Posted 2010-11-15 11:38 AM (#127086) Subject: Financing
Member
Posts: 5
Location: Louisville, KY
Looking to finance a LQ trailer-may be new, may be an earlier 2000's model. Wondering some input on some companies to look at for financing. I don't live in a predominant horse area and have been told that banks around here, especially with the economy, don't have a lot of know-how that helps with getting a person financed in regards to horse trailers. I heard Etac went out of business. Guidance...please
Posted 2010-11-15 3:03 PM (#127099 - in reply to #127086) Subject: RE: Financing
Regular
Posts: 60 Location: Missouri
Our local bank was of no help to us; we looked at trailers based on information they (initially) gave us, only to find that they wouldn't actually loan against most of them.
We finally went with First Internet Bank of Indiana. They know horse trailers and have competitive rates. We were very pleased with their service.
Posted 2010-11-15 5:19 PM (#127108 - in reply to #127099) Subject: RE: Financing
Expert
Posts: 3853 Location: Vermont
Originally written by JustMary on 2010-11-15 4:03 PM
Our local bank was of no help to us; we looked at trailers based on information they (initially) gave us, only to find that they wouldn't actually loan against most of them.
We finally went with First Internet Bank of Indiana. They know horse trailers and have competitive rates. We were very pleased with their service.
http://www.firstib.com/products/installment_loans Horse Trailer Loans (new & used) from 7.49% APR up to 144 months Wow their rates are NOT cheap...
Posted 2010-11-15 9:26 PM (#127132 - in reply to #127086) Subject: RE: Financing
Location: Kentucky
Horse Trailers
2009-2010
Under $10,000 (loan amount)
$10,000 and up (loan amount)
120 months
144 months
9.99%
8.99%
Rates are shown with a .25% discount for automatic payments.
2003-2008
Under $10,000 (loan amount)
$10,000 and up (loan amount)
120 months
144 months
10.49%
9.49%
Rates are shown with a .25% discount for automatic payments.
New GE Appliances
Up to 100% Purchase Price + Taxes
36 months
8.40%
Other Collateral & Farm Machinery
--
36 months
9.99%
I bank with Park Federal Credit Union, based in Louisville. We have used Park for all our loans for many years. I have posted a link for their rates. These rates are even higher than First Internet bank's, so I'm not sure that FIB's rates ARE high! We have always gotten very good rates from Park, although I haven't financed a horse trailer, there or anywhere. What are the going rates for horse trailers if these rates are high?
LTV up to 80%. Please contact us for additional rates and terms.Click here to see the rates.
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--
Models/Year
Conditions/Requirements*
Term*
APR*
2009-2010 Up to 100% Retail Value
Valued at $15,000 or more and 20,000 miles or less
New, untitled vehicles valued $30,000 or more
12 months
24 months
36 months
48 months
60 months
66 months
72 months
84 months
1.99%*
1.99%*
2.99%*
3.99%*
3.99%*
4.24%*
4.74%*
5.24%*
2003-2008 Up to 100% Retail Value
Max term for 03-04 models
Max term for 05-06 models
Available only for 07-08 vehicles under 40,000 miles
12 months
24 months
36 months
48 months
60 months
66 months
1.99%*
1.99%*
2.99%*
3.99%*
3.99%*
4.24%*
* Annual Percentage Rates. Terms based upon vehicle age, mileage, & condition at loan officer's discretion. Rates accurate as of 8/12/2010 and subject to change without notice. Rates shown reflect .25% rate reduction for automatic transfer. Other terms and conditions may apply.
Loan Example: 24 month loan term equals 24 monthly payments of $44.55 per $1,000 borrowed.
Member will receive a discount on the Annual Percentage Rate (APR) with one of the following: i. Discount of 0.25% on the APR if member elects to have loan payment set up on automatic transfer, payroll deduction, ACH or direct deposit.
ii. Discount of 0.50% on the APR if member elects credit life and credit disability insurance on loan and either opens a checking account with direct deposit or elects to have loan payment set up on automatic transfer, payroll deduction or direct deposit.
The maximum discount a member may receive on his/her APR is 0.50%.
Models/Year
Features
Term
APR
(Motor Homes, Campers, & Boats)
2009-2010
Up to 100% Retail Value
$2,500 - $5,000
$5,001 - $9,999
$10,000 and up
60 months
120 months
144 months
7.49%
7.49%
7.49%
Above rate includes a 1/4% rate reduction for automatic transfer from a qualified Park Community account.
2003-2008
Up to 100% Retail Value
$2,500 - $5,000
$5,001 - $9,999
$10,000 and up
60 months
120 months
144 months
7.99%
7.99%
7.99%
Above rate includes a 1/4% rate reduction for automatic transfer from a qualified PCFCU account.
Models/Year
Features
Term
APR
2009-2010
Up to 100% NADA Value
84 month term is for new, untitled units valued at $18,000 or greater
36 months
60 months
72 months
84 months
2.99%
3.99%
4.74%
5.24% *5
Above rate includes a 1/4% rate reduction for automatic transfer from a qualified Park Community account.
2003-2008
Up to 100% NADA Value
66 month term is for 2007-2008 models only with 20,000 miles or less.
36 months
60 months
66 months
2.99%
3.99%
4.74% *6
Above rate includes a 1/4% rate reduction for automatic transfer from a qualified Park Community account.
5 84 month term is for new, untitled units valued at $18,000 or greater. 6 66 month term is for 2007-2008 models only with less than 20,000 miles.
Member will receive a discount on the Annual Percentage Rate (APR) with one of the following:
i. Discount of 0.25% on the APR if member elects to have loan payment set up on automatic transfer, payroll deduction, ACH or direct deposit.
ii. Discount of 0.50% on the APR if member elects credit life and credit disability insurance on loan and either opens a checking account with direct deposit or elects to have loan payment set up on automatic transfer, payroll deduction or direct deposit.
The maximum discount a member may receive on his/her APR is 0.50%.
Unsecured
Features
Term
APR
Unsecured
11.24 -18.00%
Share-Secured
--
144 months
3.50%
CD-Secured
2.0% above the rate paid or 3.50%, whichever is greater.
Rate Varies
Unsecured Line of Credit
11.24%
Credit Builder
12 months
11.24%-18.00%
Fresh Start
--
12 months
11.24%-18.00%
Others
Features
Term
APR
Horse Trailers
2009-2010
Under $10,000 (loan amount)
$10,000 and up (loan amount)
120 months
144 months
9.99%
8.99%
Rates are shown with a .25% discount for automatic payments.
2003-2008
Under $10,000 (loan amount)
$10,000 and up (loan amount)
120 months
144 months
10.49%
9.49%
Rates are shown with a .25% discount for automatic payments.
New GE Appliances
Up to 100% Purchase Price + Taxes
36 months
8.40%
Other Collateral & Farm Machinery
--
36 months
9.99%
<script type=text/javascript>
Horse Trailers
2009-2010
Under $10,000 (loan amount)
$10,000 and up (loan amount)
120 months
144 months
9.99%
8.99%
Rates are shown with a .25% discount for automatic payments.
2003-2008
Under $10,000 (loan amount)
$10,000 and up (loan amount)
120 months
144 months
10.49%
9.49%
Rates are shown with a .25% discount for automatic payments.
Posted 2010-11-16 7:47 AM (#127145 - in reply to #127086) Subject: RE: Financing
Location: Central Arkansas
I have had several friends that got a home equity loan to purchase their LQ trailers. That way, they can take the interest off their taxes and get a super low interest rate. Plus, they retain their trailer title. I think it is a lot harder to sell a used LQ trailer on the internet if you don't have the title in hand.
Posted 2010-11-19 11:24 PM (#127307 - in reply to #127086) Subject: RE: Financing
Elite Veteran
Posts: 610 Location: Northern CA
I went with Redwood Credit Union for my trailer loan. They offered me the best interest rates in my area. The loan is listed under an RV or recreational type loan. I think my rate is at 6.? %. I will have to look at the exact rate but it is 6 something. That was for "new" though. An 2006. If you buy used, your interest rate will be higher. Be careful doing the direct withdrawal payment from your account. I have had problems with that. As in my whole account being wiped clean at the time of payment! Instead of just taking the minimum amount owed on the monthly payment, it wiped clean my entire account! This happened 4 months in a row! I went right in and tried to fix it the first time it happened. The bank was never able to fix it. Even though we re-submitted a new application to "fix" the amount withdrawn. So now, i hand walk in the payment amount each month and tell the cashier to apply this to the loan and not to my account. So much for trying to make things more "convienent" for myself!
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