financed two trailers thru them in the last 10 years and never was late for any payments. I called Southeast and they said this was considered a "refinance" and they don't do those anymore. Any suggestions? I have good credit (score is about 700) and good debt to income ration etc.....Local bank will only go 7 years too....I got a great deal on the trailer and paid about 20% down so the collateral vs loan amount being requested is in good shape too.
You would be better served to refinance your home at the lower available rates and use THAT difference to pay down your trailer
trailer financing ?? (refinancing)
