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financing for trailers

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Last activity 2017-05-09 10:11 PM
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wannagofast
Posted 2016-12-21 10:53 AM (#169010)
Subject: financing for trailers


New User


Posts: 2

 Who do you use?  Banks don't want to go for much over 3 years. 
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Dbarnes72
Posted 2016-12-21 2:31 PM (#169011 - in reply to #169010)
Subject: RE: financing for trailers


Regular


Posts: 55
2525
Location: Washington
 If buying from a dealer, they will have somebody. Check with a local dealer anyway. If I recall, the rates are pretty high. If it's a living quarters trailer, a credit union might go for an RV loan on it.
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rfrank
Posted 2016-12-21 4:29 PM (#169012 - in reply to #169010)
Subject: RE: financing for trailers


Member


Posts: 21

Location: dripping springs, TX
I used 1st internet bank. They use to run ads on HTW. Dealers use them. They beat the credit unions on their interest rates.  
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hornet
Posted 2016-12-21 7:25 PM (#169013 - in reply to #169010)
Subject: RE: financing for trailers


Extreme Veteran


Posts: 367
1001001002525
Location: Missouri
 I used First Internet bank in 2010, their rates and loan options were great then and the loan process was very easy to get through.  I would recommend them.  Ask about rate discount for auto pay.
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PaulChristenson
Posted 2016-12-21 7:54 PM (#169014 - in reply to #169010)
Subject: RE: financing for trailers


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Posts: 3646
2000100050010025
Location: Vermont
Also, make sure you have "off the vehicle" theft insurance on your trailer...

Edited by PaulChristenson 2016-12-21 7:56 PM
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Rockyroad
Posted 2016-12-27 7:37 PM (#169036 - in reply to #169012)
Subject: RE: financing for trailers


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Posts: 64
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Location: NW
rfrank - 2016-12-21 4:29 PM I used 1st internet bank. They use to run ads on HTW. Dealers use them. They beat the credit unions on their interest rates.  

 I used them in April of this year and VERY happy with them.  Rates were great (of course, top credit gets you the best ones) and they will do up to 12 or 15 years (can't remember which he told me) with the excellent credit rating.  Very easy to work with, and had my loan approved asap & the check cut.  
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Rockyroad
Posted 2016-12-27 7:37 PM (#169037 - in reply to #169012)
Subject: RE: financing for trailers


Regular


Posts: 64
2525
Location: NW
rfrank - 2016-12-21 4:29 PM I used 1st internet bank. They use to run ads on HTW. Dealers use them. They beat the credit unions on their interest rates.  

 I used them in April of this year and VERY happy with them.  Rates were great (of course, top credit gets you the best ones) and they will do up to 12 or 15 years (can't remember which he told me) with the excellent credit rating.  Very easy to work with, and had my loan approved asap & the check cut.  
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calamityj
Posted 2016-12-27 10:56 PM (#169038 - in reply to #169010)
Subject: RE: financing for trailers


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Posts: 631
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Location: missouri
Wow! 12-15 years??? These LQs are wonderful and expensive, but are not appreciating assets.. don't you worry about the interest on a major purchase that loses value? Buy one of the best so you can enjoy it a long time, I guess. 
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PaulChristenson
Posted 2016-12-28 2:45 PM (#169039 - in reply to #169038)
Subject: RE: financing for trailers


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Posts: 3646
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Location: Vermont
calamityj - 2016-12-28 1:56 AM Wow! 12-15 years??? These LQs are wonderful and expensive, but are not appreciating assets.. don't you worry about the interest on a major purchase that loses value? Buy one of the best so you can enjoy it a long time, I guess. 

Yep...I'd be worried financing a horse trailer for 12+ years because of depreciation...a totallng accident could leave you owing money on an asset that is no longer... 
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Rockyroad
Posted 2017-01-21 10:57 PM (#169155 - in reply to #169038)
Subject: RE: financing for trailers


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Posts: 64
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Location: NW
calamityj - 2016-12-27 10:56 PM Wow! 12-15 years??? These LQs are wonderful and expensive, but are not appreciating assets.. don't you worry about the interest on a major purchase that loses value? Buy one of the best so you can enjoy it a long time, I guess. 

MANY people use them for tax deduction - you can claim as a 2nd home if you stay in them a certain amount of time/year, so not concerned about spreading payments out for more years.  And some of us use them for business too.  Original poster asked who would go more than 3 or 4 years (don't remember what they said), and First Internet will.  They KNOW trailers, they have the best interest, no matter if a person finances short term or longer.   I've taken a loan out on pretty much every trailer I've ever owned, including my first one when I was 19 - a 2H BP.   (and always have them fully insured, whether they are still financed or paid off)
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crowleysridgegirl
Posted 2017-01-23 6:28 PM (#169169 - in reply to #169038)
Subject: RE: financing for trailers


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Posts: 2614
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Whoops!

Edited by crowleysridgegirl 2017-01-23 6:31 PM
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crowleysridgegirl
Posted 2017-01-23 6:29 PM (#169170 - in reply to #169038)
Subject: RE: financing for trailers


Expert


Posts: 2614
2000500100
calamityj - 2016-12-27 10:56 PM Wow! 12-15 years??? These LQs are wonderful and expensive, but are not appreciating assets.. don't you worry about the interest on a major purchase that loses value? Buy one of the best so you can enjoy it a long time, I guess. 

 That's how long we had to finance the Exiss,Jane- otherwise we couldn't buy it.
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PaulChristenson
Posted 2017-01-24 6:28 PM (#169172 - in reply to #169155)
Subject: RE: financing for trailers


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Posts: 3646
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Location: Vermont
Rockyroad - 2017-01-22 1:57 AM
calamityj - 2016-12-27 10:56 PM Wow! 12-15 years??? These LQs are wonderful and expensive, but are not appreciating assets.. don't you worry about the interest on a major purchase that loses value? Buy one of the best so you can enjoy it a long time, I guess. 
MANY people use them for tax deduction - you can claim as a 2nd home if you stay in them a certain amount of time/year, so not concerned about spreading payments out for more years.  And some of us use them for business too.  Original poster asked who would go more than 3 or 4 years (don't remember what they said), and First Internet will.  They KNOW trailers, they have the best interest, no matter if a person finances short term or longer.   I've taken a loan out on pretty much every trailer I've ever owned, including my first one when I was 19 - a 2H BP.   (and always have them fully insured, whether they are still financed or paid off)

You can only deduct interest for two homes—your main home and a second home....So if you have a vacation home you have to decide if you want the interest deduction on your vacation home OR your trailer...NOT BOTH...:)

https://rv-roadtrips.thefuntimesguide.com/rv_tax_deductions/ 
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Rockyroad
Posted 2017-01-26 10:53 PM (#169191 - in reply to #169172)
Subject: RE: financing for trailers


Regular


Posts: 64
2525
Location: NW
PaulChristenson - 2017-01-24 6:28 PM
Rockyroad - 2017-01-22 1:57 AM
calamityj - 2016-12-27 10:56 PM Wow! 12-15 years??? These LQs are wonderful and expensive, but are not appreciating assets.. don't you worry about the interest on a major purchase that loses value? Buy one of the best so you can enjoy it a long time, I guess. 
MANY people use them for tax deduction - you can claim as a 2nd home if you stay in them a certain amount of time/year, so not concerned about spreading payments out for more years.  And some of us use them for business too.  Original poster asked who would go more than 3 or 4 years (don't remember what they said), and First Internet will.  They KNOW trailers, they have the best interest, no matter if a person finances short term or longer.   I've taken a loan out on pretty much every trailer I've ever owned, including my first one when I was 19 - a 2H BP.   (and always have them fully insured, whether they are still financed or paid off)
You can only deduct interest for two homes—your main home and a second home....So if you have a vacation home you have to decide if you want the interest deduction on your vacation home OR your trailer...NOT BOTH...:)



https://rv-roadtrips.thefuntimesguide.com/rv_tax_deductions/ 

 as you say, IF you already have 2 homes.  We do not, and I DO use it for business use too, so have no problems with any tax deductions.  
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Milo3
Posted 2017-04-12 11:44 AM (#169739 - in reply to #169010)
Subject: RE: financing for trailers


Member


Posts: 15

Location: Michigan
Check your local credit unions.  The trailer dealership suggested this when I found my trailer.

My credit union will do RV loans (my LQ qualified) for up to 12 years, and I got a way better rate than the banks would give me.  I now write my LQ off as a second home, and even though I took out the longer loan I plan to pay it off earlier.  It's just nice to have the "wiggle" room in my finances should an emergency happen, that my monthly payment is lower.  

All I had to do to get the loan was get approved, then join the credit union for a one-time payment of $5 once I accepted the loan.  
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wildphoenix
Posted 2017-05-09 10:11 PM (#169871 - in reply to #169010)
Subject: RE: financing for trailers


Member


Posts: 8

 I recently went thru this and it was a learning experience.  I wanted to finance a 14 year, mint condition LQ trailer made by Exiss.  It was on a dealer's lot and to be serviced by them as well before I rolled off the lot with it.  Between my own bank's loan offer and another independent loan company that specializes in this type of purchase, the lowest rate I could get on a trailer of this age was 14% for a 25K loan.  Even after talking at length with the lenders about getting the interest rate any lower, it was made clear that a trailer of this age was not going to get the rates that a new trailer would get any day of the week.  Essentially, I would have to purchase a brand new LQ trailer for almost 40K to get the equivilant to the used Exiss LQ just to recieve the interest of 4%.  The whole situation left me with a pretty bad taste in my mouth, but I guess that is how it works these days.  The only saving grace was the dealership working with me because they were so patient and helpful.

Edited by wildphoenix 2017-05-09 10:16 PM
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