Posted 2008-08-06 10:36 AM (#89122) Subject: Buying trailers from individuals
Member
Posts: 5
Location: Arkansas
I am needing to purchase a bigger trailer (4 horse w/LQ) and most I have looked at are expensive. I have seen several used ones that I really like, but was wondering how you would go about getting financed for these trailers?? My bank will only go 4 yrs on used trailers, which would make the payments astronomical. I know when buying from dealers, you can go years longer. I was just wondering has anyone purchased from an individual, and if so, how did they go about their financing, outside of having the cash to pay for it? Thanks!
Posted 2008-08-06 11:19 AM (#89125 - in reply to #89122) Subject: RE: Buying trailers from individuals
Veteran
Posts: 129 Location: Northwest Ohio
Is the bank aware that the trailer has a LQ, which qualifies it as a travel trailer? That may allow for a longer loan term. Our credit union gave us a 10-year loan. There are also some national horse trailer finance companies who might be of help.
Posted 2008-08-06 12:11 PM (#89131 - in reply to #89122) Subject: RE: Buying trailers from individuals
Member
Posts: 5
Location: Arkansas
Thanks for the info. I will check into the Southwest financial. I received a msg from another finance co that I will check into as well. Credit was ran last week and score is 780 so no problems there.
My bank is a small home town bank (only one branch) and they will only finance 5 years on new and 4 on used,,can't go any longer,,,,believe me, I have already asked.
Posted 2008-08-06 4:39 PM (#89148 - in reply to #89122) Subject: RE: Buying trailers from individuals
Veteran
Posts: 182
Yeah, I am guessing banks are going to get tougher on how they lend out money. The last time I had checked on ordering a trailer the dealer wanted 20% down instead of the usual 10.
Posted 2008-08-06 6:58 PM (#89153 - in reply to #89122) Subject: RE: Buying trailers from individuals
Extreme Veteran
Posts: 317 Location: Barnesville, Ga.
You might also try Elite Lending (First Internet Bank of Indiana); We bought our trailer new but found this lender to give us a better rate that what the dealer offered so we financed with them. I don't know what their policy is on used units, but they seemed very willing to finance horse trailers.
Buying trailers from individuals
