Posted 2008-04-30 8:20 PM (#82867) Subject: Bad credit loan for new horse trailer?
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Posts: 13
My credit is not that good. Its like a 550 and my husband and I are trying to trade our old horse trailer and get a new gooseneck. Does anyone know of any companies that will do a credit score that low?
Posted 2008-04-30 11:44 PM (#82883 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 3853
Location: Vermont
Originally written by janda on 2008-04-30 9:20 PM
My credit is not that good. Its like a 550 and my husband and I are trying to trade our old horse trailer and get a new gooseneck. Does anyone know of any companies that will do a credit score that low?
Not to pry, but with numbers that low, why would you be wanting to acquire MORE DEBT at this particular time...
There are always companies that will loan you money...but the rates might be rather usurious!!!
Posted 2008-05-01 5:07 AM (#82891 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 662
Location: Vanzant, Missouri
If you only have a credit rating of 550. If you do get finacing, the interest with be alot higher because the credit company will consider you a high risk borrower. I would deal with the older trailer until my credit rating is atleast in the 700 range....If you pay bills on time for at least a year you will see a big jump in your credit score...Good luck
Posted 2008-05-01 6:54 AM (#82896 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 31
Location: Alpine, AL
Well everyone else is talking about your score. We were in the same position when we got our Sundowner. There are alot of things that can cause you to have a lower score. So you know what you can afford. Yes the interest rate will be higher but you can later refinance.
Check out www.dhmco.com. They are who we worked with for the last 2 horse trailers that we purchased. They are great people.
Posted 2008-05-01 7:03 AM (#82897 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 13
Our credit score got that way because of some bad bad credit card companies that really runined us there for a bit. We have since got rid of all credit cards and really dont have any debt other than a vehical.
Posted 2008-05-01 9:37 AM (#82917 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 270
Location: Roanoke IL
For what it's worth, I'm 23 and while my credit isn't BAD, I just don't have a lot of it. That was my problem when trailer/RV shopping. Dixie horse & Mule co. approved me for purchase of a $45,000 brand new LQ trailer for about $515 a month (for the next 15 years of course and with a co-signer) but they really worked with me to help me get my dream trailer. I decided not to go into debt for the next 15 years of my life and bought a nice used trailer for $10,000 which my dad took from the home equity line of credit. Interest rate is very low, and now I'm just paying him back. Just see what DHMCO can do for you. If nothing, improve your credit and try again later.
Posted 2008-05-01 4:50 PM (#82937 - in reply to #82897) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 3853
Location: Vermont
Originally written by janda on 2008-05-01 8:03 AM
Our credit score got that way because of some bad bad credit card companies that really runined us there for a bit. We have since got rid of all credit cards and really dont have any debt other than a vehical.
I take it you have contacted the three reporting agencies and placed your story in your file to counteract the credit card companies?
Unfortunately...cancelling ALL of your cards helped to lower your rating...
Like others said...home equity is an option...
And Dixie seems to be a VERY REPUTABLE TRAILER OUTFIT to check out...
Posted 2008-05-03 7:12 AM (#83034 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 1205
Location: Danielsville Georgia
Angelmay84. Sure they were willing to HELP.Any used car lot is the same way.They make BIG BUCKS on that HELP and your poor credit or no credit cause your gonna be hammered with a high interest rate,death policy,loss of job policy etc.Plus they have a co signer they can hound if you are late(big late fees also).That kind of HELP no one needs.They will bury you with a SMILE and a handshake.After you drive off with that trailer and paperwork is done they'll HIGH FIVE each other in the office for a job well down.Thats as bad as a Shark waiting on seal pups to learn to swim.Happens every day from coast to coast. Your DAD was aware and a smart man.
Posted 2008-05-03 9:19 AM (#83038 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 5870
Location: western PA
Hounddog is spot on in his description of selling to purchasers with a low credit rating. Many of the present housing market problems are a result of the same practices. How many used car lots sell the same automobile numerous times, after reprocessing the cars for late and non payments?
Envision Hounddog's description of the high fives, and self congratulatory actions at your expense. You do not want or need, predatory people, taking advantage of your temporary financial difficulties.
If it means doing without for a short time to rebuild a credit rating and your own self esteem, then do without. It will be better for you in the long run. Don't feed the leeches who pat you on the back with one hand, while holding a knife in the other. Their smiles of "friendship" only last until you turn around, then they turn into a smirk.
Posted 2008-05-03 5:46 PM (#83063 - in reply to #83039) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 720
Location: Never miss a good chance to shut up.
Not everyone with a less than desirable credit score is a bad risk - and circumstances make a big difference.
Obviously dealers will prefer excellent credit risks but there are a few of these business people that will occasionally make an exception to a high risk buyer - after actually listening to their circumstances. Every situation is unique. Not all dealers who work with those that have bad credit are predators, but the warning is appreciated.
I've even sold a farm to folks with bad credit, I did my research and believed they had an unfortunate string of circumstances. I wanted to sell, and we all won. That was nearly 24 years ago and it worked.
Posted 2008-05-03 6:28 PM (#83065 - in reply to #82867) Subject: RE: Bad credit loan for new horse trailer?
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Posts: 1205
Location: Danielsville Georgia
When a business of this type can asure you that they can get you financed on a large item such as a trailer or car,they usually have the contacts to do such and know how to make the situation happen for you and them and a smile on your face they are pros at doing such and have HELPED many folks in their day.Some dealers only have contacts and using knowledge of such just so far down on the doing business ladder.